End Of Year For Small Business Owners

November/December are often times slower months for businesses and after a year of running around wearing many different hats, this is often the best time for business management.  Below is a list of things we believe you must do to achieve and maintain success in your business.

  1. Thank your customers!  Whether it is sending a thank you card or sending a small gift, let your customers know that they are special to you!
  2. Thank your referral sources!  Send your referral sources a small gift or stop in with lunch to spend some time with them.  Referral sources are essential for your business to thrive and these relationships should be nurtured.
  3. Get your books in order.  Maybe you already have a bookkeeper helping you keep books all year, maybe you are the shoebox full of receipts kind of person. This is the time of year to get organized and if you are doing your books yourself, maybe call around to see if outsourcing this task would be a better business decision for you next year.
  4. Take advantage of tax law that can reduce your tax burden. If you have not already met with your tax adviser, December is the absolute last month of the year to do so that you can spend those end-of-year dollars more efficiently then handing them over to Uncle Sam. We recommend meeting with your tax adviser as early as August of each year.
  5. Evaluate last year’s goals and set some goals for next year.  It is PROVEN that to be a successful business you must have a business plan and budget written down.  Review these documents yearly – at a minimum!  If you do not already have a business plan, maybe now is a good time to get one developed.  
  6. Review all your current systems in place.  Are there additional tools that they provide to help you be more efficient in your workflow?  Are there other systems that would be more beneficial to be using?  For example, Outlook users can set multiple signatures so that they do not have to retype the same email each time.  Maybe implement an internal chatting, such as Slack, for your employees to communicate quicker and more efficiently.
  7. Review your current insurance policies.  Do they accurately cover your current operations?  Are there other types of coverage you should have?  It may be worth it to have your insurance shopped around to see if you can save some money or get additional coverages you were unable to afford the previous year.  
  8. Review your company’s internal documents; such as policies and procedures, employee handbooks, and job descriptions.  Get input from current employees on things that need improved and make appropriate changes.  Spend time with your employees discussing your vision and figure out how to incorporate each person in achieving your company goals.
  9. Review your pricing.  Are you staying competitive in the market?  Are you priced way lower than the competition and can increase your revenue by increasing your pricing in certain areas?   Being the cheapest in your industry is not always the best.  It may make your potential customers think you are not as knowledgeable about what you do.
  10. Review your website.  Make sure all information is accurate and up to date.  Is it professional?  Are you getting traffic to your website?  Is it providing leads for future customers?  Find ways to improve your website and find ways to use it to your advantage.  
  11. Review your company’s contracts.  Maybe you have a legal team to check for any new laws that may affect your line of business.  Maybe you need to update your subcontractor agreements or client contracts with new information and disclaimers to protect your company.  Protecting your company at all times is key to being successful.
  12. Take a look at classes, seminars, webinars, or books that will help you grow as a professional or learn more about your industry.  Staying on top of the current industry information will set you apart as an industry leader and help your customers feel they are getting the best information every time they talk to you.  NEVER STOP LEARNING!

At Precision Services, Inc. we can help you with all of the above!  From company registrations, commercial insurance, bookkeeping/payroll, legal resources for your business, and marketing strategies. 

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