END OF YEAR CHECKLIST
It’s the end of the year! Another year under our belts and I’m excited to share a quick end of the year checklist. Wether it was your first year or you’re a seasoned business owner there’s things we all have to do to wrap up the year and I hope this helps.
1. Gather the Goods
It’s time to prepare our reports, gather receipts, meet with our accountants, and overall get organized for taxes. If you were unorganized during the year it will show, so if that’s the case take note and set a new plan of action for the upcoming year. Some common programs to ease the pain of reports are quick books, excel, and google sheets.
2. Evaluate Inventory
I like to take this time at the end of the year and review my inventory. I take note of how much leftover product I have, which products didn’t get used, and which products I reordered the most. This also applies to retail inventory. What products are not selling? Which products can you not keep stocked? How can you bundle or discount the dead product? Evaluating all of my inventory saves me money the next year because I have more data.
3. Year End Purchases
I always think of the Office episode where no one can agree on how to spend the surplus or the Schitt’s Creek episode where David learns what a write off is. I’m not a tax expert, but If there’s a business purchase you are needing to make or have been putting off, make the purchase before the end of the year to claim it on the current year. It’s common to make “year end” purchases because you now know how much income was brought in and if you need to “offset” it.
4. Set Goals
We’re wrapping up the year, but I’m not just talking about New Years resolutions. I’m talking about real concrete goals based on this years report. Using your gathered information you can make predictions and set goals. Along with setting goals it’s important to create a plan and actions that will guide you on accomplishing those goals.
5. Hit Refresh
Forget about spring cleaning I am all about New Years cleaning—in business and life. Finish the year by cleaning out your inbox, physically organizing your products and space, wrapping up any odds and ends, and put a check on unfinished products. Starting the year with a clean plate is a good way to be moving forward and hit the ground running.
