There are a few things small business owners can do at the end of the year to prepare for the new year. First, they can review their finances and make sure they are on track to meet their goals. They can also plan out their marketing strategies for the upcoming year and begin implementing them in the final months of 2018. Finally, they can set aside time to review their business processes and identify areas where they can improve efficiency.
1. Review your finances
Small businesses should take the end of the year as an opportunity to review their finances and make changes where necessary. This includes looking at what worked and what didn’t work over the past year, budgeting for the upcoming year, and preparing for tax season.
The end of the year is also an excellent time to set goals for the upcoming year. This can include both financial and non-financial goals. Financial goals may have increasing revenue, reducing expenses, or saving for a rainy day. Non-financial goals may include expanding your customer base, increasing efficiency, or improving your product.
2. Plan your marketing strategies
Now that the year is closing, it’s time for small businesses to start planning their marketing strategies for the coming year. Marketing is essential for any business, but it can be especially difficult for small businesses that don’t have the same resources as larger companies. However, small businesses can do several things to improve their marketing efforts and reach more customers.
One important thing to keep in mind when planning your marketing strategy is to focus on your target audience. Know your ideal customer and create content and campaigns that appeal to them. You should also consider what platforms your target audience uses most often and tailor your marketing efforts accordingly. Additionally, ensure you track your campaigns’ results to see what’s working and what isn’t. This will help you fine-tune your strategies in the future.
3. Set time aside for business process review
Small businesses should take the time to review their business processes at the end of the year. This will help them identify areas where they can improve efficiency and make more money. There are several steps that small businesses can take to conduct a process review, and each one is important to get a clear picture of how the industry works.
The first step is to take inventory of all the business processes. This includes everything from how orders are accepted and fulfilled to how customer service inquiries are handled. Once all the functions are documented, it’s time to look closely at each and see where improvements can be made.
Are there any bottlenecks in the process that are causing delays? Are there any steps that can be eliminated? Are there any ways to automate or streamline the process? These are all critical questions to ask when reviewing a business process.
Setting aside some time at the end of the year to do a thorough review is essential. This will help ensure that the business is as efficient as possible and makes the most money possible.
4. Implement changes in the new year
It’s that time of year again when small businesses prepare to implement changes in the new year. This can be anything from restructuring their team, changing their marketing strategy, or simply refining their business. For some companies, it may even mean closing their doors for good. No matter what changes you make in the new year, it’s important to remember that preparation and organization are essential. So if you’re feeling overwhelmed by all the practices you need to make, don’t worry – I’m here to help.
5. Celebrate your successes!
Small businesses should take the time to celebrate their successes at the end of every year. This will give them the motivation to continue succeeding in the coming year. There are many ways to celebrate success, and each business should find what works best. Some standard methods include holding a party, rewarding employees, or setting new goals for the coming year. Whatever small companies choose to do, they must take time to reflect on their accomplishments and enjoy them!
Thank you for reading my blog post on what small businesses can do at the end of the year. I hope that you found it helpful and informative. If you’re looking for more advice or help to prepare for the new year, don’t hesitate to reach out to me. Apply for a free consultation here.
Janet Johnson is a small business advisor and author of My Money Pivot: An Entrepreneur’s Guide to Finding & Making More Money and this educational blog. All views expressed belong solely to Ms. Johnson and do not represent the views of her employer. The website, MyMoneyPivot.com, is currently managed by Luz Marcos, Virtual Assistant.