5 Year-End Practices Every Business Should Implement

At the close of another year there are a few housekeeping tasks to take of care before the holiday season hits. Prepare your business for success in the New Year by tying up loose ends and planning for the challenges ahead. Make sure you have these top five year-end practices on your checklist!

Thank You Announcements

In the season of giving, it’s only natural to give thanks! Whether it’s in the form of a newsletter, a social media post or a personalized email, don’t forget to thank the people who are vital to the success of your business. On your thank you list should be customers, employees, business partners, referrals and advertising partners. Additionally, incorporating giveaways, gifts or coupon codes into your thank you notes can be an excellent way to ensure your business remains top of mind throughout the hectic holiday season.

Review the Successes and Failures of the Past Year

During your year-end review dedicate some time to exploring the big hits and misses your business experienced over the year. Touch base will all of your vendors, employees and partners to gain important insight that might have escaped you earlier in the year. By reviewing your track record and assessing the “whys” and “hows” of each important milestone you will enter the coming year armed with the knowledge to ensure growth. Learn from your failures and your successes. 

Set Goals for Next Year

What are you working towards in 2019? Setting goals gives your business direction, which can be beneficial not only for the business as a whole, but also for your team’s morale. Set clearly defined goals for growth and new pursuits, and communicate these ideals with your whole team to ensure everyone knows their role and can contribute ideas for crafting a winning strategy. Any growth you achieve in the future is more likely to be a permanent development if you have a clear idea of what the future of your business will be. 

Review Your Finances

The successes of your business can be measured in a few different ways, but the shape of your finances is a good place to start. Review your cash flow, track down all of the necessary paperwork you need from partnerships, and verify that all of the appropriate documentation has been filed for taxation. Depending on the size of your business, it may be time to create a full-time payroll department or outsource those responsibilities to an accounting firm. 

Update Your Social Media Policy

To keep up with the rapid changes throughout the social media world, it’s imperative that you update your social media policy (or establish such a policy if you haven’t already). An expansive social media policy should cover rules for employee use of social media, marketing guidelines and even recruiting practices for hiring departments. Avoid the pitfalls and mistakes made by other businesses who have fallen victim to social media scandals by creating clear, actionable guidelines on what is and isn’t acceptable.  

When you’ve covered all of your bases in your year-end review, you can dive into the New Year with the knowledge that you are as prepared as you will ever be. If you need help shoring up your social media strategy for 2019, contact us today!