The month of Elul, bringing the current year to a close, is - as is well known - the Month of Divine Mercy and Grace. It is also the time for every Jew to make a soul-searching self-evaluation (cheshbon hanefesh) in regard to the outgoing year - of all the achievements and failures and missed opportunities; it is the month of Teshuva (Repentance) - regret for the past and good resolutions for the future, by way of preparation for the coming year, with a view to making certain that the new year will be a better one in every respect.
The auspicious nature of the month of Elul is explained by the Alter Rebbe [Rabbi Shneur Zalman], author of the Tanya and Shulchan Aruch, by means of the parable of the 'King in the Field':
When a king is about to return to his royal city, the inhabitants of the city go out to meet the king and to welcome him in the field. Then everyone who so wishes, may come out to greet the king, and the king receives everyone graciously and shows a friendly face to everyone... Later on, when the king proceeds to the city, they follow... So in the month of Elul. G-d makes His countenance to shine on you, which refers to the emanation of the Thirteen Attributes, that it be in a manner of face to face.
Thus, the month of Elul is a time of (great responsibility as well as of) great opportunity, since this is the time of the year when G-d causes His Thirteen Attributes of Mercy to shine forth, making it possible for every Jew - regardless of how the situation was in the past - to attach oneself to G-d with heart and soul, in a way that induces action, expressed in a substantial increase (in quantity and quality) in the study of the Torah and in the fulfillment of its mitzvoth [commandments].
May G-d grant that each and all of us should take the fullest advantage of this auspicious period in all that has been said above,
Elul is a time of great opportunity, since this is the time of the year when G-d causes His Thirteen Attributes of Mercy to shine forth, making it possible for every Jew to attach oneself to G-d with heart and soul...
And reflect with a soulful reflection, to the extent of it permeating and guiding the daily conduct, on the words of David, the Sweet Singer of the Songs of our People Israel, in the Psalm that we begin to recite on Rosh Chodesh Elul, twice daily [chapter 27 of Psalms]:
'G-d is my light and my salvation, whom shall I fear?... my oppressors and enemies have stumbled and fallen; if an army besiege me, my heart shall not fear... now my head is raised... teach me, O G-d, Your way... hope unto G-d, be strong and let your heart be fortified and hope unto G-d...'
And G-d our King since the days of old will work salvation in the midst of the earth, including that in the radiance of the countenance of the King the Source of Life everyone will be blessed with a good and sweet year, both materially and spiritually,
