7 Ways Businesses Can Prepare for the New Year

The end of the year is generally a milestone for many entrepreneurs and small business owners. It can and should be seen as the perfect time to make sure your business is in good shape to face the new year, and not just be seen as a chance to celebrate making it through another year. To help your business thrive during the next year, these steps should be taken during the next few weeks.

Clean House

Deleting or archiving your old folders and emails is a useful task once we reach the end of the year, as is generally looking at your desk and filing cabinet and cleaning out what you don’t need. The rest of these tips are easier to follow if you do that.

Review The Year

One of the best ways to be prepared for the upcoming year and for the future in general is to make sure you have detailed documentation and records of everything you did in the past few years. This includes looking at your profits or losses, revenue and trends and then see what you can learn from these numbers to better prepare you moving forward.

Review Your Customers

You can effectively update the profile of your target market by carefully reviewing and analyzing your profits and revenues by individual clients, asking yourself which clients helped you and which did you perhaps want to strangle.

Get Your Taxes In Order

By the 31st of January of next year, all the tax paperwork for all of your employees must be mailed to them. And of course, April 15th will be here before you know it, and now is the time for business owners to get a handle on their own taxes by contacting their accountant. Don’t leave it until the last minute.

Stay Informed

Make sure you are staying compliant and keeping informed by finding out whether any of the small business laws going into effect on the 1st January will affect you. Stay on top of any changes that you need to know about by talking to your CPA, business attorney or HR attorney.

Review Your Goals

The new year is the time to set goals, including those related to your business and it’s easier to do that once you have carried out all the steps outlined above. Remember to set yourself goals that can actually be attained, rather than resolutions which are often just things that you keep. A goal would be to donate $10,000 to a specific local charity next year, while a resolution would simply be to give more to charity. Remember to think SMART – Specific, Measurable, Attainable, Relevant, and Timely – when it comes to setting and keeping goals.

One of the most important things your company can do is to get your team behind you, once you have set some goals for your business based on your year end review. It’s also important to discuss and develop a specific strategy with your team and your mentors. Creating the plans that allow you to effectively reach the goals you set yourself will mean holding one or more strategy and planning meetings with your support system, including colleagues, mentors and employees.