Getting your business ready for year-end in 2021

It’s the end of the year already! If you’re like us, you’re surprised at how quickly it got here. But it’s a great time to start getting your small business ready for year-end. 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 in 2021

  1. Organize your files, records and receipts.
  2. Remove old contacts and update professional contacts.
  3. Update your payroll records.
  4. Report all 2021 paycheques on T4 slips.
  5. Make sure all tax deductions are in order.
  6. Make any business purchases that would qualify for tax deductions for 2021.
  7. Check to see if any of your licenses or permits are up for renewal.
  8. Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant.
  9. 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.
  10. Keep your important information safe by updating your passwords. Apps like LastPass or even Chrome and Safari’s built-in password managers can help.
  11. If you have employees, prepare and give evaluations. Discuss expectations and performance, and listen to any concerns your employees may have.
  12. 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.
  13. 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.
  14. Review your marketing, human resources management, financing, and operations. Can you improve in those areas next year?
  15. Brainstorm ideas for next year. Are any ways you can adapt to mitigate your risk or grow in a new way?
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