By: LendVer Staff –
As the year winds down, small business owners should focus on closing the books efficiently and preparing for a successful start to the new year. Here’s a practical checklist to ensure you finish the year strong.
Organize Financial Records
Review your financial statements, reconcile accounts, evaluate business debt, and ensure all expenses and revenues are accurately recorded. This will simplify tax preparation and help identify opportunities to reduce taxable income and project financing needs in the coming year. Don’t forget to set aside time to follow up on unpaid invoices.
Review Contracts and Vendor Agreements
Analyze existing contracts with suppliers, clients, or service providers. Renegotiate terms if needed or research alternative options, especially if you’ve experienced changes in pricing or demand. Ensure any expiring agreements are renewed or terminated as necessary.
Plan Year-End Inventory and Equipment Checks
If you manage physical inventory, conduct a comprehensive stock count. If your business uses equipment, check each item to ensure it is operating correctly and does not need to be replaced. This helps avoid surprises and ensures your supply and equipment align with demand for the upcoming year.
Recognize Employees and Customers
Show appreciation for the people who make your business thrive. Consider holiday bonuses, personalized thank-you notes, or small gifts to foster loyalty and morale. Sending a holiday message to your client list is a simple way to show gratitude.
Conclusion
Taking time to complete these tasks will set you up for a stress-free year-end and position your business for growth in the new year.