Did you meet your goals for the year? Are you better off this December 31st than the previous December 31st? If your answers are No, or Maybe, or, how about this: Goals? I didn’t set any goals for the year! Then maybe you need to add a new section to your getting ready for the tax return procedures and add some realistic goals for 2012 to the program.
Here are some ideas for goals for 2012. First on the income side your goals will depend on where your income comes from. If you are an employee at a small business then maybe one goal is to discuss your position with the owner and assess how they feel about your work. Most small businesses should have an annual evaluation process so this discussion may happen as a part of that process, or, if not, you can set your goal to try and initiate the discussion. That’s right, take the initiative and the lead on this. Go into the discussion with some information you have developed such as the number of years you have been at the company; the length of time at your current position; your current rate of pay and for how long you have been there; your current fringe benefits, etc. Also consider your position and if there are any “certifications” or indicators of advancement in the position. Do you have any? Can you get some? How would the business feel about the additional knowledge you can document and possess?
If you own a small business your goals would be different in the specifics but maybe not in the direction. For a small to medium size business there are known metrics that can be applied to your operations and financial condition to gauge how you have done this past year as well as how you have fared over the past four or five years. Is your business operation getting stronger and better? Is the financial condition of the business improving, stabilizing or deteriorating? In short you have a lot of details at your fingertips and you should be using them to manage your business. And now is a great time of the year to sit down quietly and assess your progress.
Jeremiah K. Murphy, CPA is an accounting firm providing tax services, audits and business consulting.