As the year draws to a close, business owners start thinking of how they can best prepare for the new year. No matter what industry you're in, here are five things you should do to make sure your business is ready.
1. Organize Your Books
Whether you do your financials by yourself or outsource them, now is the time to make sure things are ready to make tax preparation as easy as possible. Check to see that you've paid your quarterly taxes, and that you're current with all payments. Also make sure your clients have squared their payments. Ask your accountant to help you with suggestions for minimizing your tax burden this year and next.
2. Change Your Pricing
Many businesses use the new year as a time to raise their rates. Be thoughtful in how you tell your existing customers. Consider giving them at least six weeks’ notice so they can update their budgets. Be sure to make these changes to your website and any promotional materials you pass out.
3. Update Your Social Media Profiles
Even if you post regularly on social media, you may not have updated your profiles recently. Devote a few hours a week to making sure your business has a great digital presence. Use some time each day to connect with prospects or reconnect with past clients.
4. Review Insurance Policies and Contracts
You know that pile of papers in your bottom desk drawer? It's time to go through those to check that you're up to date on payments of your premiums, that your business insurance policy offers enough coverage, and that the contracts you have with vendors are still a good fit. Don't be afraid to change your business insurance provider or a vendor. You should do what's best for your business to both protect it and to serve your customers with excellence.
5. Cut Unnecessary Expenses
Now that your books are in order, go through expenses to decide if you still need to make the regular ongoing ones or not. Has all your advertising gone digital? Then you probably don't need that stamp subscription. Are you only utilizing your virtual assistant for 10 hours a week instead of your contracted 20? Contact them to switch to a different plan.
These items can be undertaken at any time of the year, but now is a great time to them. This will ensure that you start the new year out ready to go. If you have any questions about business insurance, contact our team of dedicated agents today!