Business Year End Best Practices

  • A woman smiles while working on her computer.
It can be tempting to coast through to the New Year. After all, you’ve worked hard—and there’s the office holiday party to look forward to at the end of the year!

But this is also a great time to take a step back, clean up a few details, and strategize for next year. Here’s how to get the job done.

Small Business Year End Checklist

With just a little bit more effort before the year’s end, you can start 2019 organized and energized to move forward. Here’s an 8-point checklist to get you started.

1. Plan for 2019

As obvious as this step may seem, it’s so easy for it to get put off while you’re busy attending to more pressing details. Yet, this is the most important thing that needs to be done in order for your business to grow and thrive. Make it a priority.

2. Take a Look at Your Website and Marketing Materials

Are they still working for you? Do they look outdated or—even worse—contain outdated information? If you see the need for improvement, make a plan to tackle this side of your business in 2019.

3. Take Care of Accounting Basics

Review accounts to make sure that open bills and invoices have been paid or reconciled. Record fixed assets correctly on balance sheets and also take a look at last year’s assets to make sure that they’re still in service. If not, write them off.

4. Get Ready for Tax Season

Make sure you have all the necessary receipts and documentation. Prepare any possible deductions.

5. Take Inventory

If applicable to your business, this is the ideal time to perform a physical count of what you have so that your balance sheet will be accurate.

6. Review Your Security Procedures

This includes both physical and cyber security. Things change quickly in the world of technology. What seemed perfectly adequate might not be anymore.

7. Manage Bonuses and Yearly Reviews

This is a big morale boost for your employees who are working hard and getting the job done. For those who aren’t, it’s a chance to set expectations for the new year, allowing them to adjust and aim for improvement. Either way, it’s a standard part of a well-run business.

8. Get Organized

Just like a home, offices can accumulate too much stuff—without you even realizing it. Boxes stacked in hallways, overcrowded storage areas, and messy offices can zap energy and creativity.

Sure, you could lease or buy more space—and it may come to that if your business keeps growing. But self storage can offer a much affordable solution in the meantime. At StorageMart, we pride ourselves on our clean and well-lit self storage units that are available to rent on a month-to month basis. Learn how you can easily rent a unit online today.

About Sarah Little

Sarah Little, Marketing Director at StorageMart, holds a Bachelor's Degree in Business Administration. She serves as Vice President on the Board of Directors for the Central Missouri Foster Care & Adoption Association, a non-profit group dedicated to improving the lives of children.

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