Here are some things every small business should look at as the year-end approaches. With so many things on your plate, it’s a good idea to create a checklist for your end-of-year activities.
1. Get your books in order. Whether you are a solopreneur with a box full of receipts that haven’t yet been entered or a small business owner who has a bookkeeper on your payroll, you have to get this step done before you can do anything else.
2. Review all your systems from top to bottom. A system review can be an eye-opening experience for business owners. Carefully examine what is working and what isn’t. Don’t assume that just because you have had a certain system in place from day one that it is adding value to your business or your customers.
3. Review your expenses and vendor contracts. Run an expense report and see where you are spending your money. Is it money well spent? Are you getting a good ROI from all of your memberships? Are you really reading all those magazines that come each month? Take a look at how much business you are doing with each vendor. Are you getting optimum pricing based on how much you are working together?
4. Touch base with your best customers. Be sure to tell them you appreciate their business and ask if there is anything you can improve on or do differently to help them grow their business. Send them a Christmas card or gift or plan to send them a card at the beginning of the New Year.
5. Take a good look at your website and social media platforms. You need to make changes to your website to keep people coming back and take advantage of SEO. Is the content on your website and business social media profiles up to date? Dedicate some time for touching up, revamping or overhauling your digital presence.
6. Revisit your pricing. Once you understand your business’ financial picture, it’s time to get honest about how things are going. Many freelancers and small business owners make the mistake of under-charging their clients: is your pricing adequately compensating you for your time, experience, and costs (which include taxes, retirement plans, health insurance, and more)? The start of the New Year is a natural time to bump up your rates.
7. Goals. Pull out your business plan and any other planning documents and review this past year’s goals. Did your business accomplish what you set out to do? Why or why not? Set Goals for next year. Be specific, give them a timeline, and make sure they are measurable and written down.
8. Revisit Your Business Plan. If it has been a while since you examined this critical document, now’s the time to get to it. Review it to ensure it’s still aligned with your company goals. Change what needs changing. And if you never had one, this is the time to make one.
9. Meet with your accountant. The end of the year is the perfect time to meet with your accountant to plan your taxes. Discuss with them what you should do with excess cash and take a look at anything you can write off.
10. Get Organized. If you’re like a lot of business owners, your desk is cluttered, and so is your desktop. Spend a few hours throwing away and shredding things you don’t need and organizing your computer files. I guarantee you’ll feel more together come January.
About the Author: Sheri Miller is the Owner of Another You, LLC, a Personal/Virtual Assistant service based out of the Dayton, Ohio area. Sheri helps small business owners save time and money by taking care of their day-to-day administrative tasks. Think of her as your right hand while your left hand is growing your business.