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
- Organize your files, records and receipts.
- Update your payroll records.
- Report all 2020 paycheques on T4 slips.
- Make sure all tax deductions are in order.
- Make any business purchases that would qualify for tax deductions for 2020.
- Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant.
- Remove old contacts and update professional contacts.
- 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.
- Keep your important information safe by updating your passwords. Apps like LastPass or even Chrome and Safari’s built-in password managers can help.
- Check to see if any of your licenses or permits are up for renewal.
- 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?
- If you have employees, prepare and give evaluations. Discuss expectations and performance, and listen to any concerns your employees may have.
- 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.
- 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.