09/29/2020

End of Year Checklist for Businesses

As the end of the year approaches, every small business has things they need to do to prepare for the upcoming year. Reviewing your business’s activity and strategizing on what changes should be made can help further drive your business’s success. This process may seem overwhelming, so here are five things to start with when compiling an end of year checklist!

Finances

Towards the end of the year is the perfect time to review your business’s finances. Completing a profit and loss statement, balance sheet or cash flow statement could be a great way to get started. These documents help pull together the big picture of a business’s financial fitness. With this financial information, you can assess which times of the year your business performed the best and worst. Knowing this can help when strategizing next year’s goals for each quarter.

Employees

While revenue plays a significant role in business, it’s also important to reflect on your team and how they’re doing. This could be a good time to provide employees with feedback, as well as ask for any in return. Getting employee input on processes or projects may bring up ways to increase efficiency. Also, remember to audit personal employee information, as it is important to ensure this general information is always up to date.

Marketing 

Now is also a good time to review marketing efforts and impacts from the past year. Reflecting on past actions can help strategize and prioritize the best marketing efforts that can produce the biggest return on investment. For example, your business’s online presence is crucial. Ensure that your website and social media efforts are working the way you need them too. If they aren’t, then this is an opportunity to think about how to improve these channels and implement any changes. 

Achievements

Although taking note of administrative information is important for annual planning, it is also important to reflect on past wins and achievements. Celebrate and share these successes with your employees and customers. This could be a great way to end the year on a high note and get excited about your company’s future and goals. 

General Housekeeping

This could be a great time to make sure all the little things are in order. Conducting an audit over digital data could be one way to get started. This can mean filing information to ensure everything is organized or even backing up data. Additionally, conducting a physical inventory  could provide insight on which products sell and which don’t. General housekeeping can offer a fresh start when the new year begins.

Along with completing an end-of-year checklist for your business, remember to also check in with your OKFB agent and review your Commercial Insurance policy. Many changes and updates can happen in a year, and as your partners in business, we want to help ensure you’re covered. Check out our Businessowners Insurance policy, specifically tailored for small businesses, as well as our commercial policies to ensure your business is protected.

Business owner conducts inventory check in warehouse