Where has 2022 gone? If you are a business owner, this time of year can be doubly stressful between balancing holiday plans and end-of-year operations. That’s why we want to take a moment to focus on creating an end-of-year checklist—so you can focus on the important things!
Do I Need an End-Of-Year Checklist?
Yes, creating an end-of-year checklist is in your business’s best interests. It might seem tedious now, but your future self will thank you!
An end-of-year checklist can help you measure and analyze your business’s strides. Reviewing this checklist will set your company up for success and help you end the year strong.
Review the Previous Year’s Goals
Did you create goals during last year’s year-end season? Please take a moment to review them before proceeding. Then, compare them to what your company accomplished this year.
Were you on track? Which goals did you meet? What requires attention or reevaluation? Are the goals realistic?
It is essential to understand what worked and did not before creating a new checklist and setting new goals for the future. Doing so gives you a better mental image of what your business needs.
Use your employees’ input, customer feedback, and financial statements to assess your business goals. Focus on the strengths and weaknesses when trying to achieve these goals.
Prepare Financial Reports
It is time to take a big-picture view of your business. Evaluating your financial reports is essential because it provides an overview of business health.
End-of-year financial reports can help determine your business’s profits and losses. Insights provided by these reports can allow you to rethink your business goals for continued success. Involve a competent accountant when preparing and reviewing these documents to increase the report’s value.
Are you under the projected revenue? It might be time to make changes and reevaluate current operating procedures.
Over the projected revenue? Now might be a good time to invest in that new piece of equipment that could streamline efficiency.
An inventory count allows you to identify products that sell well and those that do not. Then, use this data to assess which items you should restock or phase out.
For example, do you notice a product that is popular seasonally? Then, plan your order accordingly to account for any supply chain disruptions that may continue into the new year.
Take time to investigate any significant discrepancies in your inventory to avoid huge losses. Also, remember to document your inventory procedures to prevent errors and omissions.
Review Vendor Information
Ensure that you have accurate and updated information on your suppliers or vendors. List any new partnerships you established with them in your business end-of-year checklist.
Include information like contact name, email address, and phone number. Have a lot of vendors? It might be helpful to include a brief description of the vendor listing any defining characteristics to maintain organization.
You should also file and send 1099 forms to your company’s subcontractors and vendors before the Internal Revenue Service (IRS) deadline. The IRS (Internal Revenue Service) will use 1099 forms to evaluate non-wage transactions and payments between your business and subcontractors.
Recognizing Business Success
Tracking your company’s accomplishments allows you to focus resources on profitable ventures. Your employees will also feel motivated every time you celebrate their achievements.
Document your achievements and share them with your workers, clients, and suppliers. Consider recognizing outstanding performers at your workplace with gifts or promotions to boost productivity.
Audit Your Business’s Website
Auditing a website might sound highly technical and tedious, but it does not have to be. Input your site’s URL through an online website audit tool to assess click-ability rates. You should also identify and fix any SEO problems lingering on your site. For example, SEO-related issues like keyword stuffing and improper formatting may make your site fail to be visible to your target audience.
With the help of a web designer, analyze your site’s design and user experience. Ensure that the menu is easy to use and load speeds are ideal for visitors to stay longer on the site. Website speed matters!
When looking at the site’s design, ensure that the texts and images align with the ideal formatting requirements. The audit should also focus on how your website drives traffic from your social media pages. Include links to your social media pages on your website and vice versa.
Create backups of all necessary company files, including creative briefs and valuable emails. Include client information and accounting documents in your backup process. The goal is to prevent data loss, which could have disastrous consequences.
Encourage your employees to save essential documents on the cloud and external hard drives as you prepare for a new business year. Consider incorporating these steps into standard business practices—you never know when a computer system might become corrupted.
Have at least three copies of the backed-up data if you lose the files to fire or hacking. For easier access, you should store the files in several formats (cloud, tape, or disk).
Need to Review Your Commercial Insurance Policy?
It is tricky to balance work-related tasks and family responsibilities as the year ends. Making an end-of-year checklist for business can help you keep track of these tasks and set you up for success and productivity in the coming year.
Reviewing your commercial insurance should be part of your business end-of-year checklist. You can count on us for property-casualty coverage suited for businesses like yours. Click here if you are ready to find the ideal coverage for your company. Our team cannot wait to help!