Strategies for Managing Directors

Reflection Time Is Now Kim Radok December, 2014

We are now coming up to the end of another year and so our thoughts are starting to focus on Christmas and the New Year. From a personal perspective, you will be looking for a break from business, a well-earned rest, and a chance to recharge your batteries.

Unfortunately for business owners and managers, life is never quite that easy. You are now focused on making as many sales as possible whilst hoping most of your outstanding invoices will be paid before the Christmas break.

By now you should have a good idea of how your business has been operating and have a gut feel on what has and what has not worked during the year. This means prior to the Christmas - New Year holidays, you have a chance to reflect and test your findings on the progress of your business after another year of trading. Your focus is also to have the information you need to make changes to your business operations for the following year.

As a business owner or manager, if you have not been able to formulate any operational changes for the New Year previously, part of the Christmas - New Year break should also be used to reflect on where your business is heading. Ideally you are seeking to have all new changes in place as soon as possible after the commencement of the new calendar year.

Waiting until business operations commence in January before reflecting on the previous year operations, is strategically not the best option. History shows us, operational changes made midway through the next six months rarely succeed to the same extent as those which start as soon as possible after everybody returns to work.

It is not too late even at this late stage of the year, to start reviewing, planning and adjusting for any changes you may want to initiate when you return to work. If you have not yet reflected and initiated the changes for 2015, create a diary note for May 2015 to prepare for the next financial year or in late November to prepare for 2016.

Finally, may your reflections be rewarding and I hope you have an enjoyable Christmas and New Year holiday.

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