Why the Shortest Month Is the Hardest for Business Owners Make the Most of February
January is over, along with the hustle and stress of shopping for the holidays, sending out W-2s, and preparing for the year’s close. But for some business owners, the shortest month of the year isn’t a time for celebrating. With festive decorations put away and no holidays to anticipate, customers and clients may be feeling the gloom of winter. Many may also be holding their wallets a little closer as they recover from the December spending purge. To top it off, tax season is in full swing, but this year, you have 29 days to make February count. Stay Ahead There’s an old saying about only two guarantees in life: death and taxes. You know tax season is around the corner and your books are up for an intense examination to close out the year. Tax Day, April 15, 2020, and the filing deadline for S corporations, March 15, 2020, will be here before you know it, but if you prepare now, you can enjoy a steady and easy spring. January was the perfect time to wind down from the holidays, collect your plans, and ensure your employees have what they need to file taxes. Now, devote February to compiling everything you need for a successful How do you do it?
tax season, and ensure all your employees’ tax documents were filed and sent out correctly. Also, commit your organizational energy to your business. What do you need for the IRS or an auditing company? What happened in 2019 to change how you approach things in 2020? What shifts do you need to make for 2021? By March, you’ll be settled from the whirlwind of responsibility the new year brings, and you can coast into spring. Check Your Goals At this point of the year, you should have a clear idea for how the first and second quarters of 2020 will go. Because goals can shift, February is the perfect month to assess whether or not you need to make adjustments to the plan you made in 2019. Since business typically winds down to a manageable pace this month, consider how you could ramp it up come springtime. Do you need to press harder with your plans for 2020, or do you need to capitalize on what already worked in January? Compare your post-January projections to those of previous years to get a clear idea about what your next steps should be, and use February to implement them. Embrace the Slowdown No one likes a slow month in business, but you can use it to your advantage. If February is a historically slow month for you and your company, consider how you could improve internally. Offer extra employee training, provide cross-training events, streamline processes, test new software, or ramp up education for your sales, customer service, or technician staff. Take advantage of the extra hours in the workday not devoted to a customer’s needs and make your business stronger than ever for when the busy season hits again. Your team will be better prepared for the onslaught, and their extra precision just might pay dividends to overcome another slow month.
The shortest month of the year is nothing to fear! With these tools, you can make this your best February yet.
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