By: Vince Virzi
Every year, around this time, businesses start stressing and pushing to end the year with a bang. You need to get inventory straight for Black Friday, you need to make sure you have that big client all set up to start your first quarter out strong or you own a restaurant and you need to make sure your December is set with banquets for Christmas and New Year’s. Now is the time to up your revenue going into January and February, so you are prepared for the spring and summer months.
So what steps should you take to prepare for the fourth quarter and beyond?
- Get Prepared – With things getting down to the wire, now is the time to set your goals, get everything in order and embrace your target. Every business owner needs to set goals to make sure the cost of goods is in line, so you generate a hefty profit. Looking for working capital ongoing in to the first quarter, is not where you want to be.
- Refuse to give up – For example, let’s say you’re in the restaurant business. You need funds to get a new beer cooling system because yours has just blown out your third compressor. You don’t want to pay another $2,000 but rather spend $10,000 on a brand new compressor to keep your kegs and your beer lines cold, so you may continue to offer great tasting beer to your customers. The best solution would be to apply for a short-term loan to resolve this issue.
- Think outside of the box – Remaining content with your business’s success the previous year is not how to ensure your business will grow stronger in the coming year. Figure out different ways to market to your customers in this last quarter. Come up with a promotion that will be attractive to your current customers but also wow the potential new customers. Thinking outside the box is what make a company thrive and grow.
- Get on the Fast Track – Now is not the time to become lackadaisical. If you’re a heating and air conditioning guy servicing Alaska, you probably won’t need a short-term funding option to get new air conditioning units, when the temperature is below zero. You’ll benefit more from equipment financing. You can use this funding option to stock up on several furnaces because you know the cold weather takes a toll on older units. The bottom line is you should be prepared by having multiple funding options in your back pocket, so you are ready to solve any short-term funding problems.
- Be Tenacious – When you’re tenacious, people tend to notice you. People will realize this person will not give up or stop until they accomplish their goal. As you work towards the goal of finishing the year strong, you must understand that there will NEVER be a day that won’t require dedication, discipline, perseverance, accountability or the demand to execute with bold conviction.
So, sweat the small stuff as each day counts because everything, regardless of size or intent, has bottom-line consequences which move you towards or away from your goals. In the end realize even though this time of year can be fast, unforgiving and challenging, the key thing is to be prepared, refuse never to give up, always think outside of the box, be the fast runner and always be tenacious. You will win and have back up funding options to help you out in the coming year.