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 ensure 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.
Deleting or archiving your old folders and emails will be useful once we reach the end of the year, as we will generally look at your desk and filing cabinet and clean 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 prepare you better 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 you perhaps want to strangle.
Get Your Taxes In Order
By the 31st of January of next year, all your employees’ tax paperwork 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.
Ensure you stay compliant and keep informed by finding out whether any of the small business laws going into effect on the 1st of January will affect you. Stay on top of any changes 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 goals that can actually be attained rather than resolutions, which are often just things 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. Discussing and developing a specific strategy with your team and mentors is also important. Creating plans that allow you to reach your goals effectively will mean holding one or more strategy and planning meetings with your support system, including colleagues, mentors, and employees.