At the end of the year, it is important for businesses to set time aside to reflect and ensure a strong finish and a fresh start.
• Review last year’s revenue goals: Reviewing your goals can let you know if any changes need to be made before the final holiday season stretch.
• Run year-end financial reports: Gives you an opportunity to look at the bigger picture rather than the day-to-day details.
• Update employee and payroll information.
• Update vendor information and files.
• Checking physical inventory: Important for tax purposes as well as evaluating which products do or don’t do well.
• Back up of data: Conduct an end of year data back-up as well as regular back-ups.
• Website check: Ensure your website is updated with any end of year sales/information.
• Consider potential staffing needs: Reflect on the load and whether hiring new staff could be beneficial.
• Business accomplishments: Noting down your business’ accomplishments can be motivating and increase morale.