Making sure your business is in the best shape for the incoming year can assist in how fast your business grows. These six points should be part of your year-end financial overview to help you be prepared for success:
1. Revisit This Year’s Goals
One of the most important things you can do is review your goals from this year and use them to set goals for next year. You will be able to evaluate your current progress, gain insight and plan for the coming year. If you do not keep a running overview of goals and how you are doing, it’s time to get that in motion. You won’t know where you are going and what needs to be improved if you can’t see where your business currently stands.
2. Review Your Books
Bookkeeping is crucial in determining forecasts and cash flow. You should have all your documents in both hard and electronic form. You should be looking at your balance sheet, income statement, cash flow statement, taxes paid and due, and current tax strategies that will work in your favor. Having your files in order for tax season and interviewing accountants (if you don’t have one) will ensure your business is under control.
3. File Backups
Is your information backed up on a regular basis? You should have a portable hard drive as part of your business processes and save your information as much as you can. This includes financial documents, creatives, business contacts and more. If anything happens, you will still have your documents intact and can move forward without incurring a serious loss.
You should be performing audits of your website and social platforms on a regular basis. If not, this should be one of your priorities before the end of the year. You should make sure your site is optimized and is visually pleasing on both desktop and mobile to draw the interest of new customers. Cleaning up these items can help generate more revenue in the coming year.
You should send a note or card of thanks to your customers and take the time to meet with your team. This is a good time to acknowledge those who have been rock stars throughout the year and will help everyone get on the same page going into the next. You can discuss goals on a business level, and the individual goals of each team member to develop an inclusive team structure. Remember – there is no “I” in team and every voice that contributes to your business counts.
6. Set Goals for Next Year
You need to plan for the next year and start strong. This means setting goals for next year, creating action plans, and a schedule for implementation. Your goals should be SMART (specific, measurable, agreed upon, realistic, and have real timelines).
Having a checklist to keep you on track works to your benefit now and in the future. It helps maintain organization and put things in perspective. Be mindful of the areas that need improvement, and focus on positive change. Once you have a blueprint to follow, everything else should fall into place.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.