10 Essential Things Every Small Business Owner Should do Before End of the Year
Have you noticed how it’s already Q2 and, most small business owners are deeply immersed in prepping for Q4? Despite the invisible enemy (Covid-19), life has to move on.
If you are a small business owner and you are still afloat congratulations! In this excerpt, we further discuss vital aspects that you need to do before the fourth quarter.
So let’s get to work!
- Submit Returns
As a requirement by law, all businesses with UK licenses need to file returns. It often applies to small business owners who wish to start off or formally close up. For entrepreneurs looking to incorporate or form limited liability companies, it is wise to look into delayed filing.
Make use of the deferred payment scheme by the HMRC to stay on the right side of the law. It should be done before the end of the year as January is always a busy month for paperwork.
- Meet an Accountant
Schedule an appointment with an accountant or a financial advisor. Why early? You can use this time to review financial statements, establish a timeline for your tax deadlines.
Can a small business do without accounting? Not exactly. Here is all you need to do. Meet with the best accountancy service early; who will get you better placed for 2022 and its tax season.
- Revisit Your Inventory
What was sold and what wasn’t for the financial year? Ensure to do a stock take. If you don’t deal in goods, then countercheck the services you rendered versus the dormant ones.
It might give you an insight on focusing on goods and services on-demand and avoid the ones that waste time and money in the coming year.
- Prepare to Hire
If one of your New Year’s resolutions is staffing, now is the time to plan for that. Get this, recruiting is often a daunting process, time-consuming and a hassle in itself. Make no mistake since preparing to hire entails tiers of due diligence by the recruiting department.
Moreover, you have to factor in salary, compensation plans and insurance from within your business budget.
- Conduct End Year Reviews
Whether full-time or part-time, schedule time to have a sit-down with employees for the end-year reviews.
It entails their overall performance and their future in the company; encourage them to provide feedback about the business.
- Determine if You Should Change Legal Structures
Maybe you started 2020 under sole proprietorship and, now you wish to switch into a different entity.
You ought to schedule a meeting with a legal advisor who should guide you on the best fit.
- Update Social Media Presence
With close to a billion online presence daily, social media is a hotcake selling point. Is there an old irrelevant tweet on your handle?
You can use this time to update your company website and social media pages with the most current items. Then, typically strategise how you plan to create, share and engage with your content come 2022.
- Inform your Team of Upcoming Changes
Most importantly, keep your team in the know of any upcoming changes. It includes; employees, investors, advisors or anyone who is directly involved with your small business.
- Revise Your Business Plan
When you go back and review your business plan, how are you doing? Are you nailing the long-term and short-term goals you set? Are your financial forecasts in check?
In case of notable changes, note them down and reflect on them.
- Look at Achievements
Judging by the pandemic in our midst, a lot can happen in a year, both positive and negative. We cannot predict the future but, we can choose to do something about it.
While I’m sure you had trouble along the way, I’m certain victory is your portion as well. Reflect on them and pat yourself on the back for not failing.
After the accomplishment and careful due diligence on the above subject matters, buckle up for 2022.
At Ernest & Co Accountants, expect self-assessment for small and large businesses that require Bookkeeping services, payroll services, VAT, monthly management accounts and financial forecasting services.