In order to successfully wrap up your fourth quarter and prepare for the upcoming New Year make sure to check off these items from your to-do list.
Get caught up on bookkeeping
The few weeks before the upcoming holiday rush is a great time to get started organizing receipts and purchases you made throughout the year. It can take time to keep it all in order, so it’s better to start sooner rather than later. Not only can you get a head start on becoming organized for taxes, but you’ll also gain knowledge to set year-end goals.
Evaluate pricing and sales
No matter the size or the industry of your business, life gets busy during the upcoming holidays. Take time now to review your schedule for the coming months and evaluate inventory to determine if your business could benefit from price adjustments, customer discounts, or even a sale. These changes can help turn over surplus inventory by the New Year, or even drive up purchases into the holiday season.
Begin year-end tax planning
While your tax deadline isn’t until April, the amount you will owe depends entirely on what you do the year prior. There may still be time to benefit from a potential tax break, like making large equipment purchases or reorganizing your assets. Consult with your tax professional now to determine the best game plan to successfully finish out the year.
Plan for the holidays
All businesses have to make important decisions in order be successful during the holiday season. Take some time now to determine your upcoming holiday hours, how you plan to communicate changes with your customers and employees, and also coordinating schedules for employees taking time off to celebrate. It’s also a good time to start thinking about holiday gifts for your best customers and employees to thank them for a wonderful year.
Start thinking about Next Year
It’s easier to process your highs and lows right after they happen and when the outcomes are fresh in your mind. So take time during the fourth quarter to determine what went well over the past year, as well as what areas could have been improved for your business. This will set the foundation to create a game plan for moving forward and make the upcoming year the best year yet for your business.
As you take time to review your previous quarters and check items off your list, keep your local business banker in mind for advice on efficiencies to grow your business and add to your bottom line. We can assist in revising your business plan and make suggestions on how to better manage your cash flow, so you can focus on retaining employees and exceeding customer expectation.
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