Getting your small business ready for year-end 2019

small business year end 2019 canada

It might not seem true, but we are nearing the end of the year (and the decade)! While you’re thinking of holidays and preparing for shorter days, you can also get your small business ready for year-end.

Getting your small business ready for year-end in 2019

(Some of these tips assume a December 31 fiscal year-end, but they still apply if you have a different year-end!)

  1. Organize your files files, records and receipts.
  2. Update your payroll records.
  3. Report all 2019 paycheques on T4 slips.
  4. Make sure all tax deductions are in order.
  5. Make any business purchases that would qualify for tax deductions for 2019.
  6. Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant.
  7. Remove old contacts and update professional contacts.
  8. Update your personal productivity and technology tools – download updates and templates and make sure your current apps are still working for you. Even more fun – look for new ones! Check out some productivity apps you may find useful.
  9. Keep your important information safe by updating your passwords. Apps like LastPass or even Chrome’s and Safari’s built-in password managers can help.
  10. Check to see if any of your licenses or permits are up for renewal.
  11. Review your business plan. Did you meet your goals? Did you fall short? Take this time to think of new strategies based on what worked and what didn’t – or what changes in the business environment might necessitate a plan update.
  12. Review your small business’ marketing, human resources management, financing, and operations. Can you improve in those areas in 2020?
  13. If you have employees, prepare and give evaluations. Discuss expectations and performance, and listen to any concerns your employees may have.
  14. Plan for holiday time off, whether or not you have employees. If you do have employees, the earlier you get everything organized, the better.
  15. Enjoy the downtime! If your small business gets quieter at the end of the year, give yourself a well-deserved rest. You’ve earned it!

Have questions about any of these tasks? Ask a GoForth Expert. The answer to your question could help other Canadian entrepreneurs who may be wondering the same thing. How charitable of you – perfect for the holiday season!

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How to get your small business ready for year-end

Note: The last version of this article was posted on December 2016. This updated article contains refreshed links and up-to-date information.


business-plan

Winter can be a slow time for many businesses, especially at the end of the year. Nobody wants to be caught unprepared in the new year. But, by taking this downtime to prepare your business for what lies ahead, you’ll start the new year refreshed, prepared and ready for anything. Here are some simple things you can do to get everything in order for year-end.

  1. Organize your accounting files, records and receipts to get ready for income tax season. This includes completing inventory records and putting expense receipts into month-based categories.
  2. Update your payroll records, report all current-year paycheques on T4 slips, and make sure all your other deductions are in order – when you see your accountant or bookkeeper in the new year, it’ll run smoother for everyone.
  3. Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant – before they get booked up.
  4. Streamline your contacts list – remove old contacts and duplicate records, and update current contacts in your professional networks.
  5. Update your personal productivity and technology tools – download updates and templates and make sure your current apps are still working for you.
  6. Review your business goals. What went well? What lessons did you learn? What did your competition do? (Check out our competitive matrix to see how you measured up to your competition.) This way, you can do more of what worked and less of what didn’t work.
  7. Develop a strategic plan to get you to your goals. If you don’t have one, check out our free one-page business plan template to get you on the right track.
  8. Analyze your marketing, HR, financing and operations. There’s always room for improvement, so brainstorm some ideas to become more effective.
  9. See how social media can help promote your business in the new year. Read some business blogs (like this one) or follow some business experts on Twitter, Facebook, LinkedIn, or Instagram. Learn from the pros as well as from the social media gaffes.
  10. Delete old or duplicate files, get rid of email spam, back up your business records onto a memory stick or in the cloud. You can also hire a company to do this for you on a regular basis.

There you have it – 10 ways to prepare for your small business’ year-end that can easily fit in around your holiday activities. Have fun with it, and pat yourself on the back for your year in entrepreneurship!

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How to organize your small business for the end of the year

small business organizationAnother year is drawing to a close, and whether this means a busy or slow time for your small business, it’s important to get properly organized for the end of the year. It won’t be long until we’re ringing in the new year – what kind of shape will your business be in?

The holiday season is actually a great time to get organized. We’re all in a New Year’s Resolution mindset, so it’s an ideal time to close out this year and to plan, strategically and financially, for what’s coming next.

Check out our list of simple things you can do to wind down your year properly, and get set for 2017.

Get your financial records in order for 2016

Your accountant or bookkeeper will love you forever if you present well-organized and documented files and records soon after your fiscal year end. Sounds like a headache, but the “shoebox” method of filing receipts just doesn’t cut it.

Here are five things you can take care of between holiday festivities:

1. Update your payroll records, report all 2016 paycheques on T4 slips, and make sure all your other deductions are in order.

2. Organize your accounting files, records and receipts to get ready for income tax season. This includes completing inventory records and putting expense receipts into categories sorted by month.

3. Streamline your contacts list – remove old contacts and duplicate records, and update current contacts in your professional networks.

4. Update your personal productivity and technology tools – download updates and templates and make sure your current apps are still working for you.

5. Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant – before they get booked up.

Hit the ground running in 2017

Winter can be a slow time for many businesses. However, using this downtime to prepare your business for what lies ahead will help you start start 2017 refreshed, prepared and ready for anything.

Here are five more things you can do:

1. Review your 2016 business goals. What worked well and what didn’t? In 2017, do more of what worked in 2016, and refine the things that didn’t.

2. Develop a strategic plan – a roadmap for getting from point A to point B. If you don’t have a strategic plan, create one – and follow it. We’ve got a free one-page business plan template you can download at our website.

3. Take a close look at your marketing, human resources management, financing and operations. Is there anything you could do better?Get working on some ideas to become more effective.

4. Read up on new ways social media can help promote your business. Read some business blogs or tweets as a first step, and find which tools will work best for your business.

5. Clean up your files! Delete old files. Get rid of spam emails. Back up your business records onto a disc, memory stick, cloud server or hire a company to do it for you on a regular basis. Set up a good online file folder system so you don’t have to scroll through three months of emails to find something your accountant wants.

Have questions about year-end preparation? Ask a GoForth Expert online any time. Not only will your question be answered by one of our experts, but we’ll post it on our website too. You’ll be helping other entrepreneurs who may be wondering the same thing. How charitable of you – perfect for the holiday season!

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7 easy ways to get ready for year-end

Note: This post was first published on December 21, 2013, but this information is always timely, so we refreshed some dates and links in the post on November 28, 2015.


 

small-business-year-endThe holidays are nearly here, and you’re probably busy making plans for holiday parties and delicious meals. But it’s important to make plans for your year-end. It won’t be long until we’re ringing in the new year – what shape will your small business be in?

Here are some simple things you can do to get everything in order for your year-end.

7 ways to prepare your business for year-end

Winter can be a slow time for many businesses, especially at the end of the year. But, by taking this downtime to prepare your business for what lies ahead, you’ll start the new year refreshed, prepared and ready for anything.

1. Update your payroll records, report all current-year paycheques on T4 slips, and make sure all your other deductions are in order – when you see your accountant or bookkeeper in January, they’ll appreciate how much easier their job will be.

2. Organize your accounting files, records and receipts to get ready for income tax season. This includes completing inventory records and putting expense receipts into categories by month.

3. Review your next-year business goals. What worked well and what didn’t? What lessons did you learn? What did your competition do? (Check out our free competitive matrix to see how you measured up to the competition.) Next year, do more of what worked, and less of what didn’t. Simple.

4. Develop a strategic plan – a roadmap for getting from point A to point B. If you don’t have one, we’ve got a free one-page business plan template at our website to get you on the right track.

5. Scrutinize your marketing, human resources management, financing and operations. There’s always room for improvement, so brainstorm some ideas to become more effective.

6. Bone up on how social media can help promote your business. Read some business blogs (such as this one) or follow some of your business idols on Twitter, Facebook, or LinkedIn. Learn from the pros – and from the social media gaffes.

7. Delete old or duplicate files, get rid of email spam, back up your business records onto a memory stick or in the cloud. You can also hire a company to do this for you on a regular basis.

There you have it – seven ways to prepare for your small business’ year-end that can easily fit in around your holiday activities. Have fun with it, and pat yourself on the back for your year in entrepreneurship!

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Getting your business ready for year-end

year_endWe know the way your thoughts are going at this time of year. Your customers and employees alike are dreaming of holidays and relaxation. But there are a few things you still have time to do to get your business ready for year-end.

Last year we offered some guidance, and the tips are still just as relevant this year. Check out the post for some ways to get your small business all lined up for year-end, and ready for 2013.

Good luck, and have fun!

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