Another year is quickly wrapping up, and it’s time to start getting your small business ready for year-end. There’s a lot to keep track of this time of year, but here are 15 tips to help the process go as smoothy as possible.
Some of these tips assume a December 31 fiscal year-end, but they still apply if your small business has a different year-end.
Getting your small business ready for year-end 2023
- Plan for holiday time off, whether or not you have employees. Ensure that you and your team take some time to unwind and recharge.
- Organize your files, records and receipts.
- Go through your contacts and update information or remove as necessary.
- Check to see if any of your licenses or permits are up for renewal.
- Update your payroll records.
- Report all 2023 paycheques on T4 slips.
- Make sure all tax deductions are in order.
- Make any business purchases that would qualify for tax deductions for 2023.
- Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant.
- Keep your important information safe by updating your passwords. Investigate password apps that create safe passwords for you that you don’t have to memorize, or see if your internet browser has a built-in password “keychain.”
- 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.
- If you have employees, prepare and give evaluations. Discuss expectations and performance, and listen to any concerns your employees may have.
- Review your business plan. 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.
- Review your marketing, human resources management, financing, and operations. Can you improve in those areas next year?
- Brainstorm ideas for next year. Are any ways you can diversify to mitigate your risk or grow in a new way?