Yay the year is coming to an end, so many small businesses are now immersed in festivity sales and other prep that comes towards the end of the year this could make them forget to add important things to their list.
Asides that very few business owners fail to realize that it’s best to plan dor the new year before it arrives than plan in the new year in this post we would be looking at 7 things you must do as a business owner before the end of the year.
Essential things you should do as a business owner before the year ends.
Revisit your inventory
What sold and what didn’t for your business this year? Take stock (literally) in what you have in and out of stock. If you don’t offer physical products for sale, check in with the services you do offer that sold versus those that didn’t. You may use this time to determine a strategy for 2019 that focuses more on items in demand, and cut those items that take up too much money or time(the 80/20 rule focusing on the 20% that brings 80% of the results).
If one of your New Year’s resolutions is to hire full-time employees, now is the time to get ready to bring on new team members.
Remember, however, this is a fairly time-consuming process. You want to find employees who have the skills to help your business succeed, and not hire for the sake of doing busy work. Keep this in mind while drafting up your job descriptions and interviewing potential candidates.
This list would be complete if i don’t add this,
Do you already have employees? Whether they are part-time or full-time, schedule time to meet with them for year-end reviews.
Discuss their performance over the year, and chat more about their future in the company. They might be ready for a promotion or could use a little extra mentoring within their department. Encourage them to provide you with feedback about the business, too.
Your online presence.
Does your Twitter handle have an irreverent tweet from months ago still pinned at the top? Do your Facebook cover images need a refresh? Is there an old Pinterest account you’d like to dust off?
You can use some of your time right now to update the most pressing social media items. Then, create a strategy for the coming year on how you plan to create, share, and engage with content for your business.
Revisit your business plan.
Remember when you first created a business plan for your company? Go back and review it. How are you doing? Are you hitting all the short- and long-term goals and objectives you had for your business? Has the management at your organization changed at all? Are your financial projections still in sync? If noticeable changes have occurred, edit your business plan to reflect them.
Reflect on your successes.
A lot can happen in a year—both good and bad. While I have no doubt you dealt with hurdles along the way, I am fairly certain that you experienced some fantastic victories, too. Take a moment to reflect on those achievements, share them with your team, and be proud of what you did this year.
Then, buckle up for the new year’s wild ride, and be prepared to outshine yourself in the coming year!.
Alert your team about upcoming changes
Whatever you do next, keep your team in the loop! This may include your employees, advisors, mentors, or anyone else who is associated with your small business and its day-to-day operations.