6 Things Your Business Should Do Before 2021 Ends
As the year comes to an end, this is a great time to both reflect on this year’s success as well as prepare for the upcoming year. Take this time to analyze what you did right this year and what you can improve on for next year.
Below are six tasks that your business should do before the year ends:
1. Conduct a physical inventory check
If your business has physical inventory, it’s essential to complete an inventory check before year end. If you find differences between your inventory count and your balance sheet, it’s critical to make adjustments. By developing a clear understanding of your inventory position, you are able to make more confident and sound purchasing decisions in the upcoming year. In doing so, you can strategically aim to decrease the depreciation expenses your inventory accumulates by sitting on the shelves and you are able to accurately forecast your inventory purchases in the upcoming year.
2. Back up your electronic devices
By backing up your company’s electronic devices, this ensures that no important data will be lost. It’s important to ensure that your important files, including documents, client information and valuable emails are kept secure and private. If your employees often deal with documents of high importance, provide them with hard drives or use a cloud-based storage system. This will ensure that all data is stored safely as your business enters the new year.
3. Audit your company website
Your company website is generally the public’s first impression of your business. Therefore, it’s critical to have a solid website for your business. Aside from ensuring that you like the visual appeal of your website, it’s also beneficial to test out the mechanics of your website. To do so, try clicking every single link and button on your website to ensure that the links work and that the buttons lead you to the appropriate place. Although this may seem like a tedious task, ensuring that your website is error-free generates a more positive user experience.
4. Check payroll
Maintaining an up to date payroll has a positive effect on employee satisfaction. By compensating employees appropriately, this increases employee morale and decreases employee turnover. Rather than waiting for payroll issues to arise, you should be proactive by staying on top of any issues that need to be dealt with.
5. Get caught up with your bookkeeping
Going into the new year with up to date financial records is essential for the future of your company’s financial health. In order to make sound decisions in the new year, you should have a clear and in-depth understanding of your business’s financial position. First and foremost, ensure that all of your financial documents are in the same place and are complete. Next, evaluate and analyze your financial statements including your income statement, statement of cash flows and balance sheet. From here, start setting goals for the upcoming year and thinking about how you can achieve those financial goals.
6. Celebrate this years success
Lastly, but arguably most importantly, take this time to reflect on all of the great things that your business has achieved this year. Use this time to celebrate your wins, however big or small. Show gratitude and appreciation for your employees, loyal consumers and your community. In doing so, this energy will help you get in the right mindset for creating positive change in the upcoming year.
In completing these tasks, your business will be set for success in the upcoming year. Just as we write down our new year’s resolutions, take the time to write down what your business plans to accomplish by setting specific and measurable goals.
