The New Year is just around the corner, which means it’s time for New Year’s resolutions, filing of documents and holidays. For busy entrepreneurs, there’s a lot to keep track of. Make sure you don’t forget anything important with this small business checklist.

We have put together some of the most important steps you should take before the end of the year. Now is the time to resolve the outstanding issues, take an inventory of your business, and smell the pain points that are holding you back. It is important to take the time at the end of each year to do a thorough analysis of your company.

It doesn’t have to be too difficult; do everything on this checklist and everything will be fine. You may discover some hidden fees that cost your small business money. Scroll down to make sure you don’t hold back.

This tip was brought to you by our sponsor, NetSuite. Read to the end to see how NetSuite can transform your business.

There are only 7 steps in our small business checklist for 2022

Here’s what to do to end the year right.

1. Check the books

Accounting mistakes can haunt you throughout the new year, holding you back when you want to move on. That’s why you should review all of your insurance policies, accounts, and more.

To close the books, check:

  • Invoices.
  • Business expenses.
  • Invoices.
  • Payments from the Contractor.
  • Bank statements.
  • Payroll taxes.
  • Employee documents.

Basically, you want to make sure all your documents are in order in case 2023 throws any hurdles, such as employee litigation, natural disasters, or E&O sanctions. Make sure you have adequate coverage so that your business can survive any frightening surprises life holds for you.

2. Revisit your inventory

Throughout the year, you tracked your losses. You have recorded the ups and downs on your balance sheets. Before the end of the year, do a final inventory count.

It is best to do this on the day you close the books. If you’re like most small business owners, you’ll be doing it on December 31st. You will need these totals when you submit your taxes later.

3. Prepare for new hires

After taking inventory, you may find that your business is growing. You may find some talent gaps as you close the books. Review your staffing needs to find out whether or not you need new employees in 2023.

Just make sure you budget for any additional paychecks. You could overload your current employees. New roles can lighten the load and make your employees happier.

According to Omnes Education, happy employees are more productive. Bottom line: Smiling faces are good for business, so be sure to add some eager beavers to the team.

4. Update your prices

Inflation won’t go away anytime soon. As you check your books and review everything at the end of the year, think about how the rising cost of living could affect your business. Prepare your business for inflation in 2023 by examining your inventory and seeing if there are products you are paying less for.

Prices may need to be raised, from products to customer charges. While you may need to handle customer complaints, let them know you need to cover your costs. Your competitors will likely do the same. After all, it is necessary to adapt.

5. Check if your website needs some fresh air

In today’s digital world, having a website is critical for small business owners. It is an important way to connect with customers. However, too many entrepreneurs are content with outdated sites.

Since creating a website is such a daunting task, you might just delete it as done in your head and never revisit it. But doing this can hurt your business. If you’re out of step with digital trends, you can make your site old and meaningless.

Keep your site up to date, responsive and easy to use. Approach your site as if you were a customer viewing it for the first time. Be wary of anything that might hinder your access to the products.

You can also run it through these free online tests.

6. Plan for next year’s taxes

Earlier, we mentioned the importance of closing the book before the end of the year. Now, let’s dive into more detail.

To put it simply, developing good tax habits can save your business from penalties. You don’t want to be out of compliance with social security numbers. Working with a CPA or certified tax professional will help you overlook any issues.

You can also hire a tax professional who specializes in small businesses like yours. Talking to someone experienced can help you learn new tips.

Find an expert to discover new ways to save money when filing taxes.

7. Update your social media presence

You have to be a social media expert nowadays. Millions of Americans use these apps every day. Outdated accounts can cause you to miss out on revenue opportunities.

Being on social media is not enough. You should focus on impressing customers with thoughtful and engaging posts. Share content that helps people and keep up to date with trends.

Don’t forget to promote your social media accounts too! You can use widgets to add social media icons to your site. This way, someone can click on a Facebook or Twitter icon to visit your page.

With these tips, you will increase your follower count in no time.

Bonus: Seeing all your business metrics is a point

Are you still relying on outdated spreadsheets and financial software? To see the full picture, you need to upgrade to Oracle’s NetSuite.

Gain visibility and control over financial data, inventory, human resources, planning, budgeting and more. With NetSuite, you can automate your processes and close your books in the blink of an eye, staying far ahead of the competition. About 93% of the companies surveyed increased their visibility and control after upgrading to NetSuite. Over 31,000 companies already use NetSuite.

This summer, NetSuite has a new funding program for those who are ready to upgrade! Go to NetSuite.com/KIM for this special and unique financing offer on Financial System No. 1 for growing companies.

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