The year is slowly coming to a close, and the holidays are upon us. This time of the year can be especially busy for many businesses, like retail stores, and it can also be the slow season for others, like landscapers. No matter what kind of business you run, taking the right steps at the end of each year can set you up for success. If you want your company to thrive in the years to come, it’s important that you take action during these pivotal points.
Here are some of our best end-of-year tips for small businesses:
1. Check on license renewals
Now is a great time to check up on all of your business licensing and certifications. Many of these may be expiring at the end of the calendar year. Don’t wait until after the holidays- make a note of what licenses or other vital business/legal documents need to be renewed.
2. Make time for employee feedback
Many businesses conduct routine employee performance reviews, and the end of the year is a great time to do them. Set aside time to chat with your employees, managers, and administrators, and let them know where they stand. This is also a great opportunity to double check their employee info, update files, and make sure they’re caught up on trainings and certifications.
3. Plan your business purchases
When it comes to small business taxes, it’s a good idea to plan expenses in a way that maximizes next year’s writeoffs. If your company needs new equipment, or has a surplus that needs spending, do it before the end of the year. Invest wisely in the right business-related goods, so you can get a fast turnaround on those tax writeoffs next year.
4. Set your goals
Whether you are a brand new company or a well-established one, the end of the year is a perfect time to set some goals. Think about what you want to accomplish or change in the coming year. Analyze what went well this past year, and what needs fixing. Consider bringing in a business consultant to help you here.
5. Start prepping for taxes
Don’t leave yourself scrambling in a few months, trying to gather paperwork and expense reports before tax filings are due. Take time now to ensure that you’ve been bookkeeping correctly, and you have everything in order. Working with a qualified small business CPA can save you a load of effort, so consider bringing one on board if you don’t have one already.
Want more tips to maximize your business? Reach out to us at Steven J. Wick & Associates.