We are going strong in the 4th quarter and now is the time to do some year-end assessments on your business. You need to start preparing for next year as this year comes to a close. I’ve put together a quick checklist to help you wrap it up.
Determine where your business is right now.
- Financials – make sure all receipts, billings etc, are entered into your accounting system now. You will appreciate this during tax season.
- Goals – evaluate where your business is versus your planned goals.
- Celebrate – take the time to recognize your wins for the year. What did you accomplish this year?
Plan for Next Year
- Set Next Year’s Goals – start to list out your goals for next year; include all your grandiose plans. Doing this now will allow time for you to review your goals again and adjust them, if needed, prior to the start of next year. Once finished, you will be able to evaluate/compare your plans to actual results easily.
- Action Plans – Plan now what steps you need to take to kick off next year quickly and efficiently. Your plans need to include tax planning as well as business planning. Dates need to be put in place for accomplishing these tasks.
- Calendar – Scheduled dates for your quarterly reviews. If it is slated on your calendar, you are more likely to do it.
You can easily wrap up this year successfully and efficiently by following these simple steps. With the new year fast approaching and (Yikes!) tax season, you might be interested in this blog – Your Year-end Results and the IRS.
Reviewing your business year and preparing for next year, need not inspire fear or procrastination. Keep it simple and follow through on your plans. Business planning is something that falls through the cracks when our busy lives take over. This is especially true during the holiday season, so prepare now.