The MTM Institute

As the year winds down, business leaders face the dual challenge of maintaining momentum while navigating the added pressures of holiday demands, budget finalizations, and tax preparation. This time of year is a crucial period for executives and managers, who need to balance time, finances, and mental well-being to keep their teams steady and their goals on track.

Ease financial, time, and stress factors with this practical approach to executive leadership and business management during the holiday season.

1. Financial Management: Year-End Spending and Tax Preparation

The holidays bring seasonal spending, but year-end also means planning for tax season. Taking proactive steps now can help you set your business up for a financially sound start to the new year. Here’s where to focus:

• Review and Finalize Budgets: For many organizations, December marks the end of the fiscal year. Conduct a thorough review of your current budget and spending. Examine areas where you may have underspent or overspent and use these insights to shape next year’s budget.
• Plan for Taxes Early: Preparing for tax season before the holidays allows you to avoid the January rush. Schedule a meeting with your accountant or financial advisor to review expenses, deductions, and credits you may be eligible for. Making these adjustments in advance can optimize your tax savings and help prevent any surprises come April.
• Seasonal Expenditures: Seasonal gifts and year-end bonuses may be part of your budget. Acknowledge these expenditures as important for morale, but assess what’s feasible. Offering flexible alternatives like extra time off, team lunches, or performance-based awards can allow for recognition without overspending.

2. Time Management: Balancing Project Goals and Holiday Deadlines

The holiday season often brings an uptick in personal and professional commitments. Managing time effectively during this period is essential to keeping projects on schedule and reducing stress for you and your team.

• Prioritize Key Objectives: Set realistic goals and prioritize projects that need completion by year-end. Identify essential tasks and clearly communicate their importance to the team. Letting non-essential tasks slide until after the holidays can help everyone manage their workload better.
• Encourage Delegation and Cross-Training: With team members likely to take time off, ensure that your department isn’t overly reliant on one person for critical functions. Delegating tasks or cross-training team members can prevent disruptions and foster a team mindset.
• Offer Flexible Scheduling: Many employees find it challenging to balance personal holiday obligations with work deadlines. Allowing for flexible hours or remote work can boost productivity and morale. Leaders who model flexibility demonstrate a commitment to both team well-being and project success.

3. Managing Stress: Supporting Your Team and Yourself

Holiday pressures can add stress, so prioritizing mental well-being for yourself and your team can help create a supportive environment as you head into the new year.

• Set Boundaries and Respect Downtime: During the holidays, it’s important for everyone to unplug and recharge. Encourage a balanced approach to work by setting boundaries, whether that means limited meeting times or setting clear guidelines around email responses during non-working hours.
• Practice Self-Care: As a leader, set an example by prioritizing self-care. Whether it’s taking time for a workout, practicing mindfulness, or setting aside a few moments each day to reflect, small routines can boost your resilience. Modeling healthy habits can encourage your team to do the same.
• Celebrate and Recognize Achievements: The holiday season is also a time to look back on accomplishments. Take a moment to recognize team achievements, big or small, and celebrate the progress made throughout the year. Acknowledging the team’s hard work reinforces motivation and builds a positive environment.

Leading with a Vision for the New Year

The holiday season is a reminder that balance is key to effective leadership. Leaders who embrace smart financial practices, practice flexible time management, and focus on well-being can set a powerful example for their teams. So, as you wind down the year, take these steps to steer your organization toward a fresh, recharged start.