It's hard to believe another year is about to come to a close. For some companies, this can be a slow time as employees and customers take their holiday vacations. However, this time of year can be an opportune time to keep busy with positioning your company for a strong start in the new year.
Here are 6 smart to-do items for the end of the year:
- Run financials.Use this time to assess your financial situation. If you have financial software, you should be able to easily create profit and loss statements, balance sheets, and cash flow statements to determine the health of your business.
- Review and analyze sales/customers.Did you grow or reduce your sales or customer base during the year? Take some time to review your sales and analyze your customers and their demographics. Determine what products or programs were most successful to help you plan for the next year.
- Review your goals and set new ones. When you better understand your financial position, customers, and sales, you should be able to set goals for the coming year. Be specific with your goals and ensure they are measurable.
- Work your receivables.The end of the year is a great time to infuse your business with cash for the coming year. One way to accomplish that is to collect money from those who owe you.
- Back up important company data. This might include financial reports, customer and order data, business contacts, and employee records.
- Update your company's website.Your website says a lot about your company. Take the time to review the content to ensure it is professional and up to date, and accurately reflects the products or services you offer. You should also look at the analytics of your website to learn more about your visitors — how they are coming to your site, and the pages they are visiting.
The bottom line? Use this time wisely to learn more about your company, customers, and your successes — and start the new year strong!
Lakeland Bank offers a full range of business banking services to support independently owned businesses, including online services, business loans, and cash management solutions. Our Customer Contact Center can be reached at 866-224-1379.