Small business owner checking end-of-year tasks off his list

A Small Business End-of-Year Checklist for Q4

One of the most challenging quarters for business leaders is often Q4. There is often a rush to close out the year's expenses, plan year-end initiatives and marketing campaigns, and coordinate holiday PTO.

Even though Q4 is sure to be a busy season, it's also a great time to do some business "housekeeping" and check in on annual goals that haven't been completed. Here, eight Young Entrepreneur Council members each share one item that's always included on their year-end checklist.

When thinking about Q4, what's one item that always makes your small business year-end checklist, and why?

1. Conducting a full financial review

One item that is included in my strategy every quarter is a full financial review. I look for items the company is spending more on that may no longer be needed or are not working. Doing a full sweep every quarter frees up cash flow and increases profit margins, preventing expense creep over time. —Jessica Fialkovich, Exit Factor

2. Expressing gratitude

Separate from the standard end-of-year business strategy, I schedule a time to connect and express gratitude to my team and investors. Adding a personal touch, like a personalized phone call or a handwritten thank-you card, in a fast-paced and shortcut-centered world, goes miles further than any generic gift or mass Christmas email. Taking the time to connect pays dividends for years to come. —Nic DeAngelo, We Buy Loans Fast

3. Scheduling team evaluations

We want to make sure we have the right person in the right seat. As we head into a new year, I always want to know I have the right people with me to help me start, stop, or keep doing the activities that will grow this business. If I need to make changes, I need to do it in this quarter to hit the next year out of the ballpark. —Trivinia Barber, PriorityVA

4. Performing software audits

Sure, you can be creating holiday marketing and devising ways to spend in the final quarter, but this is when I like to perform audits. It is part of a cleanse prior to the next year. Technology moves so fast, and it can be tempting to use new software, but later in the year, you may not be utilizing it. Take stock in Q4. —Matthew Capala, Alphametic

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5. Creating a holiday marketing campaign

An important item you should include in Q4 is creating a holiday marketing campaign. The holiday season is a great time to reach out to your target audience and promote your products. There are several ways to do this, such as by creating special offers or running holiday-themed ads. Planning and creating a holiday marketing campaign can ensure that your business is visible. —Blair Williams, MemberPress

6. Drawing up a budget

One item that always makes my to-do list is creating a budget. This is because it's essential to understand your finances before making big decisions. By creating a budget, you can ensure that you're not overspending and have the resources you need to reach your goals. Also, a budget can help you track your progress and see how well you're doing. —Syed Balkhi, WPBeginner

7. Brainstorming employee gift ideas

Depending on your company culture, it’s important to plan for the holidays right now. Do you have a plan for holiday gift-giving and bonuses? Waiting too long will add unnecessary stress to the season. For many small-business owners, Q4 is incredibly hectic. Making a list of potential ideas now will help you relieve the burden and ensure you have the time to make every gift meaningful. —Blair Thomas, eMerchantBroker

8. Reflecting on wins from previous quarters

That one item for me is reflecting upon what happened in the previous quarters and focusing on the lessons learned. By now, you are familiar with the strategies that paid off previously and the ones that didn't. If things haven't been working out for you, this is the last chance to turn the table and end the year with a bang. If everything goes as planned, just keep at it. —Jared Atchison, WPForms