With the New Year at our doorstep, it’s time to close the books on another year and move forward with bigger ad better goals in mind. Check out our year-end checklist for small businesses:
Analyze:
This is the first thing you’ll want to do at the end of each year. If you’re planning to analyze any data, prioritize these metrics:
- Your Yearly Earnings
Keeping track of how much money you earn each year and how you earn it can help prepare you for running your business next year. Creating a standard financial report of all your earnings, including where transactions were made and how orders were fulfilled, is a great way to visualize your business year and future goals.
- Business Expenses
Tracking your business expenses will also help you find ways to save money and explore options for reducing those expenses during the following year.
- Customer Statistics
Analyzing customer data will further help expand your business to new, potentially untouched demographics. Pay attention to the types of people who purchase your products and how they do so!
Review:
Similar to analysis, this step will help you move forward into the next year with new goals.
- Yearly Business Goals
Prioritize reviewing your business goals and see what you could fulfill and what still needs work.
- Employee Needs
Depending on how your business performed in the past year, you may need to hire more employees or expand employee benefits.
Double Check:
Double-checking important information is vital to keeping things efficient.
- Your Inventory
At the end of the year, it’s the perfect time to take stock of your business’ inventory after the holiday rush.
- Your Taxes
Double-check with your accountant regarding your yearly tax statements.
- Related Bank Accounts
Ensure all related bank accounts match up with your transaction histories.
Contact:
The year’s end (or the beginning) is also a great time to get in touch with people and provide updates.
- Investors
Investors will appreciate any major business updates that may affect them and a general rundown of how the year’s gone.
- Vendors
Vendors that sell your products will also need to confirm or update their information. Contact them with your general business updates and ensure all their information is accurate in your system.
Backup and Update:
Computer-wise, there’s a lot you’ll need to backup, but we’ve boiled it down to these three general categories:
- Your eCommerce Platform
As the crux of how your business operates, it’s always good to back up any data saved to your eCommerce platform, whether it be Magento, Big Commerce, or another provider. Check for platform updates as well to keep your business optimized.
- Your Payroll Platform
Like with the eCommerce platform, updating your mass payroll platform will also help keep your business running smoothly. In addition to software updates, make sure you back up that payroll information too!
- Saved Files
If you have other essential files saved elsewhere, make sure you back those up, too– you never know when you might need them.
If you have any questions about how to best approach the new year or get your small business organized, please contact us! We’re one of the most trusted local payroll companies south of Boston!
