The end of the year is a busy time. With the holidays, travel, and family gatherings, the to-do list is endless. As a small business owner, this is a great time to sharpen your pencil and review your year end checklist.
Here are some things to wrap up for your small business before the end of the year.
1. Get your prosperity systems in order. If you don’t have a handle on your prosperity systems, get the financial help you need so you can make informed decisions and choices in planning for the new year. Your profit and loss statements will give you a financial snapshot. Remember to also plan for any large expenses in the new year. Your prosperity systems involve more than just accounting, it also may involve setting up a system to measure results and to improve efficiencies with your sales team.
2. Strategically plan your business goals. Now that you know how your business performed, it’s time to look at how you got there. Did you accomplish what you set out to? Identify the reasons for the success or where you fell short. Make notes on your successes or identify the support you need to reach your goals for next year. This assessment will come in handy when you conduct your business planning for the upcoming year.
3. Take care of your team. Whether you have employees or vendors make sure to take care of them all. Remember, employees can’t file taxes until they receive a W-2. If you have 1099s, they should be mailed no later than February 1.
4. Send a thank you note to your clients. Stand out from the crowd this year. Instead of sending your ordinary holiday greeting to your clients, send a thank you note for being a loyal customer or client. SendOutCards makes it easy to include a gift card, like a coffee to Tim Horton’s or Starbucks.
5. Follow Up or Follow Through. You may have left business hanging out there. Identify the contacts you’ve made and make a list of items you need to follow up on.
6. Refine your Branding. Keep things fresh by updating your branding materials. You need to be exact to attract your ideal clients. Make sure that your clients/customers know exactly who you work with by reviewing whether or not your messages match your market.
7. Set up your marketing systems. If you find yourself saying, “I wish I had a sales person who could work 24/7,” you may need to implement an automatic lead generation system. Setting up your marketing systems gives you leverage so you can focus on the revenue-generating part of your business. The end of the year is a perfect time to identify the improvements to your internal systems and processes so you start off the new year leveraging your time, energy and resources.
8. Plan for your personal development for next year. Whenever I invest in my own personal development, it pays off a hundred fold. Plan to grow your business by investing in you. Identify the training or resources you need to take your business to new levels next year whether it is a specific program or mentor. Investing in yourself is the greatest form of leverage. It changes the way you look at growing your business.
9. Seize Opportunities for Retirement Planning. Catch up on IRA contributions, increase your retirement contributions, or discuss major life events with your advisor. Now is a good time to consider year-end tax strategies.
10. Tis the Season for Giving. Give to your favorite charity. Check with your financial advisor for ways charitable giving can also have a tax benefit.
The old saying is true: businesses that fail to plan, plan to fail. With the distraction of daily events, it’s easy to put off business planning. Use this simple checklist to determine how you did and to powerfully step into next year.
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