Vita's Tip In 10: End of Year Activities to Finish Strong

Hello, hello, friend, and welcome to this week's episode of Vita's Tip in 10. Can you believe it? We're in the final month of the year, and the holiday whirlwind is in full swing. On top of the festive chaos in our personal lives, our businesses are also working hard to wrap up installations, close last-minute appointments, and finish the year on a high note. So, in the spirit of the season, I want to share with you some crucial end-of-the-year activities that I always have on my to-do list.

Now, these activities are more than just notes on paper or buried in my phone's notes app. No, they're an integral part of my Standard Operating Procedures (SOP) binder—a living, breathing, 100+ page document that guides us through everything we do, including our end-of-year rituals. I keep them there so I don't forget, reinvent the wheel, or waste time scratching my head come December. Let's dive into these tasks, and I encourage you to use them as a starting point to create your own list.

First up is scheduling a meeting with your CPA to discuss end-of-year tax planning. This could easily be an episode on its own, given its complexity. For today, I'll focus on the urgency of scheduling that meeting ASAP. If you haven't done it yet, pause this podcast and make that call. Time is of the essence. Acting on your CPA's recommendations may be impossible once the calendar flips to January 1.

Next, let's talk about expenses. If the year has been good and your net income is looking robust, consider booking as many expenses into this calendar year as possible. This strategic move helps offset high revenue numbers, ultimately bringing down your net income and, in turn, your tax liability. From workroom supplies, to flights and coaching programs, think of any expense you can incur now to benefit your financial picture.

OK, now I want to switch gears from finances to team spirit. It's time to plan a holiday celebration for your team. I know it's December. Truth be told, I start thinking about this as early as October or November. Why? Well, the best places get booked up fast. We want to gather, break bread, enjoy festive drinks, and share a meal together. Plan it early to secure the ideal time, date, and place. I'm not the only one who thinks ahead this way, and I'm certainly not the biggest company out there trying to book a place. In the past, we’ve had years where we went to make reservations and the restaurants wouldn't take us because we were either too big of a team or too small of a team. We called too late, and they didn't have the time that was convenient for us.

As a matter of fact, I can share with you that this year even though we booked a place about a month ago, we did not get the time slot that we want it. We are going to this new restaurant/cafe that decorates inside and out in the most beautiful winter wonderland kind of way, not too far from our offices here in Bucks County. We wanted to have a 1:30pm lunch spot, or even after 1:30pm lunch on December 22, which is the last day before we shut down for holiday break. And even though we were trying to reserve more than a month in advance, that spot was booked!

The only time available was 1030am - which was not ideal or what we had in mind for our celebration. So we looked into other possibilities. Nothing we looked at was available or something that we liked, so we decided to just deal with it not exactly being at the most optimal time. Because, hey, if that's when we get to drink our mimosas and enjoy that time as a team, we will make the best of it and have ourselves a brunch celebration! And you better believe I updated my SOP to reflect planning and booking the team holiday celebration in late September or October rather than late October or November.

Finally, let's talk about holiday cards. Now, I go back and forth on this. Some years I do them, others I don't. This year, however, we took a different approach. Instead of a traditional Christmas card, we opted for a Thanksgiving card. Why? To beat the holiday rush and, more importantly, to express gratitude to our clients for their trust. My marketing coordinator did a great job designing it and getting it printed, and my office administrator had everyone on the team sign it. The card actually has our team picture on the front, and we sent it out to all of our clients prior to Thanksgiving. It's a thoughtful touch that required some planning and thinking ahead, which is why I include it on my list of end of year activities.

I realize as you listen to this, it might be too late to act on this particular point. No worries. Let it go, at least for this holiday season. Instead…

So there you have it, four important end of year tasks that I encourage you to incorporate into your SOP document. Start thinking about your holiday cards or gifts in October, and while you are at it, plan your team celebration! Then, book your end-of-the-year meeting with your CPA in December, and incur any possible expenses to bring down your tax liability. I hope this list helps you navigate the end of the year with confidence.

And if you don’t have an SOP document to add these activities to, if you're eager to invest in your professional development to reduce your tax liability, and want more insights on financial management, mindset shifts, CEO strategies, or digital project management tools, you're in luck.

You can join my Systems Driven Operations class at LuAnn University – registration is open and early bird pricing ends December 19th! Alternatively, opt for my VIP Experience, a private, two-day in-person intensive where I share all my systems for immediate implementation in your business. There are limited spots left for 2024, and pricing will be increasing next year. If you've been contemplating this, now is the time to take action. Book your 2024 VIP Experience by December 21st to lock in the 2023 prices.

Reach out to me, and let's schedule a conversation. Meanwhile, I'll be working on my next episode of Vita's Tip in 10. Talk to you next Thursday!