5 Year End Business Checklist Items
No matter the size or industry of your business, the end of the year can be a hectic time.
You probably feel like you’re moving a million miles per hour with decision making, when in reality you just want to relax for the upcoming holidays and New Year. To wrap up your fourth quarter with ease and confidence make sure to check off these items from your to-do list.
- Evaluate your pricing and sales opportunities
Take time at the beginning of the fourth quarter to review your business inventory, promotion schedule, and pricing. You may find that you have left over goods or openings in your schedule that could allow you to make price adjustments or specials. This would allow you to clear out unwanted inventory before the New Year, while also possibly driving more foot traffic to your business before the holiday season. - Organize your holiday game plan
You, your customers, and your employees all have busy schedules in the fourth quarter. Before the mad rush begins, take time to organize your holiday hours and communications, what your employees’ schedules will be, and any possible gifts your business would need to purchase. There’s nothing worse than trying to figure out last minute items when you’d rather be celebrating with friends and family. Get organized now so you don’t have to stress later. - Catch up on left over bookkeeping
Chances are you probably have a receipt or two that has gone missing over the past year. The weeks before the holiday busy season begins is the ideal time to get organized and catch up on any lagging paperwork. Not only will enter the holidays less stressed, but you can also gain a head start on preparation for tax season. - Think about last minute tax decisions
Now that we’ve mentioned taxes of taxes - the fourth quarter is the perfect time to review the tax advantages you gained throughout the year and look for additional opportunities before the New Year. If your profits were better than expected through the year, now you could use that money to purchase something to write off. Or maybe rearranging your assets could cut you a tax break. Regardless, make sure to consult with your tax professional to benefit from any last minute deduction possibilities. - Keep the upcoming New Year on your mind
With the New Year being only a few months away, the beginning of the fourth quarter is the ideal time to review the past year and make goals for the upcoming one. Think about what went right through the past year and also the unfortunate items that may have needed some more planning. By thinking about the next year before it begins, you’ll get a head start and some peace of mind going into the New Year.
When you are taking the time to organize the last few months of the year make sure to keep your business banking team in mind. We have the tips, tools, and experience to help with your specific business planning needs, allowing you to rest easy and maximize the potential of your business.
