10 Key Things Business Owners Will Need To Do Before The End Of The Year
As the year draws to a close, you may be looking forward to holiday parties and enjoying a few days of rest and relaxation with your family. But before you ring in another year, be sure to tie up 2016 in a nice tidy velvet bow.
Here are 10 key things business owners will need to do before the end of the year.
Thank Your Customers
No business succeeds without loyal, satisfied customers. Address your top customers personally. A call or a letter lets them know that you don’t take them for granted. Plus, it’s a great way to touch base, show appreciation for their business and that you look forward to serving them next year.
Meet With Your Staff
You might be thinking about your business all the time, but maybe you haven’t communicated those thoughts to your staff.
The end of the year is a great time to reflect on the company’s performance, talk about challenges and accomplishments and plan for the year ahead. Have a town hall meeting before your holiday party so that the festivities don’t have to involve too much business talk.
It’s also a great way to show public appreciation for the staff’s hard work and dedication to the business. Employees are a critical reason why a business makes a profit and they deserve recognition and appreciation.
Organize The Office
As December comes to a close, the business starts to slow down. It’s the best time to sort through things and organize the office. Business owners need to encourage employees to clean up their workspace and rid their office cubicles of clutter! Make a party out of it. Order in pizza, play music, and have everyone dress casual. Do whatever works to motivate the troops.
Don’t start off the new year with the same office desk clutter. It will only stress you out, so take some time to organize your office space.
Buy Big Ticket Items
Now that you have a clean office, look around – could your office need some updating? You’re in luck. Now is the time to buy items such as new office furniture in Houston. These bigger purchases can help you during tax time. Often, you will be able to deduct the full sale price of your furniture! But make sure you check with your accountant to understand any stipulations and check out this blog on why it’s the best time to buy new office furniture in Houston before year-end.
Get Your Books In Order
Hopefully you’ve been doing your books monthly and paying your taxes (and setting aside money) all year long. Otherwise you may find your self on the naughty list. It’s important to spend time to review your company’s yearly performance.
Be sure to examine the financial reports and compare the changes from years past. Note if any results are off and make a plan to push the numbers in the right direction next year.
Prepare Goals for Growth
Make sure your company can accommodate the growth forecast for the next year. Review your projections and plan a budget. Sit down and assess what worked and what didn’t work for your business over the past year.
Ask yourself these questions:
· Do you have the sales staff to meet your revenue goals?
· Do you have adequate office space to accommodate new hires?
· Will an increased number of clients strain your customer service?
Evaluate Your Technology
Evolving and adaptive technology is driving and transforming business every day. Businesses that want to grow are in a constant race to adapt and take advantage of these technologies. Look at your current industry and goals. Check out the technology trends and find out how they can make your business more productive.
Review Your Website
Do not underestimate the importance of your website! If you have an online presence, it’s important that you keep tabs on whether it’s working for you or not.
Ask yourself these questions:
· Is it converting leads?
· Does it load quick enough?
· Can your customers navigate through the pages?
· Does it look modern enough – check out your competition to see how yours compares?
This is the time to address those issues and make a plan to update the website in the beginning of the year.
Set Business Goals
The end of the year is a natural time to reflect on, and analyze, your business. Assess whether the business is where you want it to be, its prospects for the future, and whether your current business practices are adequate. As you reflect, set goals for the year to come.
Prepare for changes, so that you can start the new year with a clean slate. The insight you will gain from this process is invaluable, and can mean the difference between success and failure.
Last but not least, arrange for charitable giving. Do it for a nice tax write-off or for good publicity. Or do it just because you’re an awesome person. But take time to contribute something before the year’s end.
Consider matching employee gifts to a charity. Making a donation of your time or money helps build a sense of purpose for your staff and your company.