For small business owners, the fourth quarter means it's time to start wrapping things up and preparing for the new year. This can be a busy and stressful time, but with a little planning, you can make sure that everything goes smoothly. Today, the Greater Federal Way Chamber of Commerce covers some of the most important things to remember as you wrap up the fourth quarter.
One of the first things you should do as you wrap up the fourth quarter takes a look back at your goals for the year. Did you achieve everything you set out to? If not, why not? This is a good time to reflect on what went well and what didn't so that you can adjust your goals for next year accordingly.
After you've taken stock of your accomplishments for the year, it's time to start setting goals for next year. What do you want to achieve in the coming year? What are your targets? Spend some time brainstorming and then put together a plan of action.
If you haven't already started planning your holiday marketing, now is the time! The holidays are a great time to reach out to your customers and promote your products or services. Think about what kind of promotions you want to run and start putting together your marketing materials.
If you sell physical products, now is also a good time to stock up on inventory so that you're prepared for the holiday rush. No one wants to run out of products during the busiest shopping season of the year! Make sure you have enough on hand to meet demand.
The end of the year is also a good time to review your accounting. Make sure all of your financial records are in order and that you have everything you need come tax time. This will save you a lot of headaches down the road.
Speaking of taxes now is also a good time to start organizing all of your tax paperwork. Pull together all of the relevant documents so that you're ready to file come tax season. This will make things much easier when it comes time to file your return.
And if you want to make things even easier, take some time to scan all of your receipts and tax documents, then convert the images to PDFs. That way, you don’t have to worry about misplacing one or two physical receipts just as the tax deadline is looming and you’re anxious to file.
If your business has grown significantly over the past year, then now may be the time to change its legal structure from a sole proprietorship or partnership to an LLC or corporation. This will protect your assets in case of liability issues and give you more flexibility in terms of how you operate your business.
The end of the year is also a good time to update your website and social media profiles with any changes or new information. Make sure your contact information is up-to-date and that your site reflects any changes in your business (e.g., new products or services).
Preparing your small business for the fourth quarter doesn't have to be stressful. In fact, it can be quite exciting! By taking some time now to evaluate goal achievement, outline new goals, plan holiday marketing, stock up on inventory, review your accounting, organize tax paperwork, and change your business structure, you'll be well on your way to ending the year strong and setting yourself up for success in the new year!
Connect with and learn from other local business leaders by joining the Greater Federal Way Chamber of Commerce.