Small Business End-of-Year Checklist (to Crush the New Year)

Finish Christmas shopping? ✔️

Plan a holiday party? ✔️

Cook a fabulous dinner? ✔️

Phew, the hustle and bustle of the holidays can be quite the to-do list to check off.

And while there’s a ton of fun to be had at the end of the year, it’s also the perfect time for service professionals to take stock of the past year.

Let’s set some new small business goals!

After your holiday to-dos, full of shopping lists and festive recipes, you need to think through financial reports, taxes, and business goals for the future.

(We know, not as much fun as a holiday shopping or baking…)

But don’t worry!

We’re here to make it simple with a small business checklist, so you’re set up for success in 2024.

Small Business Year-End Checklist to Crush the New Year

Look Back on Previous Revenue Goals

First, before you look ahead and start planning out revenue goals for 2024, you need to review your previous goals.

While there are several approaches to reviewing your revenue for the year, it’s important to focus on the end of the year, or, the last quarter – aka October, November, and December.

By looking closely at how you finished the year, you can see if you’re on track, need to adjust, or within range of your previously set goal.

To think through your previous goals, ask yourself the following questions:

• Did I achieve my goals? Why or why not?
• Did I exceed my goals? If so, how?
• Did I fall short of my goals? If so, why?

Gather Year-End Financial Reports

The end of the year is, well, the time to run those end-of-year financial reports.

It’s an opportunity to zoom out from the day-to-day and look at the big picture of how your business is doing. 

There’s plenty of advice out there for the types of reports small business owners should be running, but at the very least, you should put together a…

• Profit and Loss Statement (P&L)
• Balance Sheet
• Cash Flow Report

And of course, if you have any questions about gathering the numbers you need, reach out to your accountant to get those details.

Prepare Your Tax Documents

The end of the year may not be tax season, but it never hurts to get ahead of the game!

Those financial reports you already gathered will come in handy when filling out your small business tax return info. 

In addition to your year-end documents, you may also need:

• Form 1099-NEC and Form 1096
• W-2 Forms and W-3 Forms 
• State and federal payroll returns annually (Form 940) or quarterly (Form 941)

Audit Your Website and/or Booking Page

This tip goes along with the “new year, new year” trend.

It allows you to start your small business fresh in the new year.

Your website and booking page are where your clients are likely to interact with your business the most, so make sure all the information is correct and up to date. 

This could also mean adding fresh images or headlines to your site, considering a rebrand, or triple-checking that the basics are up to date:

• Hours of operation
• Contact information (email, phone number, and address)
• Service provider biographies and headshots
• Service and product lists
• Pricing
• Links to social media profiles
• Waivers and/or policies
• Parking information

Review Your Client List (and Show Some Love!)

You love your clients, and they love the service you provide and the passion you bring each and every day.

So, why not send them some end-of-year love to show your gratitude?

Send out an email marketing message, thanking your clients for their business over the previous year (and maybe offering a special discount).

Plus, as you’re thinking through all the amazing clients you’ve seen, you can start brainstorming a few marketing ideas to keep those clients coming back in 2024!

Look to the Future

After you gathered all the financial reports and tax info you need, you can begin to think through your new goals and how to set yourself up for success next year.

Let’s break this down into two categories…

1. Business Goals

First, for business goals, we’re talking about financial goals, management goals, and client goals. 

• Do you need to increase revenue? Book more clients?
• Reduce overhead costs?
• Hire more employees? Maybe hire an assistant?
• Update inventory or offer new services or products?

2. Marketing Goals

Having your marketing strategy dialed in before the new year is a great way to set your business up for success!

What marketing areas will you focus on in the new year?

• Social media?
• Blogs?
• Video content?
• Local SEO – to help more hometown clients find you online?
• Email marketing campaigns?
• Paid advertising?
• Influencer programs?
• Events?

Once you write down your new goals, take the time to create a high-level action plan to help you achieve them!

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