As you start preparing for the new year, make sure you take time to properly closeout the current year. Closing out the current year gives you a clear mind and clean slate to work from.
To keep myself on point and moving forward, I take a moment to TRAC the year. There are 4 things you must do to TRAC the year: Thank, Review, Assess, and Close. This is helpful on a business and personal level.
Thank. Thank the people you engaged with throughout the year; especially those that supported and enabled you to function. Thank your clients and community partners for doing business with you. Thank your team members and/or suppliers for enabling you to achieve a goal, obtain new business opportunities, or run a business. Showing a little appreciation can go a long way. Moreover, saying “thank you” is an opportunity to reconnect with individuals you haven’t communicated with in a while. If you are a business owner, it is also an opportunity to summarize your successes for the year and briefly touch upon exciting changes or new offerings you are planning to implement in the new year.
Review. Review the personal goals or business plan you set for yourself this year. Did you meet your goals? If yes, great! Now, how do you maintain or raise the bar in the upcoming year? If no, what kept you from reaching your targets? Was the goal realistic? If not, what did you learn? Also, review your approach or processes for ways to increase efficiency, reduce cost, or improve the way you execute on your deliverables.
Assess. Assess your performance throughout the year. Where did you excel? Where do you need to improve? Also assess your potential risk (on a personal and business level). Did anything happen to increase or decrease your risk level? Did any new risk or threat come to light? Do you have a plan to reduce, avoid, or transfer it? If you made investments (personal or business wise), are you seeing a return, or when do you expect to see a return? Assess your inner circle and network. Do you have people around you to enable and encourage you to your next level?
Close. If you completed projects this year for work, did you officially close the project out? Have you documented the findings, outputs, or outcomes? If you are transferring into a new role or department, be sure to properly summarize and transfer ongoing work activities to the appropriate party. Likewise, get prepared to file your taxes. Even if someone else prepares your taxes for you, start compiling the documents they would need to do so. To business owners, close your books and get ready to send out W2s, 1099s, and file your business taxes. If you have an accountant to take care of all your financial documents for your business, make sure to review and familiarize yourself with three financial documents: Income Statement, Balance Sheet, and Cash Flow Statement. As a business owner, it behooves you to know and understand what is on these three documents.