A lot happens in a year for any business. Usually, most people begin with plans and a check-list of tasks that they should accomplish within the 12-month timeline. However, it is not always that a company will meet all these expectations within their deadlines. Matters of urgency may arise, some things are higher on the priority list than others, and sometimes distractions happen. However, with the year coming to a close, there are some things that you cannot put off to do next year. You can easily forget some of these issues, or deliberately let them slide. It is however imperative that one should check these things off the list for the benefit of your company.
Together with your intended accomplishments by the close of the year, you need to check whether you’ve done the following 10 things for the sake of improving your business, ensuring profitability, and coming into the New Year hassle-free.
- Do an all systems review
The last quarter is the best time to look at all that happened in the past year or longer to review decisions and measures that work and those that do not. It is a time to reflect upon lessons learned, any matters arising, and problems that need solving so that you can know how to deal with them moving forward. Also, it is when you engage stakeholders and experts who can give ideas on how to make the business more efficient. It is time to think about adding value to your systems, getting rid of some, and engaging new ones or even re-branding or re-inventing yourself as an enterprise. You can, for instance, look at your marketing campaigns and SEO analytics and do a website overhaul or review your prices.
- Inventory assessment
Take a count of what you have on-site, in your warehouse or storage units; your stock, your merchandise, raw materials (if you are in production), partial and finished products, and your supplies. Update the records, value these products, and investigate any discrepancies. It is also advisable to do an asset audit and valuation.
- Handle business financials
As the year comes to a close, it is the best time to have a sit-down with your accountant and engage the services of an accounting software to handle matters finances. There are many issues to look into here, and a financial report is of great help. Look at your balance sheets and cash-flow, review profit and loss statements, and file your taxes before the deadlines. Reconcile your accounts and close your books before you get into a new financial year.
- Check with your employees
The last quarter of the year is when you can best engage others in your company. You can view accomplishments, address grievances, appreciate, reward, and get new ideas from the workforce. Address the staffing needs and even make cuts if necessary. A company performance review is an excellent way to do so. Don’t forget the holiday bonuses for your employees.
- Customers are important
It’s about that time you update your client database. Do a customer review and analysis to help you understand them better. Check if their details are correct. Get to know the loyal, most profitable clientele and how you can keep those relationships. Explore and understand the new and potential target groups, touch base, and get feedback on how to improve your service.
- Yes, the vendors too
You also need to look at those you are in business with and evaluate your relationship with them. Find out if you are getting the best from suppliers. Review the contracts and ensure that you are not getting short-changed. Pay them the full amount before the year ends. If everything is okay, appreciate them and continue to foster a good relationship. If not, then make the necessary adjustments.
- Check on insurance coverage
Review current insurance policies and ensure that they work for your company. Make sure you are in compliance with all legal requirements and that coverage is adequate. If you need to look into further recommendations or other options where you can get better deals, then do so.
- End of year party, CSR, or team-building
Engaging others is a recurrent theme here and for good reasons. Bring together human resources, clients and the community at large by taking part in group activities as listed above is a good idea. It fosters healthy relationships, builds trust and togetherness for your company outside the work environment, builds your community, and gets you recognized for doing things that matter.
- Planning for the New Year
New Year goals keep you motivated and give you something to get excited about and look forward to the following year. Setting the New Year’s budget is imperative for any activities you will partake. Set targets for these activities and ensure that you are making profit.
With the dynamic times especially in technology, you need to consider updating your software and hardware, if the need arises, to increase efficiency. Ensure to get training where necessary.
A smart business owner always reflects and plans. The last few months of the year is the most appropriate time to do so. A to-do list such as this may overwhelm you, but if you look at each task individually, some may even seem mundane. If you can accomplish them, your business is well on its way to a good close of the year and a better next year.
If you would like more information on how to enhance your enterprise, contact us.