As a small business owner, getting through the year can sometimes feel like our biggest success. And, you are almost to the finish line! All your hard work has paid off. Now what? End of year usually brings mixed emotions of closure and gearing up for a new year of possibilities. It’s time to level up.
Where is your business right now? You have to know your numbers. It’s time to get the books in order. You must know where you sit financially before starting anything. To do this, begin with your three standard business financial documents; the balance sheet, the income sheet, and the cash flow statement. The balance sheet is a summary of how your business is doing financially at any point in time. The income statement tells you, at a glance, whether the business is profitable. And your cash flow statement shows you where your money has gone.
Back it up
Now is the perfect time to do your audits and make sure everything is up to date, backed up, and where it should be. This includes but is not limited to: Cell phones, calendars, computers, inventory, vendor files, employee files, website(s), social media, and payroll information. Don’t walk into 2020 unorganized.
Put it down
Have you been keeping track of your accomplishments this year? At times, tt can be hard to see how far you’ve come without it laid out in front of you. Take the time to collect, share, and celebrate your business’ achievements from throughout the year. This can help build morale (yours and the employee’s) foster employee engagement and end your year in celebration instead of stress.
Plan it out
At this point, putting together your goals for the upcoming year are already set in motion. It is hard to go through the first few steps without already making a mental list of what you want to do for the new year. Set next year’s goals, prepare an action plan, and start implementation. Be sure your goals are S.M.A.R.T. (Specific, Measurable, Achievable, Realistic, and Timely). I know you have heard this before but even if you set 2 audacious goals for the company, it can have a lasting ripple effect.
Each business has its own quirks. Find it, back it up, put it down, and plan it out are good ways to get a running start at your end-of-year prep, so your beginning-of-year can take off without a hitch! Have questions or concerns? Willis HR is here to help. Our HR consultants can guide you through this process and help your business get on track and stay there. 803-714-3715 or email us at [email protected].