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11 Things to Do Before the End of the Year for Your Small Business

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The end of the year is a great time to think about what changes you should make for the upcoming year. What are some areas in which you could improve? Did your business suffer this last year? What could you do differently to ensure it thrives for the upcoming year?

It is time to think about some things you should do by the end of the year such as:


1.    Conduct a Financial Review

Determine the financial health of your small business. Develop a financial checklist and run your financial statements.  Look at your budgeted and projected costs and sales. Are there adjustments you need to make? Where can you cut down on your expenses for the next year? You should check your numbers to ensure you make any necessary changes before the year ends. 

Also, review what you need for your taxes. Ensure your vendors have completed a W-9 form so you can send them a 1099 at the beginning of next year. Know when you are required to issue your vendors a Form 1099-Misc. Independent contractors are required to report this income for their taxes. Plan for your taxes. Consult with an accountant to improve your tax strategy. Make sure you have all your receipts and records in order for tax filings. 


2.    Conduct an Inventory Check

Do you have excess inventory that you need to get rid of? Offer year-end promotions to reduce excess stock. Then at the end, conduct a thorough inventory check so that your numbers are correct. 


3.    Review Your Annual Goals 

You probably made goals for your small business last year. Review them and determine what you need to change for the next year. Also, start thinking about what you want to do. Did you complete what you wanted this year? If not, then think about what you need to do differently. 

Additionally, ensure your goals are SMART goals. They should be Specific, Measurable, Achievable, Relevant, and Time-Based. If you state you want to increase your sales by 20%, put a date of when to review it again. But make your goals achievable. 



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4.    Conduct Performance Reviews

The end of the year is a good time to complete performance reviews if they are tied to bonuses or increases. You should also set goals and expectations for the upcoming year. Your staff’s goals should also align with your business goals. Furthermore, the end of the year is a great time to review those goals and see where you need to make additions or changes as well. 


5.    Update Your Business Plan

You’ve probably learned a lot more than when you started your business. Review your business plan. What can you update? What strategies and objectives should you add? Also, look at your achievements and challenges from the past year. This will provide insights into what worked well and what you need to improve. 

Industry and market trends change. What external factors have impacted your business? What adjustments do you need to stay competitive?

Are you still in line with your business’s mission, values, and vision? What should you change?  


6.    Consider Changing Your Marketing Tactics

Evaluate your marketing strategies. Additionally, update your marketing plan based on your analysis and needs. Was this a difficult year for your business? How can you adapt and change? Evaluate what worked and what didn’t. Also, what worked in the past may not work for you any longer. Think about out-of-the-box marketing ideas. How could you market your business to fit today’s needs? Social media is a huge marketing platform. Do you use it effectively?

Plan new campaigns for the upcoming year. 

If you own a janitorial business, what benefits would you offer a client? Customers may want more disinfecting or sanitizing services. When talking to a potential client who is considering your services, you may want to focus on the number one problem they have and how your company can fix it. If you own a landscaping business, many people who work at home may prefer to have a landscaper now that they see what needs to be done. Additionally, what can you do to show them how you can help? 

What problems can your small business fix for potential clients right now? Consider changing your marketing tactics. Furthermore, think about what you can do differently to make more money. 


7.    Review Your Technology

Evaluate your current technology. What areas could you improve? Do you now have employees who work at different locations? An app like ezClocker makes it easy for your employees to clock in and out from anywhere. Also, it allows employees to view their schedules and it has features that will notify employees if a schedule has changed. This allows your employees to receive their schedules on their phone or computer as soon as you post them. The ezClocker app also has GPS so you can verify that your employees clocked in and out at the worksite. It has many other features too and can help you save money in the long run. By using an app like ezClocker, you can serve your clients better. 

There are many productivity apps that can also help your small business. Review the different needs you may have. 


8.    Review Your Legal Compliance and Handbook

Ensure your business is compliant with any legal requirements. Renew your licenses and permits. Also, are there any policies that you should add or delete in your employee handbook? The end of the year is a great time to review your handbook. However, make sure you review your state and federal laws before you implement a new policy. For example, if you want to put a drug policy in place to do random drug tests, some states have restrictions. Research new laws that may start in the upcoming year. 

If you implemented work-from-home jobs or flexible scheduling this year, make sure you have those policies written and put in your handbook. Additionally, what new actions do you see your company doing next year? You will also want to make sure you have written policies in place for any new business approaches. 


9.    Review Your Sales Projections

Did you meet your sales projections? If not, what could you do to get more sales in the next year? Budgets are cut every year, so this may be a time to get your last-minute sales in with other businesses that may use your products or services. Offer to begin projects for them today which will help them get a good start on the next year. This is when all major companies are reviewing their current and future goals. Be on someone’s goal list.

Also, take this time to review your customer service goals. Ensure your business offers top-notch service for your customers. Think about what you could do differently and implement measurable systems or processes to ensure customer satisfaction. What other ideas could you implement to boost your revenue for your small business? 


10. Meet with Your Employees

Meet with your employees to discuss critical items that must be done and find out where they may need help. Are they missing something on their goals list? You should ensure they understand your projections and where you would like to take the company. Also, identify any skill gaps among your team. Schedule training sessions and find out their needs to help them move forward. 

Ask your employees to brainstorm some ideas to take the business to the next level. You may find that some ideas will engage and excite your team. By asking them for their input, they will feel included in your business. Many times, employees feel more engaged in a small business. They want the business to succeed and often they feel as if it’s their business as well. 

Throw a party for them. Celebrate their successes and consider giving awards to your top performers. The end of the year is a great time for celebration.


11. Review your HR Practices

Review your HR practices for the next year. Do you think you will be hiring more people or even your first employee? Ensure you put your hiring plans in the goals you make. Bringing on employees can take a lot of your time, so you should hire good people the first time. You don’t want turnover by making a bad hiring decision. 


What Else Should You Do Before the End of the Year?

Review and renew contracts with suppliers, vendors, and clients. Can you negotiate better terms? Make sure your website and marketing materials reflect the correct information too. Have you updated everything with any changes you made? Evaluate your vendors. Is there a vendor you can change that may save you money or give you better service? 

The end of the year is a great time to research new ideas to make more sales or grow your own business. Prioritize your most essential tasks. If you are unable to do everything, ensure you can complete the things which are more important. You only have a little time left this year, so you shouldn’t stress yourself out. 

Mark Zuckerberg of Facebook says, “The only strategy that is guaranteed to fail is not taking risks.” Think about some risks you can take for this next year. Ensure those risks won’t take away your business though. The end of the year is a time to celebrate your successes and look for improvements. Stay focused and stay on plan. 


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Author: Kimberley Kay Travis

Kim Travis has over 20 years of experience in business, human resource management, and leadership roles. She has specialized knowledge in employment law, employee relations, recruiting, management consulting, small business growth, leadership development, workplace safety and health programs, and writing business content.

1 comment

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