With the end of the year upon us, it’s important to look back on where we’ve been. During that process, however, it is also important to take the time to look forward to where we want to go. Although we should all be reviewing the P&Ls and Balance Sheets for our businesses on a regular basis (I review mine quarterly), I like to review them on an annual basis as well. I find it very helpful to make the time to work on my business, not just in my business.
Once a year, usually sometime between Christmas and New Year’s, I like to review my finances. I look at where we’ve been to give me an idea of what I need to do to get to where I want to be. This is less about looking back at the year, and more about answering the question, “Dustin, what do you want to do moving forward?”
Many of us wear a variety of hats, including technician, business owner, CEO, and many others. It’s important for us to make sure we’re wearing these hats in the correct order if we’re really trying to be successful. I know that many people wear the technician hat until they can find someone else to do it. I’ve talked to several people recently that have plans to hire someone to fulfil that role in the future. But it’s important to make sure that you are first a business owner or CEO. Take the time to look at the big picture of what’s going on in your business. You don’t know what to tweak if you don’t know the numbers, and you won’t know the numbers if you don’t look at them. This year, make the time to review your finances. Make it a habit. You’ll be glad you did.
For more information on this subject, please listen to The Appraiser Coach Podcast Episode:
