The years seem to fly by faster and faster, don’t they? As we head into Q4, it is important to think about whether you are ready for calendar year-end (which coincides with many fiscal year-ends) and the holiday season? Customers no longer find it acceptable for you to be MIA during the holidays. 24/7 accessibility is somewhat the norm. Thus, it is good to prepare. A few items to think about:
- Holiday vacation schedules – do you know who will be gone and when? Make sure you have a plan with enough resources to support your business during the holidays.
- Tax planning – have you thought about how you can save taxes with year-end strategies? Ask an advisor for ideas. It is too late after the year ends!
- Your customers’ year-end – find out about your customers’ year end. Is there something that would help them be successful? Can you add it into your plans?
- Inventory planning – what inventory level do want to achieve? Re-evaluate sales forecasts, sales orders and the rest of demand. Adjust purchase orders and transfer orders as needed.
- Capital planning – how are your capital plans progressing? Do you need to make adjustments to complete in the current year or to extend to the next year?
Think about what is important to your business and evaluate what should be done in preparation for Q4. You’ll be ahead of the curve.