Setting The Stage For The Best New Year Ever
December is a quiet time in real estate (#GRATEFUL). It’s time to wrap up staging projects, tie up any loose ends and is the absolutely IDEAL time to review the year in business. I’ll let you in on a little secret: the last few months I’ve been working behind the scenes on a project, launching in the New Year. Spoiler alert: It’s BIG. So, while December is typically quiet, this month I am putting all of my energy into this project, while simultaneously looking back at my year in business to set myself up for a truly FRESH New Year.
Here’s what I’ll be working on:
Subscription Audit: You probably read this and thought, “…dang.” How many of us have ongoing subscriptions or memberships to things we don’t use or more realistically don’t need?! THIS IS MY [VERY GUILTY] JAM. This month, I plan to list all of my subscriptions (I see you there, Amazon Prime) and note the amount I’m shelling out for each one. From there, I’ll assess my needs. If it’s not a requirement or an investment? Bye bye! You’ll be surprised how quickly these types of expenses add up. Like, for real. It’s spooky.
Inventory Analysis: Sounds sexy, right? Well, you’re right, it’s not. But you know what is? Walking into 2020 with your ducks in a row, mmmkay? So, take this time to go through your inventory to take note of items you aren’t using, items that feel dated, or anything that is damaged or looking worn. Hiiii, out with the old and in with the new! Next, assess what you might be missing. What stylish holes do you need to fill? Make a list of all the pieces you would like to add to your inventory in the first quarter of 2020. Whether you want to start scouting holiday/Boxing Day sales now, or plan to save the purchases for a rainy day in the coming weeks, it’s a powerful way to get a head start on your Q1 budget.
Review Your Rates: Throughout the year while we’re busy going from staging project to staging project, it’s hard to step back and take a look at what you are actually making on each project. Actually, this applies to ANY small business. My suggestion? Start a spreadsheet and write out each job or project you took on this year. Include columns that detail what you charged, the expenses involved (including any staff wages!) and the total profit you made (aka, what you charged minus expenses). Next, find your average profit by totalling up the profit column and dividing it by the number of properties you staged. This will give you a clear idea of what you actually brought home. The Goal: determining whether you need to consider upping your rates in 2020. You’re welcomeeee.
