If you run a business, the end of the year can be one of the busiest times and a small business end of year checklist can help. It is very important to know what you need to do as an owner, CEO, President or CFO to help your small business get off to a great start for the new year.
A good place to start with your end of year checklist is to compare the actual numbers to the goals you set for your small business at the beginning of the year. Analyze what you accomplished and determine what needs to be done to fill any gaps you may find. This can be done by running and reviewing your typical financial reports from the previous year.
Another task you should complete is a physical inventory. Work with your warehouse and operations teams to count whatever inventory you have remaining from the previous year. You can get some excellent insight into what items sell well and which ones do not.
One of the most important end of year tasks is to prepare for tax season. Ensure that your financial books are in order and plan and work with your accounting team for filing your small business taxes.
Also take the time to review the contracts and agreements you have with your vendors. The end of the year is a great time to review what is in-place, what needs to be renewed and what changes need to be made to your vendor relations.
If you have set goals for your company for the next year, and you obviously have, the end of the year can be a great time for a small business to review its information technology needs. Hire an auditor or review the needs with your information technology managers, CIO and/or Director of IT. Set a goal to increase your investment in information technology and review it periodically to ensure an acceptable return on investment.
And, lastly, do not forget to document your successes and failures from the previous year. You will be able set goals for the new year, celebrate the positives with your teams and learn lessons from the negatives.
Writing a Winning Business Plan
Location: SCORE Office
Westland Office Park, Building M (at the rear)
5524 Bee Cave Road
Austin, TX, 78746
Date & Time: Thursday, January 24, 2019 from 10:00 AM to 12:30 PM CST
The new year is the perfect time to create a business plan - a tool for thinking more clearly about your business idea. It helps you stay organized and on track, gain a better understanding of your market, confirm that your financial model is realistic, and create a long term vision and strategy.