End-of-Year Checklist for Small Businesses

Working woman at gift shop. She is checking online shop with laptop and using mobile phone to receive new orders from customer.

As the year draws to a close, it’s the perfect time for small business owners to reflect on their achievements, assess their challenges, and set the stage for a successful new year. To help you navigate this critical period, we’ve compiled an end-of-year checklist for small businesses that covers essential tasks and strategies for ensuring your business’s continued growth and success.

Financial Review

Conduct a thorough review of your financial statements.
Ensure you have the right business checking account to fit your organization.
Assess your cash flow and make any necessary adjustments.
Set realistic financial goals for the upcoming year.
Consult with your accountant to discuss potential tax-saving strategies and prepare for tax season.

Budget Planning:

Evaluate your current balance sheet and identify areas for improvement.
Plan your budget for the next year, considering potential expansions or adjustments.
Consider a Credit Union Business Loan for growth.
Allocate resources strategically to support your business goals.

Inventory Management:

Take stock of your inventory and identify slow-moving or obsolete items.
Implement clearance sales or promotions to move excess inventory.
Plan for restocking based on sales trends and seasonal demands.

Employee Evaluation and Recognition:

Conduct performance reviews to assess employee contributions.
Recognize and reward outstanding performance.
Set professional development goals for your team members.
Enhance your employee benefits by offering Greater Nevada Credit Union membership.

Marketing Strategy Review:

Analyze the effectiveness of your current marketing strategies.
Identify successful campaigns and learn from unsuccessful ones.
Plan your marketing calendar for the upcoming year, incorporating lessons learned.

Technology Update:

Ensure that your software and technology systems are up to date.
Looking for an upgrade? Check out GNCU’s Merchant Services.
Consider any necessary upgrades or investments in new technologies.
Implement cybersecurity measures to protect your business data.

Legal Compliance:

Review and update your business licenses and permits.
Ensure that you’re compliant with any new laws or regulations.
Update contracts and agreements as needed.

Customer Feedback and Satisfaction:

Collect feedback from customers through surveys or reviews.
Identify areas for improvement in customer service.
Express gratitude to loyal customers and consider loyalty programs.

Strategic Planning:

Reflect on your business goals and achievements over the past year.
Develop a strategic business plan for the upcoming year, outlining key objectives.
Identify potential challenges and create contingency plans.
Consider joining a local business community for strategic small business resources.

Personal Well-Being:

Don’t forget to take a moment and assess your work-life balance.
Plan for vacations and downtime to recharge.
Consider personal development goals to enhance leadership skills.

By completing this end-of-year checklist, you’ll be ready to start the new year and position your small business for a success. Remember, thoughtful reflection and strategic planning are key to sustained growth. Greater Nevada Credit Union wishes you a happy and successful year ahead!