4 ways to prepare your business for the end of the year
As we edge closer to December, thoughts turn to end of year celebrations. However, as a business owner, now is the time to take stock of the year that has been and make sure plans are put in place for the upcoming year.
This is super important to the future success of your business and there are an array of major requirements and considerations to keep your business achieving. Prioritise setting goals, gathering resources and take advantage of every new opportunity available to your business.
Whilst things can seem a little overwhelming and busy at this time of year, we have pulled together four important considerations when preparing your business for the end of the year.
Prepare your tax paperwork
Having all of your tax paperwork in order is incredibly important to ensure that you are complying with federal, legal and state laws. Filling in these forms can be time consuming but essential. You can find online, IRS approved, downloadable tax forms which can make this process incredibly easy.
Not only does this save time but the automated process available means there are far fewer chances for human error. Having this sorted will ensure you are properly organised to enter the new business year.
Review your financial documents
Making sure your financial documentation is organised is crucial in the process of evaluating the health of your business and ensuring that you know whether you need to make cuts or adjustments to your finances for the upcoming year.
Your balance sheet showing your assets, liabilities and equity needs to be updated and your income statement showing expenses, revenue and profit needs to be finalised.
Finally, the cash flow statement showing operational, investments and potentially loan and repayment cash flow must be updated. If you own a small business, you should think about doing this more frequently than just once a year.
Set goals for the coming year
Take some time to look over your goals from the previous year. Have you managed to achieve them, or have you exceeded your expectations? Moving into the new year think about where you want to be in 12 months’ time and set realistic goals with easily measurable milestones.
Look further into how your business or sector might be subject to change and consider if you may need to make allowances for this. Think about developing an action plan for the year and make sure your goals are SMART.
Provide feedback to employees
Providing your employees with meaningful feedback is proven to increase employee engagement. According to a Gallup report, employees would prefer to receive negative feedback than no feedback at all.
In turn – receiving feedback from your employees too will help you become a more proficient and stronger leader offering you valuable insights into your business. Investing time and effort into your employees will be incredibly beneficial in the long run as they are the driving force behind the success of your business.
