Small Business Owners: 5 Things You Should Do Before the End of the Year

Christmas and New Year will soon be upon us, so if you’re a small business owner, you might be starting to think about closing up the year and setting goals for January. December can be a busy month, so get started now to avoid spending hours in the office when you’d rather be at home getting ready for the holidays. As long as you’re organized, you’ll prevent end-of-year burnout and make sure everything is set up for your return.

To help you prepare your business for the holidays, here are five things you should do before you ring in the New Year.

Tidy Up Your Files

Getting your invoices, projects, and proposals in order before the end of the year will help you to know what you’re coming back to in January. So, clean out your desk, shred any unwanted paperwork and clean up your digital files. Avoid disaster by checking your data backup systems, firewalls, and external storage devices are working correctly so you’ll have peace of mind during your winter break.

Generate W2 Forms

Your employees will need a W2 form so they can file their yearly taxes with the Internal Revenue Service. If you’re not familiar with W2 forms, their purpose is to provide a report of each employee’s annual wages and tax breakdown. You can generate and print a completed W2 2017 form online in minutes.

Review Your Profit and Loss Report

Before you head into another year of business, it’s important to know where you stand with your annual profit and loss. If you’re not turning much of a profit, now might be a good time to think about how you can reign in your expenses. If your gain is more substantial than you expected, you could put some of that money into a purchase that would benefit your business, such as improved computer systems or even an upgrade on your premises that you can depreciate. If you’re not clued up on the rules of depreciation, speak to your accountant.

Set Goals for Next Year

Setting goals is a great way to close up your business ready for the year ahead. These goals may be financial, or they may relate to customer experience or technology upgrades for your office. Whatever your ambitions for the upcoming year, be sure to involve your employees in the process – they are vital to the success of your organization and will provide valuable insight into how you can improve and grow your company. Sit down with the team toward the end of December, dish out coffee and snacks and have a brainstorming session.

Thank Your Team

Before you wave goodbye to the office and begin the holiday season, be sure to thank your employees for their hard work. You can show your gratitude with a bonus (if your budget will allow), or by giving each of them a small gift or some extra time off for the holidays. Making your employees feel appreciated will leave them feeling good about their work over the holidays and will ensure another year of loyalty and hard work when they return.