The new year can bring you and your team much excitement about the known and trepidation about the unknown. What is known is that in 2021, planning, implementation and execution of your vision and budget must be your highest priorities.
As you proceed in the new year, your focused influence the company’s bottom line profit must be baked into everything you do. It is critical that you be proactive and not reactive.
To get the year started off on the right foot, the following recommended action items list should be completed as soon as possible. Now is the time to act on these items. Delaying is not an option. Use your relationship with your Franchise Business Coach (FBC). They are a resource to answer questions and help hold you accountable.
- Review your final 2020 financials. This helps to further define areas of opportunity in 2021.
- Complete a Cash Flow Analysis for 2021. Focus intently on the first three months.
- Complete your Business Forecasting Workbook (BFW). Update it as needed throughout the year.
- Complete your G.O.S.T. Strategic Planning Workbook. Assign tasks to your team and set timelines for completion.
- Enter your 2021 GGPro Budget. Update it as needed throughout the year.
- Update your GGPro Item Catalog to reflect changes in labor and equipment costs as well as materials pricing. As with other actions, perform these updates throughout the year as needed.
- Review your profit settings in your GGPro Item Catalog to ensure you’re estimating at the right margins to meet or exceed your budgeted profit. This sets the bar for estimating profitably.
- Enter your Monthly 2021 Budget in QBO. Review it monthly & update it as needed throughout the year.
- Complete your Local Marketing Plan. Begin the year by implementing & executing your first quarter strategies and tactics.
- Complete your Staffing Recruiting & Retention Plan. Focus on the next 3 months to ensure you are staffed properly heading into the spring busy season.
- Visit with your vendors and leverage your buying power and pricing whenever possible. It never hurts to ask. Some even offer 90 day same as cash programs that will help spring startup cash flow.
- Identify 2020 tax breaks like Accelerated Depreciation benefits such as the Section 179 Deduction in the US or the Accelerated Investment Incentive in Canada. US & Canadian tax laws incentivize you to invest in assets to grow your business.
- Review current Small Business Stimulus incentives and requirements to see if you qualify.
- Review your debt obligations. Consider debt consolidation to bring down monthly outgoing cash obligations to increase available cash flow.
- Update your Schedule Template in GGPro with 2021 dates. As you import your 2021 contracts, you will be glad you performed this action item in advance.
- Archive completed 2020 Jobs in your LMN Time Job list to clean the slate for 2021. This keeps things clean and eliminates the risk of the team clocking into the wrong job.
- Begin early season maintenance and repair on your equipment and vehicles. Don’t wait until the day you need them in the field. Be proactive, not reactive.
- Establish employee appreciation actions and activities to excite morale and build great culture. Focus on the first quarter activities to get the year off to a great start.
- Share your company vision and goals with your staff. Including them should influence and excite a team focus on a common purpose.
- Live the Code of Values & Have Fun in the Process!
It is imperative that you lead your company and team not to just meet but to exceed expectations in 2021. These expectations are set forth in your strategic planning and budgeting. Success will be reliant on implementation and execution. Work your plan daily, weekly and monthly. Review key KPIs, Benchmarks and Budget vs Actual results to monitor progress. Make necessary adjustments moving forward to ensure your company’s success in exceeding the plan.
Let’s grow ALL our Grounds Guys companies by double digit growth with 15%+ Net Profit in 2021. Be part of making 2021 the best year of The Grounds Guys!