We’re already in September, and before we know it, 2016 will have come to an end. Think you put enough work into your business earlier in the year? Think again! It’s now time to wind down for the Christmas break just yet! Instead, you should be going at full steam ahead to try and maximize your company’s annual revenue. So what are the important things that you need to do before 2016 ends? Here are a few suggestions.
Reassess Your Finances
As a business owner, you should continually reassess your finances. But especially in the run up to the end of the year as you will soon have Christmas bonuses to pay for. Ensuring you get a last injection of cash before the year is out can also help increase your annual profits and revenue. Does it look like you could do with some more money in the bank? One of the best ways to get the extra cash is with business loans. You can either go to your bank or a specialist lending company. It’s always best to shop around for the best rates before you commit to one.
Create A Plan For Next Year
Don’t just go into the new year without a clear plan for your business. You need to set down what you want to achieve and how you are going to achieve it. Remember to also include your finances in the plan to help you judge whether you need to consider new financing or expanding your business. It is also a good idea to think about any new partners who you might be able to focus on. Bringing in new blood to the business always helps improve ideas and motivate employees.
It’s never a good idea to wait until the last minute to sort out your annual taxes. Ideally, you should be keeping track every month. But if you haven’t been, now is a good time to sort them out, so December doesn’t turn into a mad rush to file your taxes! If you have an accountant, send all your invoices, bills, and receipts to them now. They will appreciate having plenty of time to sort through them. While you are doing your taxes, also make a note of all your assets. The taxman will want to know, but it is also good for you to have an idea of how much the company is worth.
Take Some Time Off
Has it been a busy year so far? Well, now is the best time to take a vacation and unwind! You might not get chance in the next couple of months while you are super busy getting your company in order for the end of the year. So have a week or two away from the office now so that you can come back fully refreshed for the final push of 2016!
Not only are some of these end of year tasks necessary, but they will make it a whole lot easier when you return to the office in 2017!