It’s easy put off important year-end business tasks when you’re overwhelmed by the rush of the holiday season. To make sure that your business is ready for the new year, take a minute to step away from the holiday rush and think about what you want your business to accomplish in the coming months. To get you started, here are five end of the year small business tips that can help you address five areas of your business that will put you ahead of the competition for the coming year.
While you’re listing things to improve in your personal life during the new year, think about what you want to accomplish with your business. Review and assess your goals from the previous year. Which ones weren’t met, and which do you feel are still important? Some ideas may no longer be in line with your vision or were never viable in the first place. Set these aside in favor of what’s best for your business now.
As the year draws to a close, it’s time to open up and clean out your physical and digital files. Go through your papers, reorganize the essentials and get rid of anything taking up unnecessary space. Determine if you need to apply for any new licenses and if insurance policies require updates or renewal. Putting everything in order will ensure you’re in compliance with laws and regulations as you start the new year and make it easier to find information in the future.
You probably have files stored both on your business computer and in the cloud. Make sure everything is backed up in at least two places, and print out physical copies of the most important documents. Review the features of the cloud service you’re using to confirm regular backups are included as part of your subscription. If not, put your own protective measures in place as soon as possible and consider switching to a company with a routine backup plan.
Tax deadlines can sneak up on you if you’re not prepared, leaving you scrambling to file on time. Organize all your paperwork before the new year starts, and familiarize yourself with the dates by which you need to file. Find out what, if any, tax law changes affect your business, including new breaks and penalties. Work with a tax professional to make sure you don’t miss anything important.
The end of the year is the perfect time to show employees how much you appreciate all they do for the company. Schedule performance reviews to provide detailed feedback for each staff member. Offer an opportunity for employees to share their opinions, and take the time to really listen to what they have to say. You could discover a new and innovative way to meet your goals or learn where the business structure needs changing in order to operate more efficiently.
Taking care of business “housekeeping” ensures your business is ready for whatever the coming year may bring. With concrete goals in mind and these end of the year small business tips, you’ll be off to a smooth start and on the path to growth and success.
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