What I’d like to do in today’s post is share my end of year checklist for network marketers. This is a list of tasks I evaluate at the end of each year in my business, and I figured it would also benefit you. Keep in mind I am not a lawyer, financial planner or accountant. These are just things I believe are important. The tasks are listed in no particular order.
End of Year Checklist for Network Marketers
# 1: Backup Your Computer
If you aren’t already doing this on a regular basis, you should be. I have heard countless horror stories of people losing ALL of their important documents because their computer crashed. It even happened to me once. Don’t let it happen to you. There are plenty of services online that will back up your computer every single day for you automatically. Worst case scenario, get a USB Flash Drive or external hard drive and back up your computer once per week, or whenever you make major changes to important files.
Let’s face it, you may have a great computer or external hard drive, but one day they’re going to wear out and you may lose your data. That’s just the nature of any piece of hardware. Your local computer repair person might be able to rescue your data, but then again, maybe not. That’s the gamble you take if you don’t backup your data.
# 2: Evaluate, Organize & Clean Your Work Space
I’m assuming you have some type of home office, even if it’s just a small space in a spare bedroom. Now would be a great time to clean it and organize it. I believe having a good “work flow” is very important, especially if you work from home. Go through your files, clean off your desk, dust off the shelves, and tidy up your work space so it gives you a good “vibe”. Add some artwork, motivational posters, a good air freshener, and some new relaxing audio CDs.
Organization is the key to getting your work done. When you maintain an organized desk, you are creating the best environment for accomplishing day-to-day tasks. One survey revealed that 90% of Americans believe that clutter has a negative impact on their lives and work, and 77% believe that clutter actually hinders their efficiency.
Source: King Business Interiors
# 3: Order New Business Cards & Stationary
Now is a great time to order some new business cards with a NEW, updated photo of yourself. If you have a bunch of business cards left from last year, by all means use them up first. You can visit Vista Print online and order some new business cards at a very low price. There are also options on their website to order customized thank you notes.
For clients and general customers, business cards are a window to peep into a company’s possible quality of products or services. The importance is evident from some glaring facts. According to a study, an overwhelming 72 per cent of the people form an opinion about a company based on the quality of its business card. So it’s evident that the card can make or break your business.
# 4: Contact EVERYONE on Your Team
Contact every active and inactive person you have personally sponsored in the business: EVER. Just check in to say hello and see if you can “reactivate” them in the business. Let everyone know that you are glad to have them on your team and that you appreciate them. Depending on the size of your team, send a personal message, note, email or phone call to EVERYONE on your team, and see if you can identify a few serious people and reactivate some “former” customers and distributors.
A study conducted by Return Path estimates that on average, every database has a percentage of inactive customers that is equal to or greater than 25% of total subscribers. This is a high number, but it has great conversion potential, especially if we consider that recovering a person who’s already enrolled in the database is much less costly than acquiring a new one
# 5: Review Your Daily Routine
This task is a real eye-opener. Take some time and evaluate your daily routine for the past year. How much time each day did you honestly commit to growing your business? How many new people did you contact per day? What percentage of your time was spent on the money producing activities? In most cases, you will discover that you didn’t contact as many people as you thought you did.
What could you do more effectively and more efficiently in your daily routine this year, to get better results than you did last year? Take some time and brainstorm a few ideas. Write down whatever comes to your mind. Ask your sponsor or mentor for their input as well.
Do yourself a favor and write down your daily routine. Put it on an index card or piece of paper. Keep it with you at all times and keep looking for ways to improve it. In addition, I highly suggest you order a copy of “Miracle Morning for Network Marketers” and the “Miracle Morning for Network Marketers Journal.” Those two resources will help you develop a winning routine.
Here’s something really important to remember: what works for someone else, might not work for you. That’s why it’s important to pick the activities that resonate most with you, the ones that push you to become the best you that you are capable of being…and to keep doing those.
Don’t be afraid to try new habits and see how they work for you. If they leave you feeling energized and inspired, keep doing them…if they don’t, keep trying new ones until you find ones that do.
# 6: Update and Review Your Profit & Loss Statement
I’m assuming you do a monthly profit and loss statement for your network marketing business every month, just like I do. If you aren’t doing that, you need to. Add up your income and expenses for the year and see where your business stands financially. Evaluate each expense and look for ways to reduce or eliminate the expense. For example, review your cell phone plan and internet provider, how much you pay for business cards, where you advertise, etc. and see if there are alternative things you can do to save you money.
For business owners, it highlights where their business is succeeding and where it is struggling. Investors will use profit and loss reports to gauge the financial health of a potential investment, or to see what kind of return they are getting on an existing investment.
Source: Business Queensland
# 7: Make Income Projections for the Upcoming Year
Once you’ve updated your profit and loss statement for the current year, make some financial projections for next year. How much money would you like to make next year? What type of gross income and net income do you want to have? Fill out a spreadsheet and make a best guess estimate. Once you figure out what type of income you want to make, look at your company’s compensation plan and determine how much volume you need, what rank you need to achieve, and about how big of a team you need to hit those goals.
Spending is one half of your budget; income is the other. Accuracy is a must, not only for expenses, but also with your income. You have to account for how much money you will actually have to spend, not just how much you make or think you will make.
Source: the balance
# 8: Review Your Business & Marketing Plan
You need a business plan and marketing plan for your network marketing business. It doesn’t have to be complicated. It shouldn’t be complicated. Instead, it should be a one or two-page document that has your goals, mission statement, vision statement, marketing plan, and daily routine. This is a living, breathing document that should get updated regularly and referred to daily. If you need an example business plan and marketing plan, check out this resource.
No plan is perfect. No matter how solid your assumptions are and how thorough you are in putting together your plan, expect to make adjustments as you learn more. Reviewing your plan on a regular basis is so critical to your success that you should schedule review dates.
# 9: Review Your Personal Development Plan
Your business will only grow as much as you do. What is your personal development plan for next year? What percentage of your income will you reinvest in your personal development? What books will you read next year? What events will you attend? What will be your daily game-plan to work on your personal development every day? Answer these questions for yourself and write down your answers. Personal development is vital to your long-term success in the industry (and in life).
Personal and professional development can both be a lifelong process. Trying to reach your full potential in both areas simultaneously could become a defining competitive advantage that’s well worth the investment.
# 10: Update Your Website or Blog
If you have a website or blog, you need to review it each year. Add some new content, change some graphics, review all of your information and make sure you back it up! Consider uploading a new theme to make it look fresh.
Staying fresh and up-to-date is vital for your company. Clients first opinion of your website can have a great aftermath on your business.
# 11: Review Your Business Tools & Marketing Tools
Review all of your online and offline business tools to determine which ones work the best and which ones need to be updated, eliminated, or replaced. This could include your auto-responder, marketing materials, flyers, business cards, postcards, etc.
In order to automate your processes and maximize efficiency, you will need to pay for certain tools and software. In the process of finding the best ones for your budget and purpose, you might have subscribed to several software plans. It’s important to regularly assess your business tools to figure out whether they are still serving an important purpose.
# 12: Identify Areas You Can Outsource
No one is good at everything. Identify areas in your business you aren’t good at and see if you can outsource some of those tasks to a virtual assistant on Fiverr or Upwork. It will be time and money well spent. I outsource as much as possible and it makes a big difference.
As with any strategy, the more benefits you get from it the better, and with outsourcing, you obviously get a lot. Outsourcing is so beneficial that some experts believe you could even run an entire company without ever hiring a single employee.
# 13: Find a Mentor
If you already have a supportive, successful upline who is helping you, you are on the right track. If you’re trying to build your business alone, you are really missing out. This business is a team sport. Look for someone in your upline who is successful, accessible and willing to help you with the business. Stay accountable to them and follow their lead. If that isn’t possible, find a mentor on YouTube, or someone you respect and trust in a different company. Having a mentor is vital to your long-term success in the business.
The biggest benefit of having a business mentor is having someone you can ask questions and get advice. As a new business owner, you are likely to get more advice than you ask for from people like family members, friends and the people who own the store next door. While some of their advice may be sound, your mentor can help you sort out which you should follow while advising you on more complicated business matters that your friends or family would not know how to solve.
# 14: Update Your Will, Living Will and POA
These three documents are very important when it comes to estate planning. At some point, we are all going to die. You want to have your affairs in place, especially when you have a big business, so that everything is in order in case something unexpected happens to you. Get with your local lawyer or CPA to help you draft up the documents. My wife and I are doing this right now through LegalZoom.com.
Keeping your will up-to-date may seem like a tedious process, and indeed it is unnecessary to update it after every single big purchase or event. However, it is important that you do take it out and go through it on a regular basis to make sure the provisions laid out in it match your current circumstances. Updating does not entail recreating, so there is no need to draft a new will. Nonetheless, since your will, which protects your most important assets after death, is one of the most important legal documents that you sign, the benefits of keeping it up-to-date far outweigh the periodic inconvenience of the updating process.
# 15: Schedule Your Next 90-Day Challenge
Do yourself a favor and schedule your next 90-day challenge. If you don’t know what that is, you can read more about it here. Try to find 1 or 2 team members who will do one with you. This can create a surge of growth and momentum in your business in the early months of the upcoming year.
“Slow and steady never wins the race”. What will win the race is as much momentum as you can possibly garner. In short, hit the ground running and keep running as fast as you can.
# 16: Update Your Name List
I would encourage you to go back to your name list and update it. Spend three or four hours and brainstorm another 500 to 1,000 names. Go through each name on your name list and see who you need to follow up with. Come up with a simple schedule to follow up with everyone you have talked to over the past year.
Successful business marketing involves a combination of research, business statistics, analysis, and people. As a result, having and retaining business contacts in marketing represents the bread and butter of the profession.
# 17: Update Your Spouse, Partner or Significant Other
Once you do all of these things listed above, update your spouse. Schedule a “board meeting” at your house and share this information with them. Include them in part of your business planning. Not only will it make them feel important, but it’s also good for them to know where your business stands, and where you see it headed in the near future.
Building your own business is truly a family affair. Share the setbacks and victories with your family when you can. They will provide support for you during the good and bad times.
There you have it folks. This is my end of year checklist for network marketers. I hope you found the information helpful. Let me know, what do you do at the end of each year for your end of year checklist for network marketers? Leave a comment below and let me know what you think. I look forward to hearing from you.