By Avi Bendetsky, Managing Director BAS & MORE Bookkeeping and Virtual CFO
With the bustle of the holidays, it’s easy to get distracted from business issues. Get loose ends tied up now before the holiday season kicks in and focus on family and social events with a much clearer picture of where your business is heading.
Getting your ducks in a row before the holiday season puts you ahead of the competition. You won’t be playing catch up with books, budget and strategic planning when the New Year begins.
With this clear vision comes an opportunity to share your business goals with employees, suppliers and clients.
Here are some things to consider:
1. Have Your Finances in Order
This is a year-end must. Conduct a financial review:
- What bills do you have that remain unpaid?
- Who owes you money?
- Take stock. What suppliers do you need to contact so your company has the supplies it needs until January?
Remember: Some suppliers may have irregular hours during the holiday season. Don’t get caught unaware.
2. What’s Going On with Your Books?
Do you know your bottom line? Are there suspended transactions that remain unreconciled?
Now is also the time to estimate your budget/projections for the coming year. Consider your:
· Current financial status
· Proposed expansions or cutbacks
· Planned replacements
· Major changes in products or services you intend to introduce
If these tasks feel overwhelming, consult with your trusted bookkeeper or get one on board to offer comprehensive reports to make things easier for you.
3. Looking Back to Look Forward
Relook at your company’s mission statement, strategic goals, website and marketing. Use this time of the year to plan and make the necessary changes.
Another important area small businesses often overlook is getting rid of the clutter – physical and mental.
Tidy account books, receipts, physical and digital files. This will give you a clearer workspace and a more informed headspace.
4. Show Appreciation
Year-end and the holiday season is a great time to communicate with your customers and clients, suppliers and staff.
Show and tell them how important they are to your company and how much you appreciate their contributions and don’t forget to communicate proposed goals and new projects.
Having checked these items off your list, you’ll be less distracted, less stressed and more hopeful about the upcoming year.