The holidays are the busiest time of year for everyone. But it is also the end of the fiscal year, which is the perfect time to reevaluate overall business strategy and to identify the strong points and areas that could use a little housekeeping.
Think about it.
You know how tough it can be to juggle the many components that keep a small business operating. It can be easy to lose sight of your company's grand scheme.
A new fiscal year is about to begin, follow these five steps, and you will be ringing in the new year with confidence that your business is ready to thrive in 2020.
1. Catch up on bookkeeping.
You cannot plan for the future of your business without knowing what you have spent and where your money has gone. Locate all paper receipts you need to enter still and gather email documentation you may have of any business transaction you made in the last year.
If you don't have a regular accountant, hire one to help you out for the end of year clean up. Also, there are plenty of user-friendly bookkeeping apps out there that will help you keep track of your books, automate revenue and track expenses to ease the process.
2. Figure out where you stand.
Once you catch up with bookkeeping, you can start to figure out where you stand. Run financial reports to learn where your money initially came from, where you spent it, and where it is currently heading.
These reports should include:
- A balance sheet to track business assets, liabilities, and equity
- An income report that shows your company's profits and losses
- A cash-flow statement that documents how much your company made over a certain period, typically fiscal quarters.
The financial reports also give you a head start on your tax preparation. Your nose is already in the books. Gather any paperwork you need to file and restrategize your tax plan.
3. Make sure to have business insurance.
Everyone needs business coverage but the big question is how much time, energy and dollars you are going to spend on it. Luckley, you can finally forget about extra fees, paperwork and insurance advisors that have too many clients. With the digital revolution, a new kind of insurance platform was born. Next Insurance is 100% online and available at your fingertips 24/7. You will never have to worry about finding an agent, scheduling an appointment, or filling out paperwork.
Small business insurance will cover a variety of incidents and situations:
- General liability covers accidents at work, including property damage, physical injury, and legal fees.
- Professional liability covers any accusations of professional mistakes, pay for work to be redone, or for any damages done by faulty work.
- Commercial auto insurance covers damages from an auto collision in your business vehicle, whether you are at fault or not.
- Workman's compensation covers employees who get injured at work and pays for medical expenses and lost wages. It also protects you from being sued for negligence.
If you are ready for business insurance that is completely tailored to fit your needs, get a quote in five minutes to end the year knowing you are covered and set for 2020.
4. Organize and back up your data.
The modern business world relies on a myriad of cloud storage solutions to manage all sorts of data - employee, customer, vendor, analytics. With so many different apps and software available, you could be searching across several programs to locate it all.
Try to organize it into as few programs as possible, then back it up! Losing all of your well-organized information and data is the last thing you want to kick off a new year with your business.
There are many options for businesses available using the programs you probably already use, like Google's cloud storage or Dropbox.
5. Revisit your marketing strategy and update social media.
Today's marketing world is as fast-paced as ever, and social media trends change in what seems like a heartbeat.
There are a few ways to keep your finger on the pulse:
- Review your ROI or Return on Investment.
- Look over web traffic, analytics, conversions, and keyword rankings.
- Determine which content is more successful and where it thrives.
- Refocus on your industry and target audience.
- Rebrand if necessary and update all social media platforms with a new logo or graphics.