Has it already been another year? Yes, and that means it’s time to run through a simple checklist to make sure you end it right. With a few key decisions and some smart planning, you’ll set your business up for a profitable 2020. So, let’s get started.
5 Tips to End the Year Right
As an entrepreneur, you know there’s more than five things that need to get done at the end of the year, from inventory to party planning. That’s why we’ve included the checklist below. But here are five important things to make sure you don’t drop.
- Check your Form of Business: An end of year change from sole proprietor to S Corp or S Corp to C Corp could save you thousands in tax liability. End-of-year is the time to do your tax planning.
- Review Your Goals: How did things end up? Use that information to create new goals for 2020. Anything unexpected? Of course! There might be new opportunities for 2020 in those “bumps” in the road.
- Pivot Time: Is it time to pivot? Learn more about knowing when to pivot and when to stay the course.
- The Books: Get caught up on your bookkeeping and account reconciliations.
- Party: Okay, not only party. It is the time of holiday planning and celebrations. Also take time to recognize your employees, including performance reviews, promotions, and raises where warranted.
Our End-of-Year Checklist
Here’s our end-of-year checklist to help business owners finish the year in order and be ready to go for 2020:
___ Run your final financial reports
___ Review your goals and business plan
___ Update your goals and business plan
___ Update your form of business, if needed
___ Prepare your tax documents
___ Do reviews on employees
___ Check any new tax laws and employment laws or as ASCEND for help
___ Do inventory and reconcile
___ Review vendor contracts and agreements
___ Negotiate pricing with suppliers based on 2020 projections
___ Do annual maintenance on equipment and vehicles
___ Update software and backup all data
___ Update social media accounts, your website and branding
___ Set next year’s holidays and other important dates
___ Update your 2020 tax calendar
___ Send holiday cards or gift baskets to key customers
___ Set an appointment with your business advisor, ASCEND!
Need Advice?
When you finish 2019 properly, you set your business up for even greater success in 2020. Taking the time to review past performance, make adjustments, and set new plans and goals for 2020 will go a long way towards ensuring that success. Need help and advice? That’s what we’re here for. Set up a complimentary consultation or call our office today at 888 297-3321.
Happy Holidays and a Prosperous New Year from ASCEND!