The end of the year is fast approaching, which means it's time to start thinking about your annual preparations. As a small business owner, there are a few key things you should do at the end of every year to get ready for the one to come. From reviewing your annual goals to finalizing your holiday marketing plans, here's everything you need to do to get your business ready for the new year courtesy of the Champaign County Chamber of Commerce.

Review Your Annual Goals

When it comes to ending the fourth quarter on a high note, the first important step involves taking some time to thoroughly review your annual goals. Did you achieve everything you set out to do this year? If not, why not? And more importantly, what can you do differently next year to make sure you hit your targets? Outlining your goals for the coming year is a great way to ensure that you're prepared to hit the ground running when January rolls around.

Approve Your Holiday Marketing and Promotions

Next, take some time to go over your upcoming holiday marketing campaigns and promotions. Are you running any sales or discounts? Do you have any special holiday-themed content planned? Now is the time to get all of that sorted so you can relax and enjoy the holidays stress-free.

Make Necessary Updates to Your Website and Social Media Presence

Another key end-of-year task is making sure all of your online platforms are up-to-date and seasonally appropriate. Take a look at your website and see if there are any changes or updates that need to be made. The same goes for your social media profiles—are all of your profile photos and bios current? Now is the time to make any necessary changes so you can start the new year with a fresh online presence.

Assess Your Inventory

As you're reviewing your goals for the coming year, take some time to assess your inventory needs as well. Do you need to order more products or materials? Do you have enough on hand to meet projected demand? Answering these questions now will help you avoid any potential stock issues in the new year.

Review Your Business Structure

If your business has grown significantly over the past year, it might be time to change your business structure. For example, if you're currently operating as a sole proprietorship but bringing on employees or partners, it might make sense to switch to a corporation or a limited liability company. Talk to a business attorney or accountant to see if changing your business structure makes sense for your company.

End-of-Year Tax Planning and Reconciling Your Accounts

End-of-year bookkeeping is important for two reasons: it helps you track expenses for tax purposes and it ensures that all of your financial records are up-to-date going into the new year. Reconciling your books also gives you a chance to catch any errors or discrepancies so they can be corrected before they cause bigger problems down the road.

Organizing your paperwork and getting everything in order before tax season begins is crucial for small business owners. You might even want to take pictures of all your tax documents. This tool will output a PDF for you, making it far easier to store and access your tax documents – and much harder to lose. Not only does it make filing your taxes simpler and less stressful, but it also helps ensure that you don't miss any important deadlines or overlook any deductions or credits that could save you money.

As a small business owner, there are a few key things you should do at the end of every year to get ready for the one to come. From reviewing your annual goals to finalizing your holiday marketing plans use this blog post as a guide to prepare for what's next!

Looking for business support in Champaign County? The Champaign County Chamber of Commerce champions our community’s economic and cultural growth through networking, events, and advocacy. Become a member today!