Each of our businesses is different – and I think that that is one of the coolest parts of having my own business, as I get to do what fits me and my goals/needs best, while you get to do what fits you and your goals/needs best.
But, my current business is also different from the business it was last year, and different from the business it will be next year, and that is both fun and uncomfortable. And, this time of year – the quieter period toward the end of the year, when looking back is a necessity (taxes and financials), and looking forward is a best practice, plus, catching up on many things needs to happen too – is the time to think about all of this.
So, I thought that I would walk you through what my end-of-year process looks like in my business this year – and I’d love to hear what you’re doing differently or that I didn’t even mention!
Financials: Yes, I look at my financials, since I try to now keep caught up on QuickBooks month-by-month (rather than a big catch-up at tax time), plus, I implemented using a separate cash flow spreadsheet this year too. This all helps me see gross revenue, net profits, and also what my cash flow situation is (and was at various points during the year). Using that cash flow spreadsheet this year gave me a great visual way to see how my expenses fall throughout the year, and how my income come in throughout the year, in a way that the typical QuickBooks report didn’t allow for, and was a great addition to my process.
Analytics of weddings: I also go through my final weddings spreadsheet (yes, I use a spreadsheet in addition to a business management software) and look at some key numbers. I look at total number of weddings and compare it to previous years. Then also break it down to how many per month, how many were weddings vs elopements vs other kinds of ceremonies, how many were for military couples or for colleagues (the only two discounts I offer), how many were for LGBTQ couples (important focus for me), and I look at how many I have booked for next year at this time – and all of those I also compare to previous years. I also look at how far out I was booked this year, as it definitely ranges (my average is about nine months out), doing a stroke count to know how many at each point. Plus, I also look at how many of my couples were from out-of-town, since that has only increased every year for me – San Diego is a destination wedding location, and lots more of my clients come from elsewhere. Once I know these numbers, I can start to make some decisions about any changes I want to make next year, including in my systems and processes, and also about wanting to take on more or less weddings, based on my own financial or life goals for the next year. I also check in with my gut to see how the entire year felt, how certain months felt, etc. – I started doing this after the wonderful 2013 when marriage equality came back to California, as I found myself doing way more weddings per week/month in the second half of the year than I had planned, and that taught me to sometimes think before saying yes to another midweek wedding when the weekend is already full. It felt fine when I said yes, as the day was technically open, and then was exhausted when the wedding-filled Thursday/Friday/Saturday/Sunday/Monday weekend happened!
Referral Sources: I also take some time to go through that final spreadsheet to analyze where my weddings came from. It’s important to track not only your leads (my business management software does this really well for me), but also your bookings. Since, let’s be real, loads of leads that don’t convert are usually useless to you and your business (unless you struggle to convert no matter where they come from, in which case, we have a different issue to discuss!). Since my database can only handle one referral source in that field, I also have this on my weddings spreadsheet in order to handle more than one answer. And, therefore, I am also sure to ask this question of my couples more than once, as they may give me different answers! I ask in the inquiry, of course. Then I also ask them in my “Vendors & Details Questionnaire” (part of my process). And sometimes it even comes up in the meeting too. Therefore, at the end of the year, I go through and do a final tally of where all of my weddings came from this year. I do this year by year as it does change each year – some sources that weren’t great are now fantastic, while others that used to send me lots of ideal couples no longer do. Once, I know this, I can make some decisions about marketing and advertising, to capitalize on what is working, and eliminating or lessening what isn’t.
Changes in the market or technology:
This is something that is less tangible, but just as important. Annually, you have to sit and think about what has changed and if there is anything you need to do in response. For instance, I am changing how I follow up with photographers for pictures and what I am asking for (and what I am planning to do with them). With websites being “mobile first” now – and knowing that couples really are using their mobile devices to research wedding pros more than ever – I am focusing less on adding more full galleries to my website (and am going to pull some down, actually, as I have A LOT on there), and am instead focusing more on sharing images on social media. This means that I will ask only a handful of photographers for a full gallery worth of pictures from weddings this year, and will ask all of the rest for the handful of images that I want to share on social media, especially on Instagram. Plus, I’m changing my process around all of that (not shocking for those who know what a system and process geek I am) – changing email templates, tracking spreadsheets, and what information I prep (like lists of vendors and IG handles for every wedding). Another example in my business is that I’m making a switch in what business management system I use – which is HUGE after being on the previous system for seven years (and 700 weddings!). So, I’m taking this opportunity to edit and update all of my email templates, my workflows, my questionnaires, etc. And, like I mentioned above, with more of my couples coming in from elsewhere rather than being local, I’m making these systems and processes changes with that in mind.
Planning for the New Year: After all of this is done, I feel comfortable actually starting to set goals, make plans, and start to implement changes.
I hope that this helped you to think about what you need and want to do! If I can help, and one-on-one coaching time with me would be useful, let me know. Here’s to an even better 2019 for us all!