The end of the year can be stressful, especially as a small business owner. Depending on your industry, this might be your busiest season or it might be your slow season. Both bring their own challenges! As we approach the end of 2019 and prepare for not only a new year, but a new decade, here a few year-end tips for small business owners.
The end of the year is a great time to review your numbers. Use this time to get your financials organized so you have an accurate picture of the year. If needed, schedule a time with your account to discuss the details and any changes that need to made in the New Year.
Making end-of-year purchases for your business will give you more to write-off for that year’s taxes. Can you stock up on office supplies? Or are you going to need to upgrade equipment soon? If possible, make those purchases before the year ends. Work with your account to decide what purchases are best to make now.
Now is a good time to review your employee information. Do you have the correct phone numbers, addresses, and payroll information for your employees? In addition, review your vendor lists and their contact information. If you find yourself making several updates, create a system for the new year that will help you keep this information up-to-date.
Oftentimes, small business owners are so busy running their businesses that they forget to refresh their website and marketing materials. Now is a good time to review your website, marketing materials, and social media accounts to ensure the information is up-to-date and accurate. Do you need to add or remove an employee from your website? Do you have new products or services you need to add? Is the overall tone of your marketing communications still on brand? Make a list of updates to share with your marketing person.
Do you want to make your business more profitable? Do you want to expand to a second location? Do you need to hire more staff? Now is a good time to slow down and write down your goals. Take it a step further and write down actionable steps. During January, schedule a time to meet with the various people and employees who will be stakeholders in reaching these goals.
If your 2020 plans including buying, selling, or leasing commercial property, contact our team to see how we can help.