Companies often are busy dealing with a multitude of activity, tasks, and responsibilities at the end of the year. The end of the year brings along many holidays and people are busy with individual obligations as well. As a business, the end of the year presents opportunities amongst the busyness.
For example, many companies generate the majority of their annual income during the 4th quarter. Retailers especially increase their sales and marketing efforts during the last quarter as well as profits. Others may have special events, exhibits, or trade shows to attend with many new opportunities. Regardless of type of business, a company can finish the year stronger by planning to execute certain end-of-year objectives and prepare for a stronger start in the New Year.
Small businesses or start-ups may not know what else can be done to finish the year stronger; here are 10 business tips to help out.
10 Business Tips To Finish The Year Stronger
1. Take Advantage of Tax Strategies
It’s smart to set up a meeting with an accountant before the year comes to a close. Companies can follow that way any tax advice, while it still matters for 2014. A business can still purchase items and use those numbers against the current year. Many companies spend prior to year’s end to balance profit/loss statements for example.
2. Review Pricing Structures
It is good business to stay competitive and better business to stay ahead of competition. A business should review its pricing structure towards the end of the year. How does it do compared to the competition, including deals offered during shopping holidays? Pricing review and revisions should be made for best conversions and sales.
3. Get Caught Up on Bookkeeping
Some organizations get behind on their bookkeeping and postpone the task of getting everything up-to-date. The end of the year is a great time to get caught up on the bookkeeping. A business can even get help by a professional to get caught-up on the businesses accounting. Accounting software and systems can be updated and customized for best results.
4. Update Website Design and Technology
Most companies rely on their website for a majority of their marketing, sales, and operations efforts. It is single handed the most important tool a company has these days. Websites should be kept up-to-date and improved upon annually. Website applications, software plugins, web designs, and e-commerce stores should be with leading technology providers. Professional website design services ensure best results.
5. Change Business Structures
The end of the year tends to be the best time to change a business structure legally speaking. A business may want to switch from an LLC (Legal Liability Company) to another corporate structure such as Inc. Switching prior to the year’s ending, influences accounting and taxes.
6. Close Business Ventures
Sometimes a business has come to the point when it must be shut down. There are multiple reasons for it. Partner’s splitting-up, business slow-downs, failed attempts, industry changes, economy, and so on. There are many reasons out there. A good time to close a business if the need is there is the end of the year.
7. Take Inventory
Having accurate inventory numbers is very important for most businesses. The end of the year is a great time to ensure, the numbers are accurate. A business should schedule inventory counts towards the end of the year, to have accurate books for accounting, taxes, and so on.
8. Ramp-Up Marketing and Advertising
Many businesses increase their marketing and advertising efforts towards the end of the year, due to shopping holidays. Holidays such as Black Friday, Cyber Monday, and Christmas stimulate online shopping as well as brick and mortar sales. A business is wise to ramp-up marketing and advertising towards the end of the year, to increase fourth quarter sales and have a strong start the following year. Professional marketing services often yield best results.
9. Plan for the New Business Year
Towards the end of the year is a great time to plan for the New Business Year. The New Business Year should have set milestones, realistic goals, process and road-map to achieve it. A business can even allocate budgets for projects, tasks, and specific goals. Professional services such as business consulting services can always provide assistance and guidance.
10. Schedule Holiday Vacations
The end of the year is holiday season. Employees and employers enter a season to take time for vacations, family, and travel. A business should schedule holiday vacations early in the fourth quarter to ensure happy owners and staff. With that many holidays at the end of the year, companies are wise to schedule them well in advance.
