The end of the year tends to be a bit chaotic for business owners, but it’s actually an excellent time to get some extra housekeeping done for your business. Read on for tips to help you finish the year neatly and prepare to face the new year.
Review your goals and KPIs
Over the previous 12 months, a lot has probably happened for your business. Now is the perfect time to look back and see how your performance stacks up against your goals.
Consider your KPIs and review how you did. Be honest with yourself. If you didn’t make your goals, that’s okay. Now you can look at what went wrong or right and adjust as necessary. Did you take on too much all at once? Could you prepare more for slower times? Were there unexpected surprises that affected your business?
If you achieved or exceeded your goals, business owners should take some time to celebrate them.
Review your business plan
Looking at how reality compares to your original business plan is always surprising. Take this time to evaluate how you’re doing and see if your business is becoming what you hoped it would be.
If it isn’t the case, ask yourself if your vision and goals have changed or if you haven’t paid enough attention to them. It’s okay to adapt your vision as your business grows and you understand the market better, but make sure the change is one you intended, not one that’s happened unconsciously.
Reconcile accounts receivable
Having unpaid invoices is often one of the most significant disruptions to cash flow. Ensure you’re checking to see if you have any outstanding accounts and remind those clients to settle before the end of the year. It also doesn’t hurt to double-check if you have any amounts owing to your suppliers; pay those.
Catch up on expenses
Ensure you’ve accounted for all eligible business expenses by the end of the year to stay prepared for the next tax season.
Verify vendor or client information
Your business has changed over the year, which you already know, and the same is true for all the other businesses you work with. Take some time to ensure you are aware of any changes to their business terms and have their correct information.
Review subscriptions
It’s easy to lose track of your subscriptions, but they quickly add up. Review your active subscriptions and cancel any that aren’t relevant anymore. This is an easy way to get more money in your pocket, and it can be fun to choose some new ones for the new year that will better meet your needs.
Send out year-end letters
Put together a year-end letter for clients or customers and another for Team Members.
Let your clients know what has happened over the year, share some of your milestones, and let them know how much you appreciate their support. Highlight any community events that your business was a part of. It’s an excellent way to stay in touch and keep yourself fresh in their mind for when they may need your services next year.
Thank your Team Members for all their hard work over the year. Call attention to your successes and celebrate everything you’ve achieved. It’s a great way to provide some recognition and highlight the most important events of the year.
Consider end-of-year gifts or bonuses
The end of the year is a terrific time to reward Team Members for a job well done. Even if you have an established bonus program, it’s always nice to surprise Team Members with a gift. It’s a personal way to say thank you and show them how much you appreciate them.
Final thoughts
The end of the year is always hectic for business owners, and the holidays make it even harder to get things done. However, it’s a great time to reflect on and celebrate your accomplishments. You’ll be glad you did when the new year rolls around, and you feel like you’ve wrapped the year up in a bow, ready to take on the next one with a sense of renewal.
If you have any questions, feel free to Join the conversation…