Ending the Year with a Bang: A Handy Checklist for Business Owners

The end-of-year rush can be dizzying for business owners. You may be pushing projects through in a hurry to meet next year's goals or busy mapping out your success plans for the New Year.

Alternatively, your business may be experiencing a pre-holiday lull, and you may feel like you are just twiddling your thumbs until the next year rolls around. No matter what the current tempo of your workflow is, business owners should aim to complete the following tasks before January 1.

Celebrate Your Wins

Business owners are always looking for pain points and areas to improve. But it’s just as essential to focus on what you did right. Take some time to celebrate your successes with your team, even if it’s just making it through the year in one piece (which is no small feat in 2022!). What’s your biggest accomplishment from the year? Were there moments in the year when you were proud of how you handled big problems?

Develop a Year-End Tax Strategy

You can work with your accountant or accounting team to develop the best year-end tax strategy for your business. By making some last-minute (legal!) moves, such as waiting to bill customers until the next fiscal year, you can lower your taxable income and upscale your company's tax position before the end of the year.

Identify Stumbling Blocks

Once you have taken the time to reflect on your wins, you can shift your focus to recognizing places for improvement. Focus on areas that are in your control, and brainstorm solutions with your team to troubleshoot issues that held you backthis year. A Virtual Assistant can be a great sounding board during this process, as they are experts in tightening up and smoothing out processes.

Plan Your Budget

While every year brings unexpected challenges, you can get a good idea of what the future holds by looking at your cash flow statements and identifying possible seasonal patterns. Tweak the budget for the New Year as needed, and don’t feel like you can’t revisit it every month to make further adjustments.

Set Goals by Working Backwards

Businesses can be so engrossed in accomplishing their weekly or even monthly goals that they often lose track of the big picture. Start by making a list of your biggest goals for the upcoming year and work backward by breaking them down into manageable daily tasks for your team. With a Virtual Assistant, you have the freedom and flexibility to really zero in on big ticket items, rather than being mired in the day-to-day grind.

Perform an Honest Self Assessment

After you’ve identified areas for improvement in your business, you’ll want to look closely at your own performance. Have you been an inspiring leader to your team? Could you work on your communication skills or work-life balance? Be honest (and kind!) with yourself to find areas for personal growth.

Show Gratitude

Acknowledging your team’s hard work and dedication can go a long way in keeping your organization’s members motivated. Sending a small thank-you gift or hosting a year-end celebration party are great ways to build a strong company culture. Similarly, you can help clients feel appreciated by offering holiday flash sales or sending a simple thank you for their loyalty.

End the Year with a Virtual Assistant

No one wants to go into a New Year feeling disorganized or scattered. Hiring a Virtual Assistant is a good strategy to ensure that you are ready to hit the ground running on January 1. What better way to end the year than with a Virtual Assistant streamlining your processes? We hope you enjoy this end of year checklist for business owners!

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