Prepping For Year End
As we approach the end of 2024, it's a good idea to start gearing up for the new year. Take this opportunity to review the achievements and obstacles you’ve faced thus far and leverage those learnings to make improvements. Pause for a moment to celebrate your accomplishments and appreciate your team's efforts, as recognizing progress is essential for boosting morale and drive.
How to prepare for the new year:
Begin by examining your financial statements, customer feedback, and enrollment data to pinpoint trends and opportunities for enhancement. Conduct an inventory check to ensure you have all the necessary supplies and materials for the remainder of your season, helping you avoid any last-minute purchases or unexpected shortages. If you haven’t already, consider adopting software or tools that can automate routine tasks and maintain organization. This will streamline your processes and enhance your studio's efficiency and productivity.
Maintaining open communication with your team through regular updates and meetings is also important to keep everyone informed, engaged, and excited about finishing your season strong! Consider investing in training for your team, including workshops, online courses, or bringing in experts for in-house sessions. Review your staffing requirements to identify and potential issues or address anything that may have occurred. TLC goes a long way in crossing the finish line as a cohesive team.
Marketing should be a key focus as well. Do you have a calendar of events or a plan to advertise your recitals or competition teams? Leverage multiple channels—social media, email campaigns, local newspapers and radio. Craft compelling content that resonates with your target audience and highlights what sets your studio apart!
Don’t forget to engage with your customers directly. Personalized messages and offers, special promotions, and exclusives can strengthen relationships and encourage students to return (and with friends). Gather feedback to better understand their needs and preferences and use this information to tailor your offerings.
When it comes to planning your finances, here are a few tips to help you prepare:
Gather W-9s: If you haven’t already (we recommend you do this before a subcontractor begins working for you) ensure you gather the necessary information for 1099s. Avoid paying staff members in cash or goods, as it can be challenging to prove transactions if disputes arise. Proper documentation is essential. Be cautious when using payment apps like Venmo or Cash App; include vendor names in your bookkeeping software for accurate records. Establish clear contracts outlining the scope of work, payment terms, and deadlines to protect both parties and ensure mutual understanding of expectations.
Ensure your bookkeeping is in order: Reduce stress and be fully prepared to meet any tax obligations by keeping accurate books. If you’ve fallen behind, reach out to an expert and get yourself on track. Organized records throughout the year help you identify potential issues early, and can save you money.
Communicate with your CPA: They are tax professionals that can do much more for you than just file your taxes. Build an on-going relationship with your CPA so that you can strategize financial goals for your studio.
Goal setting for 2025: Clearly identify and outline your objectives - breaking them down into manageable steps. Set specific, measurable, achievable, relevant, and time-bound (SMART) goals to stay on track. Create a detailed action plan with timelines, resources needed, and potential obstacles. Engage with your team or support network for input and feedback. They can bring fresh perspectives and creative solutions. Regularly review and adjust strategies to stay aligned with your vision and celebrate milestones to maintain motivation and momentum.
January - June can be a whirlwind! Remember to prioritize self-care and work-life balance. A well-rested and healthy mind and body are necessary if you want to remain productive and creative; not to mention kind :} This time can be demanding, so take care of yourself and your team! You have an opportunity to be a great example to your tribe on how to thrive under pressure.