A few weeks ago, I was at a dinner and had a great conversation with one of the curators from the Buffalo Bill Center of the West. We talked about how we got where we are in life, different projects we’re working on, and how fortunate we are to live in a community like Cody. Before we ate, he asked me a question that stuck with me.
“What’s one thing you’d tell your younger self that would’ve made life or your career path easier?”
I like hypotheticals, and this one got me thinking recently. This time of year tends to bring a natural slowdown, which makes it the perfect time to step back and reassess things. The calendar’s still full, but the pace shifts and there’s a little time to review the year while it’s still fresh. If you don’t take advantage of that time, it’s easy to head into another year without making the adjustments that can help you and your business be more of how you dream it will be.
As I’ve been doing my own assessments, I keep coming back to three areas that are worth a closer look. Money, people, and yourself (definitely not in that order!).
Money
When business is rolling, it’s easy to think everything’s fine because cash is coming in and the bills are getting paid. But now is a great time to take a deeper look at the financials and see what’s really going on.
Take the time to really understand where your money went this year, what came in, what went out, and what didn’t go as planned. That doesn’t require an elaborate spreadsheet or any fancy software. It just means pulling the numbers together and looking at them honestly. With 20/20 vision on the past, you can see where you might do things differently if the same situations arise again. There’s a good chance it will, and next time you’ll want to be prepared.
Budgeting, cash flow, and understanding your P&L are boring tasks, but they’re the difference between a good business, and a great one. The off season gives you some time to prepare, not just for tax season, but for smarter decisions next year. Don’t wait until you’re in a bind. Take a quiet morning with a pot of coffee and get clear on your numbers.
People
This one’s not just about employees it’s about how your whole operation runs.
When things slow down, it’s a good time to ask, are the people in your business set up to succeed? Are the processes we use actually working, or have we all just gotten used to
them? These are key questions that can help build efficiency and improve the way your team works together. Many times, it’s not the people doing the work, but the processes they use that are ineffective.
Whether you have a small or large team, part-time or full-time employees, this is a great time to work on your business. Things like customer experience, internal systems and processes, employee support and benefits, they all matter. Often, the fix isn’t about hiring more people or spending more money. Sometimes it’s as simple as tightening up how things are done or finally addressing things that you’ve been too busy to check off your list.
Yourself
In my opinion, this is the most important.
Most people take the off-season to rest, and they absolutely should. I’ve also found that it’s a great time to work on the part of the business that’s easiest to overlook, yourself.
I’m a huge believer in spending time on personal development and part of that is learning how you think, and what comes naturally to you. Simply put, it’s identifying where you naturally thrive and where you constantly grind with little results. Over time, I’ve realized that the things that slow me down the most aren’t external problems, it’s me forcing myself into roles that don’t fit how I naturally operate.
There are some great tools out there that can help with identifying your natural way of thinking. Two that I found a lot of value in are the EOS/Rocket Fuel Crystallizer Test and Ray Dalio’s Principles You assessments. (Side note, Ray Dalio’s book Principles is an excellent read). These assessments gave me a clearer picture of what things come naturally to me, and where I might be trying to force myself to work in a way that is incongruent with how I’m built. Once I understand where I’m most effective, I look for the natural strengths in my team and trust them to do what they do best. This symbiotic relationship helps us all work more effectively, and with less force and friction.
I’m not suggesting you overhaul your entire life or business this fall. But you do have a window of time to reassess, make a few smart adjustments, then refine them over the winter. That can be all it takes to start next year with a clearer head and a stronger foundation.
Thank you, I hope you found this helpful.
– Jake Hogan
