As the end of the year quickly approaches, there are some things that all business owners, no matter what kind of business you have, should do. It is always important to get the most out of every trial and capitalize on every win.
These strategies will show you how to do that and end your year right while setting yourself up for success in the year to come. As you wrap up your year, here are five things that, as a small business owner, you must add to your “to-do” list.
5 Things Small Business Owners Need to Accomplish Before Year’s End
Get Your Financials In Order
You will want to take a good long look at your balance sheets and cash-flow. Go over your profit and loss statements. Make sure that you have all of the documents that you will need for your accountant readily available.
It is of the utmost importance that you reconcile your accounts each year at year’s end. This way, you will be able to close your books before you begin a new financial year.
Meet with Your Accountant
Once you have all of your documentation together and have a solid comprehension of where you stand, it is time to go and meet with your accountant. Remember, your accountant is there to save you time and energy as well as money. Meeting with them now will put you in a better position to avoid an audit, make sure that you get all of the deductions available to you, and make plans for the future.
Review the Year
You will want to review your business year and take stock of your wins and losses. Next, consider where you have succeeded and failed and why. Then, when you see a failure, look at what you can do differently to either avoid it or make it a success.
Where you see your successes, you will want to capitalize on those by repeating those actions or tactics, hopefully achieving the same or better results.
Now is actually the best time to get organized for next year. You have taken stock of everything and you are fully aware of your position, you know what has worked and what has not, now is the time to start to lay out a plan for next year. Get things prepared and organized so that you are set up for success as the new year begins.
Show Appreciation to Your Supporters
No business is built entirely on one’s own. Many people, from vendors to employees to customers, make the wheels of your business turn. It is always good to remember that and show these people your appreciation.
An in-person thank you is a great place to start with employees and vendors who you see daily. It is also always nice to have a holiday party, a customer or employee appreciation day, or a great sale that can benefit everyone.
End the Year Right
The best way to start next year off right is to end this one on the right foot. Be sure to get all of your ducks in a row, make a great plan, and rally your troops behind you. By ending your year properly, you’re able to create a solid foundation to welcome the incoming one.
Following the advice outlined above will ensure solidarity among your small business team, and set you up for a successful new year ahead.