The season of joy and goodwill to all men will soon be upon us and with it comes time for reflection. This year has been a real annus horribilis for most intermediaries, and I expect that the prospect of thinking about the future is one that fills many with equal measures of dread and expectation. Nevertheless, even if you feel your business is as stuffed as your turkey, do not despair. Here are 12 tips, one for each day of the festive period, which I feel are worth some moments’ reflection during the Christmas break in preparation for 2010.

1 Taking stock. Are you working for your business or is it working for you? Surviving
can become an all-consuming activity but it is important to make sure at some point
that you are still working towards your end goal, whether that be an exit, business growth or more work and life balance. Take some time to step back from your business and assess
your aims.

2 Keep good company. If you have other shareholders or stakeholders, make sure you spend time keeping them in the picture. It is easy to underestimate the importance of keeping everyone together, but recently I have seen two businesses severely impaired when senior partners have effectively fallen out in hard times. A shared sense of direction in difficult times is more important than ever.

3 A little honesty never goes amiss. Anyone running a business will know that if they are successful at it, they cannot be doing anything wrong. Whether your leadership style is inclusive or charismatic, take the chance to think about how you could improve things for everyone working for you with one or two small changes. If carried out effectively, small changes can boost morale, galvanise staff, empower them and usually deliver an upturn in commitment that far outweighs the pain of any change to yourself or your pride.

4 Keep in touch. The season of goodwill is of course the ideal time to get in touch. Never underestimate the importance of building networks and using them to increase your knowledge base. Ideally face-to-face, or at least on the phone, these connections can be vital to commercial success.

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5 Gold rings. On the same theme make sure you call every one of your key clients. January is a traditionally lucrative time of year for financial planning and next year will be no exception as clients afford their financial affairs even greater scrutiny. Market volatility means sound advice carries an even greater premium.

6 Celebrate your success. Illustrative case studies and other marketing material that demonstrate the value you have added over the last 12 months to your clients are very powerful. These will articulate what makes your advice different and ultimately worth the fee and the trust.

7 Prioritise. A mortgage broker friend of mine asked me recently whether he should change his logo and website. After questioning, it emerged that what he really wanted was more business. We concluded his time and money were better spent in taking his top five clients to events of their choice with a view to achieving more business from them and their networks. The brand identity and website are next on the list.

8 Be prepared. Change continues to blow through the advising industry. The Retail
Distribution Review has already heralded a new dawn in adviser qualifications. If you or people working for you need to get to level 4 NVQ or higher then it is important to evaluate your options and get on any required courses. The Personal Finance Society’s Diploma in Financial Planning is unrivalled in its comprehensive approach, but you need to sign up soon in order to qualify before the end of 2012.

9 Housekeeping is important. Whether you are due an FSA Arrow visit or making sure you can evidence control and proper handling of client money, get your house in order. All your good work can lie in ruins if you fall foul of the regulator.

10 Suppliers. At the risk of sounding like Ebenezer Scrooge, any business needs good suppliers and good value. Make sure yours add value. This rule is as true for professions as it is suppliers. For example, if an accountant’s fees are not covered by the saving he makes you, then the arrangement is clearly not working.

11 Manage your cash-flow. On the day to day bit, Christmas is always a time to watch cash-flow, not ignore it. Doing the basics well here is very important, as it is a failure
of cash-flow management that will cook your business’ goose.

12 Don’t forget yourself. Last and certainly not least, take some time to look after yourself. Even now, you must be a beacon of hope in difficult times to struggling clients even though you may not feel it, so spend some time enjoying yourself – or you could even spend time with the family.

Matt Smith is managing director of WPB Creative