End-of-Year Preparations for Kissimmee Small Business Owners

As the end of the year approaches, it's time to start thinking about preparations for the coming year. Whether you're a solopreneur or you have a team of employees, there are certain things that need to be done to ensure a smooth transition into the new year. In this blog post, the Kissimmee/Osceola County Chamber of Commerce reviews some of the most important end-of-year preparations for small business owners.

Review Annual Goals and Outline Goals for the Coming Year

The first step in end-of-year preparations is to review your annual goals. Take a look at what you set out to accomplish this year and see how well you did. This will give you a good starting point for setting goals for the coming year. Once you've reviewed your accomplishments, start brainstorming goals for next year. Write down everything that comes to mind, then narrow it down to the most important items. Remember to keep your goals realistic and achievable; setting lofty goals that are impossible to reach will only set you up for disappointment.

Finalize Holiday Marketing and Promotions

If you haven't already done so, now is the time to finalize your holiday marketing and promotions. Make sure all of your materials (e.g., flyers, web banners, social media posts) are ready to go and that your website is up-to-date with your latest offerings. If you're running any sales or discounts, now is also the time to make sure that everything is set up correctly on your point-of-sale system. Nothing would be worse than running a promotion and not being able to properly process payments!

Here’s another tip: spread the word by creating a PDF gift guide filled with eye-catching product images and sales info. If you want to go even further, use this free tool to divide your finished product into multiple PDFs that you can send to different social media groups for some extra targeted marketing.

Make Any Necessary Updates to Your Website and Social Media Profiles

Next, take a look at your website and social media profiles. Are there any areas that need to be updated, especially for the holidays? Now is the time to make any necessary changes so that everything is fresh and up-to-date going into the new year. This might include updating your About page, adding new products or services to your website, or changing your profile photo on social media.

Assess Inventory Needs

If you sell physical products, now is the time to assess your inventory needs. Take a look at what's in stock and what needs to be replenished before the holiday rush begins. It's better to have too much inventory on hand than not enough! This is also a good time to evaluate which products are selling well and which ones aren't selling so well so that you can make adjustments accordingly.

Change Your Business Structure if Necessary

Has your business grown or changed in any way over the past year? If so, you may need to change your business structure accordingly. For example, if you've hired employees or contracted with independent contractors, you may need to update your business insurance policy or create an employee handbook. This is also a good time to review any legally binding contracts (e.g., leases, vendor agreements) to make sure they're still relevant and accurate.

Reconcile Your Bookkeeping

End-of-year bookkeeping can be tedious, but it's important nonetheless! Make sure all of your financial records are up-to-date and accurate before January 1st rolls around. This includes the reconcilement of bank statements, credit card statements, invoices, receipts, etc. Having accurate bookkeeping records will make tax season much easier (more on that below).

End-of-Year Tax Planning and Organization     

No one likes dealing with taxes—but alas, it must be done! Small business owners have a lot of paperwork come tax time, so it's important to start collecting everything early. If possible, start organizing everything into neat little piles so that it's easier, and will thank yourself later. You should also reach out to a tax professional (e.g. accountant) sooner rather than later so they can help you with any specific questions or concerns related to your business taxes

If you want to end the fiscal year on a high note, there are a number of things that business owners need to do, from holiday marketing and tax preparation to objectively evaluating your annual plan and making corrections as needed. So get to work, but don’t forget to enjoy the holidays as well!

Looking for business support in Osceola County? The Kissimmee/Osceola County Chamber of Commerce champions our community’s economic and cultural growth through networking, events, and advocacy. Click here to become a member today!