Getting your business ready for year-end in 2020

It’s been a rough year for small business, and getting ready for year-end might be a difficult process for some. Here are some 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 in 2020

  1. Organize your files, records and receipts.
  2. Update your payroll records.
  3. Report all 2020 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 2020.
  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 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. 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 marketing, human resources management, financing, and operations. Can you improve in those areas next year?
  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. Holidays are an odd thing during a pandemic, we know, but ensure that you and your team take some time to unwind and recharge. If possible, you can consider taking your office holiday party online this year.
  15. Brainstorm ideas for next year. It may be a tough 2021 as well, so critically examine your business and see if there are any ways you can adapt, or investigate resources to help.
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