\n\t\tOpinions expressed by Entrepreneur contributors are their own.\t<\/p>\n
I\u2019ve been running a small business <\/a>for more than two decades. Over that time, I\u2019ve developed some routines. One routine happens each year at this time. During December, I\u2019m looking ahead and thinking of the next year. I make my plans. I make a few resolutions. I check in with those important. The actual details change each year, but the process is the same.<\/p>\n Here\u2019s what I do every year, at the end of each year.<\/p>\n Before the year is over, I try to make sure that all of my employees and contractors who impact my business have been evaluated, connected and receive my appreciation. I send cash bonuses to each of them. It\u2019s a discretionary bonus that I come up with every year based on profits<\/a> and I\u2019m careful to make sure that the bonus is never less than it was the previous year, unless profits are so bad that I couldn\u2019t afford to make the payment (which thankfully hasn\u2019t ever happened). Even in 2025, I\u2019m doing these bonuses by manual check, which I slip into a holiday card that includes a personal note and is deliberately delivered old school in the mail. For a few remote employees, I do the bonuses electronically, but still send the card.<\/p>\n Related: If You Haven\u2019t Already Done These 7 Things to Prepare Your Business for the Holiday Season, You\u2019re Putting Your Business Behind the 8-Ball<\/a><\/b><\/p>\n Because my business is entirely virtual and many of my people are located throughout the world, I\u2019ve stopped doing holiday parties. However, I make it a point to check in before the year is over with all employees with an informal evaluation just to make sure they\u2019re getting good (and constructive) feedback and they know where they stand going into the next year. I take this time also to establish a few goals for the upcoming calendar year (i.e., chargeability, revenue generation, client service ratings, education certificates, etc.) with each person so they are clear how they\u2019ll be evaluated in the coming year and can benchmark themselves.<\/p>\n Right after Thanksgiving, I draw up a list of people whom I want to thank for doing business with me during the year. They are clients, prospective clients, suppliers, partners and people in the media. I usually send chocolates from Godiva or a gift basket, and I keep the budget to about $35 per person. There are usually about 50 people on this list, so you can do the math. There\u2019s also time involved by my assistant to coordinate all the ordering. Which means there\u2019s a cost. But it\u2019s worth it. I start with last year\u2019s list and modify it. I get a lot of joy in doing this. And I regularly hear back from people saying thank you, and I know it\u2019s appreciated. It\u2019s not much, but it\u2019s a genuine gesture and reminds me of the people who are really important for my business.<\/p>\n For a business as small as mine, I don\u2019t do a budget<\/a>. But I do prepare a forecast. This is an online spreadsheet and for my eyes only. It takes me a few days to work on each year at this time. I revisit compensation and other costs to make sure my annual overhead reflects reality. I determine specific quantifiable goals for my business \u2014 chargeable hours, client project completions, new media projects and consulting clients, new client revenue, etc. \u2014 but I don\u2019t make them excessive or out of reach. My spreadsheet takes into account a reasonable estimate of the work I can expect in the coming year and reflects both direct and administrative costs associated with that work, along with a projected net profit for the year. This way, I have my numbers clear heading into the new year and I know what I have to achieve.<\/p>\n New Year\u2019s resolutions are corny. But they\u2019re useful. At this time of year, I make resolutions. For example, in this coming year, I\u2019m resolving to meet certain of my remote employees in person once a quarter, even if that means me flying out to see them. I\u2019m also resolving to lean deeper into AI in 2026 by assessing the capabilities I can leverage in my existing software (accounting, CRM, office) and investing in training for my people to use it. I\u2019m also going to lean heavily into an AI Assistant to assist me in all things I do in my business \u2014 right now it\u2019s ChatGPT, but Grok is coming in as a strong contender too.<\/p>\n Also, I\u2019m committing to taking on a few projects that are out of my comfort zone because \u2014 even though I\u2019m risking profitability<\/a> or even my reputation \u2014 it\u2019s the only way to grow, and it keeps one\u2019s mind very active with new challenges. I try to keep these resolutions to a small number so that they\u2019re achievable.<\/p>\n Related: 7 Things I\u2019ve Learned In 7 Years of Entrepreneurship<\/a><\/b><\/p>\n Besides my business resolutions, I do make a few personal goals for myself each year. That usually revolves around maintaining a certain weight, exercising regularly, playing better squash (don\u2019t ask!) visiting a new country (my wife and I have been Airbnb-ing and working remotely three to four weeks in January in a different country each year over the past few years and love it) or taking a family vacation or taking a course in something I like. These goals not only give me something to look forward to but also keep my head balanced between fun stuff and work stuff.<\/p>\nEmployee bonuses<\/h2>\n
Employee evaluations<\/h2>\n
Gifts<\/h2>\n
Forecast<\/h2>\n
Resolutions<\/h2>\n
Personal goals<\/h2>\n
Document<\/h2>\n