Christmas is over: check! Holiday parties over: check! Fabulous dinner over: check!
Phew, the hustle and bustle of the holidays can be quite the laundry list of things to get done! And while there’s still a ton of fun to be had in the new year, now is the perfect time for small business owners to take stock of the past year and set your new goals for 2022
That means, you need to think through things like financial reports, taxes, and marketing plans for the future. (We know, not as much fun as a holiday shopping spree!)
But don’t worry! We’re here to make it simple with a small business checklist, so you’re sure to be set up for success in the new year.
Look Back on Previous Revenue Goals
First, before you look ahead and start planning out revenue goals for the new year, you need to take the time 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.
By looking closely at how you finished your year, you can see if you are on track, need to make any adjustments, or if you are right within range of your previously set goal.
To help yourself 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 owner should use and by all means, do the research, but at the very least, you should put together the following
Profit and Loss Statement (P&L)
Cash Flow Report
And of course, if you have any questions about gathering the numbers you need, you want to 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.
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
This tip goes along with the “new year, new look” trend and allows you to start your business fresh in the new year. Your website is the place your clients are likely to interact with your business the most, so you want to make sure all the information is correct and up to date.
While this could also mean adding fresh images or headlines to your site, most importantly you want your online presence to feel up to date. DO NOT try to do it yourself! There is nothing less appealing then a “bad” or unprofessional looking site. Hire a trained graphic designer to help you “navigate” through the process. At Johnson printing we can help you create a site you and your clients will love.
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?
You can do this by sending 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 some marketing strategies.
Johnson Printing can help you with the right graphics, promotional material and signage to help you with your ideas or help you come up with some marketing ideas to keep those clients coming back into the new year!
Look to the Future
After you’ve gathered all the financial reports and tax info you need to set yourself up for success at the start of the new year, you can begin to think through your new goals. 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?
Hire more employees?
Maybe hire an assistant?
Update inventory or offer new services?
2. Marketing Goals
Having your marketing strategy dialed in before the new year begins is a great way to set your business up for success!