Preparing Your Business for the New Year

Business

As the holidays wind down and the hustle and bustle of the season comes to a close, now is the time to start preparing your business for the new year. Whether this is your first year in business or you have been running a business for decades, there are certain things you need to do to close out the old year and ring in the new. This process will help you prepare your business and staff of a new and exciting year. Here are some tips to help you get your business ready for the upcoming year. 

Business for the New Year Preparing Your Business for the New YearYour Year in Review

The end of the year is the perfect time to take a closer look at the successes and failures of the previous year. This is the time to evaluate your business goals and the company’s mission statement. Take note of strengths within the business and establish ways to build upon those strengths to boost sales for your company. You also need to pay close attention to any weak areas in your business and set strategies to correct any problem areas and strength weaker areas in the upcoming year.

Replenish Inventory

The holiday season may have taken a nice chunk out of your inventory. It is important that you take the time between Christmas and New Year’s to replenish your business inventory. You want to be prepared for a fresh start as soon as you open your doors in the new year. Shoppers may be out looking for things that did not get for Christmas, so you need to be prepared. You definitely want to have your inventory replenished by early February because this is when families start receiving their tax returns and are more likely to make larger purchases.

Check Store Supplies

The end of the year is also a good time to check your inventory of store supplies. Make sure you have enough shopping carts, shopping baskets, display stands and other valuable shopping supplies. Not only should an inventory of these items be taken on at least an annual basis, but it will give you time to make any necessary purchases before the end of the year. All purchases made before the year ends can be applied to your operating costs, and will help you when it is time to file your taxes. In addition, this will allow you to use some of the profits earned over the holidays to put back into your business.

Analyze Website

This is also the perfect time to analyze your company website. You should note any changes that need to be made or any problems you notice about your website. You may even want to consider adding new content to give your website a fresh new look for the new year. Do not forget to check out your social networking pages, as well, including Facebook, Twitter, YouTube, and Google Plus. If you do not have business pages set up on several social networking sites, now is a good time to create a page. Be sure to post online about any upcoming sales or new products or services. Many people will be off work over the holiday and will be spending time online, so use this time to get your business noticed.

Close the Books

The end of the year also means that you need to close out all of your financial books. Organize all of your paperwork and put any documents needed to file your taxes in a separate location. This will help you be prepared when it comes time to organize you year-end tax returns and other year-end paperwork, such as W-2s and 1099s.

This important year-end process will help you close out the current year, prepare for the new year and be ready for a fresh start in January. Whether you need to stock inventory, purchase new shopping carts or other store shopping supplies or close out your year-end books, it will help you provide optimal services to your customers. Starting out on the right foot in January could make a huge difference for the rest of the year.

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