Preparing for Year-End: Moving Your Business Into the New Year
Preparing for your business’ year-end is an opportune time to reflect on your business and adjust for the coming cycle. If you focus on your financial health, administrative improvements and goals, you’ll close out 2019 on a high note and start 2020 on the right foot. Here are a few ways to prepare your business for the new year ahead.
As you’re getting your finances in order, now is the time to go over your books.
- Make sure that your income statement and balance sheet are correct.
- Analyze your cash flow and examine how your money was spent through the year: operating revenue and expenses, investments, and assets.
- Check your accounts receivable and invoices. Make sure you don’t have any outstanding invoices.
What improvements can be made to your systems and workflows?
- Back-up your data. This should be done more than once a year, but the start of a new year is a good reminder to make sure all your contacts and files are backed-up and secure.
- Analyze the efficiency of the systems that you have in place. Are there ways to improve?
- Review your website and social media accounts. Do all your links work? Is your message clear?
To see growth in your business, you must plan for it.
- Reflect on your achievements over the past year. Use your financial statements, customer feedback, and your input from your team to determine how well you did.
- Set goals for 2020. Make smart goals - your goals should be specific, measurable, achievable, realistic and timely.
- Conduct an inventory. What do you need in order to attain your goals?