Small Business Checklist: 6 Things to Do by Year’s End

Get your business ready to roll in the new year

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As the year draws to a close, your business has a unique opportunity to reflect on your achievements over the past year and set the stage for future success. The final months of the year are a crucial time for you to assess your progress, plan ahead, and make strategic decisions that can significantly impact the upcoming year. Whether it’s fine-tuning financial strategies, optimizing operations, or enhancing employee relationships, taking proactive steps now can position your business for the future. Here is a small business checklist with six essential actions you can do before the year’s end to ensure you finish strong and start the new year on the right foot.

1. Keep your employees motivated

First on our small business checklist is to keep your employees happy. When employees are motivated, they are more engaged, productive, and committed to their work. One effective way to keep employees motivated is by fostering a positive work environment. This includes recognizing and rewarding your staff for achievements, providing opportunities for growth, and ensuring open communication. These things can help employees feel valued, and they’ll be more likely to stay motivated and invested in their roles.

As you head toward the holidays with all their obligations, the last thing you want is tired, unfocused workers as you wrap up the year. Since many small businesses can’t afford a big bonus check, something as easy as flexible work hours to help staff complete their holiday obligations can be all that’s needed. Or maybe an offsite event to keep spirits high.

If finances are tight and spending extra money or letting employees off early during holidays isn’t possible, something as simple as a handwritten note or card to show your appreciation can keep your team members feeling valuable. Take the time to personally tell them what they mean to you and why your business is a success because of them. Everyone needs a little “atta boy” every once in a while. So make this one of the first things your small business completes before year-end. By investing in your employees’ development, you can show them a commitment to their future, which in turn fosters loyalty and motivation.

2. Set your business goals for new year

Do you want your business to grow? Then setting goals is a priority item on your small business checklist that you should complete by the end of the year. To start, it’s essential to conduct a thorough review of your previous year’s performance. Analyze what worked well and identify areas that need improvement. This insight lays the foundation for setting realistic and achievable goals for 2025. For instance, if increasing sales is a priority, specific targets can be set based on past performance, market trends, and new opportunities.

Once you have your broad objectives set, it’s important to break them down into smaller, actionable steps. This approach not only makes the goals more manageable but also allows for regular progress tracking and adjustments as needed.

Setting SMART goals—specific, measurable, achievable, relevant, and time-bound—can be particularly effective.

• Specific: Define clear-cut goals that leave no wiggle room.
  Example: I will sell my candles on Etsy.

• Measurable: Use specific criteria to measure your progress toward a goal.
  Example: I will be ready to take my first order by the end of the month and want to sell 5 candles a week.

• Achievable: Set goals that are within reach and attainable.
  Example: I will promote my business by networking, referrals and social media to help sell 5 candles a week.

• Relevant: Make sure the goals make sense for you.
  Example: Selling handmade candles allows me to benefit financially from my hobby.

• Timely: Set a deadline to meet your goals.
  Example: I will have a month’s worth of candle inventory and my shop open in four weeks.

3. Get your company finances in order

As the new year approaches, getting your finances in order is crucial for the sustainability and growth of your business. Firstly, you need to conduct a comprehensive review of your current financial situation. This includes analyzing your profit and loss statements, cash flow, and balance sheet. Understanding your financial health allows you to identify areas of improvement and make informed decisions. It’s also essential for you to review your expenses and identify any that can be reduced or eliminated. Cutting unnecessary costs can free up capital that can be reinvested into more productive areas of your business.

Secondly, you need to plan and budget for the year ahead. Create a detailed budget that includes your projected income, fixed and variable expenses, and potential investments. Setting aside funds for emergencies or unexpected expenses can also help you safeguard your business against financial instability. Also, consider consulting with a financial advisor or accountant to ensure your financial plans are realistic. By taking these steps, you can create a solid financial foundation for your business, enabling you to navigate challenges and seize opportunities in the new year.

Some things you should try to accomplish before year’s end on your small business checklist:

• Pay any contracts or vendors in full before the end of the year
• Start preparing records for local, state and federal taxes
• Add up your estimated quarterly tax payments
• Update your employee records and tax information
• Review licenses and renew or apply for new ones you need

4. Complete a thorough company inventory

Conducting a thorough inventory at the end of the year is essential, ensuring that stock levels are accurate and well-managed for the year ahead. Start by performing a complete physical count of all your items. This hands-on approach will help you verify that your records match your actual stock on hand. This can help you identify any discrepancies that could spotlight issues like theft, damage, or mismanagement. Accurate inventory data is key for making informed purchasing decisions, preventing overstocking or stockouts, and maintaining a smooth flow of operations.

Once you’ve completed the physical inventory count, analyze the data to assess the performance of your inventory over the past year. Identify bestselling items and those that are slow-moving or obsolete. This will allow you to make strategic decisions about reordering, discontinuing products, or offering promotions to clear out excess stock. You should also consider implementing an inventory management system or upgrading your existing to streamline future inventory processes to improve accuracy and efficiency. This is another crucial item to your small business checklist. By carefully managing your inventory, you can optimize your stock levels, reduce your costs, and ensure that your business is well-prepared to meet customer demand in the new year.

5. Refresh your website & social media

Updating your website and social media presence for the new year is a great way for any small business to stay relevant and engaging. To mark this off your small business checklist, begin by running an IT audit checklist. Obviously, if you use a third-party serve like Shopify, then you won’t need to do all these, but it’s a good thing to look through either way.

Next, review your website to ensure it reflects your current brand identity, products, and services. This might involve refreshing outdated content, updating images, and ensuring all links and features are functioning properly. You should also consider enhancing the user experience by improving site navigation, speeding up load times, and ensuring mobile friendliness. A modern, well-maintained website not only attracts and retains customers but it also boosts your search engine rankings, making it easier for potential customers to find you.

On the social media front, evaluate your past performance on various platforms to help you understand what types of content resonated most with your audience. Use these insights to create a content calendar for the new year. You can plan posts that align with your business goals and seasonal trends. Consistency is key, so aim to post regularly and engage with your followers through comments, messages, and interactive content like polls or live videos.

Additionally, updating your social media profiles with current information, such as new products, services, hours of business, or contact details, ensures that your audience has access to the latest news about your business. By keeping your online presence fresh and dynamic, you can strengthen your brand, connect with your audience, and drive growth in the new year.

6. Organize your work & office space

Organizing your workspace, office, and storage areas at the start of the new year can significantly boost productivity and create a more efficient work environment for your business. You can begin to cross this off your small business checklist by decluttering your workspace, removing unnecessary items, and ensuring that everything has a designated place. A clean and organized desk can enhance your focus and reduce stress. Consider implementing tools such as filing systems, desk organizers, and digital storage solutions to keep important documents and supplies within easy reach and well-ordered if you haven’t already.

In your storage areas, conduct a thorough inventory as mentioned above and sort through items that are no longer needed or useful. Dispose of outdated materials, donate excess supplies, and reorganize your storage to prioritize frequently used items. Labeling shelves and bins can make it easier to locate and retrieve items quickly, saving valuable time. Additionally, create a maintenance schedule to regularly clean up these areas throughout the year.

Do you label, package, and ship your own products? Create a workspace that helps you get it done faster and more efficiently. Check out these inexpensive label storage hacks that can help keep you more organized. If you ship a large amount of merchandise, create a shipping station with all the things you need in one place that will help prevent order errors and breakage.

An organized space will not only improve efficiency but also create a more professional and welcoming atmosphere for employees and customers alike.

Small Business Checklist Conclusion

By completing this small business checklist, you will be prepared to start the new year with a bang. Once you’ve completed the list, make sure to reward yourself with a break. An end-of-year vacation benefits everyone, employees and small business owners alike.

Need to stock up on your product labels or shipping labels for the new year? We have all the labels, cards and tags you need. Print them yourself or let us professionally print them for you to make the new year even easier for your small business.