Your Year-End Business Checklist

The end of the year means most business owners have some downtime to spend with family and friends. But before you can take advantage of that time off, it’s important to take some year-end steps to leave your business in good shape for 2015. Here’s a simple end-of-the-year business checklist that can help any business have a better New Year.

1. Prepare for tax time. If you use this business checklist to get all your documentation in order now you’ll be in a lot better shape in April when you have to file taxes. Now is also the time to take action to increase your deductions for 2014. You can do things like make charitable contributions, buy new business equipment so you can deduct the expenses this year and pay vendors early. Be sure to talk to your accountant before you make these moves, of course.
2. Get organized. If you do have downtime at the end of the year, use some of it to clean out your office. Purging papers and things you don’t use will give you a fresh start for 2015. Also organize and clean out your digital files. Consider cutting back on paper by scanning documents and storing them as PDFs instead of printing everything out next year.
3. Update your technology. Do you or your employees need new computers, tablets or smartphones for work? There are lots of good deals right now, and they aren’t just for gift-givers. Look into what’s available—you might be able to save a lot of money by purchasing at this time of year. Also look at the business software applications you use and whether they need updating. Finally, be sure that your business is doing everything it needs to be to protect your business data and your customer data such as credit card numbers, etc. You can get business insurance to cover you against data loss, and it’s a smart idea.
4. Get protected. Every entrepreneur needs business insurance, so if you don’t have some, get it! If you do have insurance, the end of the year is a perfect time to do an annual insurance checkup. Things change as your business grows and you may be exposed to new risks. As your sales increase or you start serving different clients, you might need new types of business insurance or might need to get higher coverage levels on your existing insurance.
5. Find places to save money. You can save a lot of money by cutting back on little things in your business. For example, looking at how much you spend on office supplies, utility costs or subscriptions can be very eye-opening. Even if you have a bookkeeper, you should go over these costs yourself at least once a year. You might discover that you’re spending money every month on subscriptions to magazines no one reads or software that is rarely used. When you cut back on these expenses, you will have more to spend on things that make a difference to your business, like new technology devices or giving your employees bonuses.
6. Reward your employees for helping your business grow. Whether you are having a holiday party in the office or giving out bonuses or gift cards to your team, the end of the year is the time you should thank your staff for all their hard work. Make it extra personal by writing little notes or cards to each employee and mentioning something good they’ve done throughout the year. People will really treasure these notes because they show that you care.