End of Year Checklist for Small Business Owners

The end of the year is fast approaching, and for small business owners, that means it’s time to start thinking about next year if you haven’t already. This is an important time of year to reflect on your business’s accomplishments, set new goals, and make plans for the future. But it can be tough to know where to start. Here’s a quick checklist to help you get organized and make the most of the end of the year.

Things to Do Before the End of the Year

By no means is this an exhaustive list of everything you should do before the end of the year. However, these are some of the most important things you will probably want to do.

Review Your Financials

The end of the year is a good time to review your financials and see how your business is performing. After all, every business exists to make money. Take a close look at your income and expenses, and compare them to previous years. This will give you a good idea of where your business is financially, and whether you need to make any changes in the coming year.

Update Your Business Plan

If it’s been a while since you’ve updated your business plan, now is a good time to do it. Review your current situation and make sure your business plan still reflects your company’s goals and objectives. If your objectives have changed in response to the economy, customer demand, or just your overall vision, that is normal! Just make sure you update your business plan to reflect that. This is also a good time to update your marketing plan and make sure you’re prepared for the coming year.

Set Goals for the New Year

It’s never too early to start planning for the future. So why not use the end of the year as an opportunity to start thinking about your goals for 2023? What do you want to accomplish in the next year? What milestones do you want to hit? By getting a head start on your goal-setting, you’ll be in a better position to hit the ground running when the new year arrives.

When it comes to setting goals for your business, it’s important to be SMART about it. SMART goals stand for specific, measurable, achievable, relevant, and time-bound. This type of goal will help you develop a clear plan of action and increase your chances of achieving success. Let’s say you want to increase sales by 10% in the next quarter. That’s a specific goal. You can measure progress by tracking sales figures over time. It’s achievable because a 10% increase is realistic. It’s relevant because it supports your overall business goals. And finally, it’s time-bound because you’re giving yourself a specific timeframe in which to achieve the goal. By being SMART about goal setting, you can ensure that your business is moving in the right direction.

Develop Action Plans Based on Your Goals

Goals are important, but they’re not worth much if you don’t have a plan for how to achieve them. That’s why it’s important to develop action plans for each of your goals. What steps do you need to take in order to achieve them? Who needs to be involved? When do you need to take action? Having a clear plan will help increase your chances of success.

Plan Your Own Vacation

This may seem like an odd thing to put on a business checklist, but hear us out. As a small business owner, it can be easy to get caught up in the day-to-day grind and forget to take some time for yourself. Planning your own vacation—even if it’s just a long weekend getaway—can help you recharge and come back to work with a fresh perspective. You’ll be able to better assess your goals and develop action plans with a clear head. Trust us, your business will thank you for it!

Plan for Employee Vacations 

If you have employees, now is a good time to start planning for vacation days next year. Employees need time off just like everyone else, so it’s important to plan ahead so that their vacation doesn’t disrupt your business operations. Make sure you know when each employee will be taking vacation days next year, and plan accordingly. Obviously, some vacations may not be planned all the way through the end of next year, but at least you can get a few months planned out in advance.

Assess Employee Engagement

The end of the year is also a great time to check in with your employees and see how they’re doing. Are they engaged with their work? Do they feel like they have the support they need to be successful? Taking the pulse of your team can help you identify any areas where employees may be feeling disengaged or disgruntled. Addressing these issues now will help ensure that your team is happy and productive in the new year. 

End 2022 on a High Note

From updating your business plan to assessing employee engagement, there are a lot of important tasks that small business owners should complete before welcoming in a new year. But don’t worry—we’ve got you covered with this quick checklist. So get started today and ensure that your business is ready for whatever 2023 has in store!