Tips for Wrapping Up the Business Year

Metallic Christmas Ribbon/Bow designed for a gift or packageWrap The Business Year
Up With a Bow!

The end of the year is a time to wrap up loose ends, as well as a time for new beginnings. Getting everything done at the end of the year can be a little hectic. This checklist can help you prioritize your time and make sure you set yourself up for a fantastic new year.

==> Checking Your Vision Statement and Goal

Perhaps the most important thing you can do at the end of the year is to see whether you’re on track for your long-term goals and vision.

It’s very easy in business to get sucked into the day-to-day operations. You get so concerned with hitting the next immediate target or putting out the most pressing fires that you lose sight of your ultimate goals.

The end of the year is a good time to review those goals. Are you on track to hitting your vision?

Here’s some tips for setting goals that are actually keep-able!

==> Review Your Budget for Next Year

Look over this year’s financials. How much did you earn? How much did you spend? What’s your return on capital?

Look at the highest ROI aspects of your business. What can you expect over the coming year? Do you expect profits to increase or decrease?

The end of the year is the ideal time to set your budget for the next year, because you have all the data for this year to look back on.

==> Schedule Seasonal Promotions

The holidays are a fantastic time to end the year with your accounting books “in the black” (meaning that you are making cash!) through the addition of some holiday promotions and specials. 

It’s important to run promotions that are actually useful – and not overly aggressive – to your loyal readers. You want to benefit them and not penalize them through aggressive marketing. Don’t ask your loyal customers to make up for the sales you didn’t make earlier in the year but instead set out ways to really benefit them!

Here’s some tips to help you do seasonal marketing right!  

==> Employee Evaluation Time

Even in a small company, you should still evaluate your employees  and freelancers on a regular basis. Are your employees pulling their fair share? Is your freelancer the right fit for your business? Are there employees that aren’t performing as expected? Is the VA becoming more valuable to you over time as you train them?

GE’s former CEO Jack Welsh famously fired the company’s bottom 10% performers every year. You don’t have to go to this extreme, but keeping your staff force lean and sharp should be a part of every company’s credo.

==> Make Large Purchases

Often times the end of the year is the best time to make big purchases. If you have leftover income, you can write off the expense under this year’s taxes rather than next year’s taxes.

Generally these kinds of purchases would fall under the capital intensive equipment category, also known as a Section 179 purchase. The maximum amount you can spend in this category is $125,000 and you must put the equipment into use by the end of the year.

If you meet these criteria, you can save a lot of money on taxes.  The key to remember however is that you should not spend money just to “save money” as the net impact is still spent money that you may not have had in the budget to begin with. 

==> Back Up Your Files

Finally, take the time at the end of the year to back up your files and do a full backup of your web hosting account. At least once a year, store all your most vital files on an offsite backup facility or at least an external hard drive stored at another physical location.

These tips will help you wrap up all your loose ends at the end of the year and get you set up for a profitable launch into the next year.

~ Kim ~
Simple Tech  

PS: Looking for some beautiful holiday html web templates or Christmas graphics for your holiday promotions? Check these out!

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12 Comments on "Tips for Wrapping Up the Business Year"


Guest
2 years 5 months ago

Hey Kim,
Great points for our year end especially the reminder of backing up files! Have to put that one on my list of to-do’s within the next week.

David and I have been actually going through this – Looking back, seeing what we have accomplished and reviewing the financial status of business.

We do get caught up in that day to day routine and it is so important to look back in a year’s time. We discovered so many things we have accomplished and actually went out to celebrate it! Who knew? It is important to measure what we have done to see what needs to keep going or needs to be kicked out!

We also realized those goals we did not accomplish but that’s OK! It is on our 2013 list now. When we reviewed our purchases, there was nothing there that was unused, nor put aside. Guess we were pretty good at that.
Thanks again!
Donna

Guest
2 years 5 months ago

Kim, what a fantastic checklist. I’m adding it to my Instapaper articles to be filed for the future. Also, I’m going to store it in Evernote as a future reference guide. I, too, love the tips on backing everything up. As for the goals, I’ve been working on them since September. I have just a few more days to finalize both the personal and business goals :)

Guest
2 years 5 months ago

That’s a great list Kim! Now that is holiday is coming we must be prepare in our business. This list is a great Idea to follow. Thanks Kim!

Guest
2 years 5 months ago

Couldn’t agree more with you when it comes to purchases to write of any expenses.
I go on a shopping spree each December and combine it with my Christmas shopping and it the most fun I’ve whole year.
Though I gotta admit that lot’s of the stuff I end up buying are stuff I could have been without.

By the way, when I enter your site while I’m logged in to Facebook and use Facebook as my Fan/Business Page, a big white box pops-up, with a 1×1 inch button at the top-left corner asking me to switch to my personal account and blocks your whole site.

I can imagine that the majority of your readers are business owners with perhaps Facebook pages and a couple of them are visiting your site without logging off / switching back to personal account and don’t know how to close the big pop-up.

Guest
2 years 5 months ago

Hi Kim
The end of the year is for sure a good time for a blogger to look back to see what goals has been archived and which never made it all the way. It is also a good time to set goals for the year to come. I am not sure about my goals for 2013, but I will have to figure out something to aim for :-)
Happy Christmas Kim