Congratulations 2020 is almost over. You made it. 2020 is a year that we won’t forget anytime soon. Some of you may have been impacted significantly, some of your things didn’t change much. Now is a good idea to wrap up any loose ends before December 31. A checklist can save you stress and better prepare for the next year. Here are a few things you can do to have a successful 2021.
- End-Of-Year Reviews
The end of the year is a great time to do performance reviews with your employees. This opportunity allows your employee to see what they have accomplished for the year. Plus, a chance to set goals for the new year.
- Get W-2 Information Ready
Typically, W-2s are due by January 31, now is the time to make sure all information is correct. Get a jump start on it, so you won’t be in a hurry. This can be done during end-of-year performance reviews so you kill two birds with one stone.
Check each employee:
- Social Security Number-make sure the number is correct.
- Employees Address- they may have moved this year.
- Employees Name-they may have gotten married, legally changed it, divorced, etc.
- Any Withholdings-Medicare, federal & state income tax, social security, insurance, etc.
- Number of Dependents-birth or adoption of a child
- Catch Up on Bookkeeping
Balancing all your books at the end-of-the-year is a good business practice. Be sure all your income and expenses are accounted for the year. This will help you make financial decisions in the coming year. Sit down with your accountant to make sure everything is in order. Pro Tip: SWVA Tax & Accounting is the best place to do this!
- Take a Look at Your Marketing Plan
Objectively look at your marketing plan and see if your goals were met. You may have not met them all, which is fine. This is a good time to make any necessary changes so you can meet your goals. Re-think and plan how you want to use marketing to drive more business to you. Remember changing a marketing plan is ok if it doesn’t work.
- Set Business Goals for 2021
With the year coming to close, set goals and a plan to reach them for the next year. As a business owner goal setting challenges you to get better at what you do and how to do it. Bear in mind goals are good as long as they are reachable and realistic.
- Thank Your Customers
Today every small business needs all the support they can get. Take the time to thank all your customers with a thank you card. Let them know you appreciate their support over the year and look forward to the new year. Plus, this is a good time to announce an event that kicks off the new year.
- Take Time off and Celebrate the Holidays
Everyone needs time off including business owners. Make arrangements so you can take time off and enjoy it. It only comes once a year so take a break. Drive around and look at Christmas lights with family. Or make holiday treats with family and friends. Regardless, take time for yourself and don’t feel guilty about it.
Tailor your end-of-year list so it works for you and your business. Every business owner needs an accountant to help them be successful. Look no further than SWVA Tax & Accounting for all your accounting needs. They can help with a wide range of services from Quick Books to financial analysis. Click here to book online or call 540-250-3198 to schedule an appointment. We’ll run the numbers, while you run the business.