The end of the year is approaching rapidly, and with it, the need to wrap up your business. Here’s a quick checklist so you don’t forget a thing!
Get your books in order
- Prepare for tax filing by finding and organizing all business expense receipts and income statements. This will be a fairly easy task if you file quarterly, but if you don’t, it really helps to start early. Sometimes tracking down all those receipts can be a challenge!
- Do you hire contractors? In your accounting system, make sure all 1099 information for any part time workers you hired is entered correctly and completely. Even if you don’t withhold employee taxes, you still need to file this information.
- Review your profit and loss statement. If your business did well, consider investing some of your profit into new equipment such as computers, or think about giving year-end bonuses or gifts to staff. If you don’t have a staff, consider making a donation to a local school or charity.
Set new goals
What are your dreams for 2016? Make a list of everything you want to do, and – just as importantly – take the time to map out when during the year you can take action on these goals.
- Attract new clients
- Raise your rates
- Write an ebook
- Update your own skills by taking a class
- Expand your offering
- Invest in new equipment such as a computer
- Upgrade your website
- Make video content for your clients
- Revamp your marketing materials
When you manage your own business, it’s up to you to start planning early so you can create strategies for success right away.
Perform a self-assessment
The end of the year is a great time to review all you’ve accomplished. Make a list of every goal you’ve achieved, each change you’ve made for the better, and any incremental steps you’ve taken to grow your business. Don’t dwell on missteps unless you can view them as a valuable learning experience.
Building on your success is the way to an incredible career. Pay attention to the large strategies and smaller tactics that worked for you, and file them away for future use. Not only does this process remind you of useful practices you can repeat, but it reenergizes you right when many people want to collapse.
Bask in the glow!
Don’t forget to honor your accomplishments! Make time to celebrate your hard work and achievements. It’s OK if you didn’t reach every goal. And it’s also OK if you faced serious challenges. No matter what, it’s very important to honor the effort and love you’ve poured into your work. You know you’ve worked hard, and it’s rejuvenating to find joy in the fruits of your labor. You’re probably in need of a little break, and not only will a celebration help relieve stress, but it will fill you with satisfaction and contentment.
Finally, spread that love. Express your gratitude to any and all helpers, from contractors to vendors to family and friends who have supported you. Nurturing the people in your circle with heartfelt thanks can transform them into long-lasting relationships you can rely on for years to come.
If you need any additional tips on getting organized for the end of the year, just give me a buzz! I can help plan parties, send gifts, tidy up your bookkeeping, arrange reservations for restaurants and travel, and more. Just let me know!