As we near the end of a decade and prepare ourselves for the next year, there’s a lot to consider as an entrepreneur. For many small business owners, this is a time to evaluate their accomplishments and set the course for what’s ahead.
Every small business has a different end of year checklist, I get it. That said, there are common threads to consider as you ready to wrap up your year. Some of these tasks may seem obvious but you’d be surprised how many are overlooked. While small, they’re still very important and they can make all the difference for accomplishing your goals in 2020.
Here are three small things you can do to prepare your small business for the new year:
- Review last year’s revenue goals: Many business owners start the year by establishing revenue goals. They also review those goals every quarter to determine how they are tracking toward them. This allows entrepreneurs to enter their last quarter of the year with a pretty good idea of whether or not they are on track or not. With less than a month to go, it’s a good time to take one last look to determine if you’re on track, need to adjust, or are within sight of your goals with a little push. Whatever the results are, be sure to ask yourself: “What worked? What didn’t work? What do I get to add for 2020 to produce the results I want?” Learn from your 2019 fiscal year and grow from it!
- Run year-end financial reports: I know, I know, this doesn’t seem very exciting. And yet – running your financial reports for the end of the year gives you an opportunity to look at the big picture. Sometimes it’s easy to get distracted by the day-to-day humdrum of running a small business, so taking a deep look at your primary financial reports for the year is always a good idea. They should definitely include a Profit & Loss Statement, your Balance Sheet, and a detailed Cash Flow Report. If you’re interested in some of the other critical financial reports, you might be interested in booking a discovery call with us. We’ll go over the financial reports every small business owner should understand.
- Goals: Evaluate your goals from last year. Now that you know where your business is, it’s time to take a look at how it got here. Pull out your business plan and any other planning documents such as last year’s action plan and review last year’s goals. Did your business accomplish what you set out to do? Why or why not? Make some notes on your thoughts about the successful accomplishment of your goals (or lack of it). These will be handy when you do your business planning for the current year.
In all the hustle and bustle of business and crunching numbers at the end of the year, don’t forget to take some time to do some small business housekeeping—it will be time well spent. And this checklist is a great place to start.
If you’re needing added support around your finances and numbers, let’s connect! We offer FREE consult calls to review your goals and questions and create a plan that supports you! For more information, email us at email@example.com!
Happy Holidays + Happy New Year from all of us here at Spire Business!