Organization is key when it comes to a successful business. Here are 6 steps to help get your business ready.
This is a good time to start clearing the piles from your desk. Make sure all the licenses, permits, registrations, and insurance are all up to date and adequate. Deal with the items that need immediate attention first. Purging business files and emails along the way and getting rid of what isn’t needed.
Review the Past Year
Document everything to avoid having to re-learn the lessons by knowing your numbers, what worked, what didn’t, and why. Also, review revenue and profit margins and know what clients helped drive these numbers. Update your target market profile as necessary.
Get Tax Records in Order
January 31st is going to get here quicker than you think! By law, tax documents must be postmarked no later than January 31st. Regardless of your tax schedule, every person you employ or contract needs their W-2 or 1099. Make sure you have the correct SSN and address for all your employees on file. Contact your accountant or bookkeeper now to make sure you’re prepared.
New small business laws take effect January 1st. Know what will impact your business. Keep up to date with current business journals or contact your attorney or CPA to know if there are any changes you will need to make. Avoid consequences by being compliant before the new laws go into effect.
Ask yourself, what do you want your business to achieve in 2018? Take it back to basics and use SMART (Specific, Measurable, Attainable, Relevant and Time-based) goals method. Make specific short-term and long-term goals that will help increase motivation and determination. Avoiding vague goals without boundaries.
Once you have reviewed your goals and have them in place, it’s time to get your team on board. Have a meeting of the New Year’s plan and strategy with your employees (your support system).