The 2021 year is coming to a close and you want to be prepared in your business for what is next.
Are you prepared to wrap up this year with a nice bow and get yourself ready for next year?
Set yourself up for a successful end of year by reaching out to your bookkeeper or CPA so they can advise you of the best business and tax strategies for your year end.
Creating successful year end habits that get you set up for the upcoming year is a smart move for all entrepreneurs. Every year you want to reach out to your CPA to find out the best strategies to end your year with. Don’t wait until the last minute to schedule time with them. Our goal is to have the accountant take a look at our finances on a quarterly basis so there are no unexpected money issues along the way. If you reach out at the beginning of your fourth quarter at least you will be ahead of most entrepreneurs because most don’t take the time at all.
Here are a few ideas that you can do before you wrap up your year end in a nice little bow that could set you up for success in 2022.
1. Check with your credit card company to find out if there’s any outstanding debt that you have to plan for or if you can reduce your interest-rate for the next year. If you are not paying attention this could cause your business issues in the new year with fees and loan ability.
2. Set goals for yourself to pay off your debt either from credit cards or vendors. If you owe it, pay it! I know, easier said than done sometimes. So make a plan and make it happen.
3. Collect on past due invoices. If you have clients that have not paid you it is not a time to relax. Get on the phone and connect with those clients and get those invoices paid. That is money that is owed to you so let’s get it into this year so you can have a true experience of what your numbers are supposed to be for this year.
4. Turn your sole proprietorship into an LLC or an S or C Corp. This is what leveling up to the next level in your business looks like. Being a sole proprietor puts all the liability on you and your family. Set yourself and your family up to reduce liability by creating an LLC or a corporation for your business.
5. Pay yourself for working in your business this year. Or pay to your retirement fund, 401(k), IRA or whatever it is for you. Make sure that you are getting paid from your business. You are not meant to be in business and not get paid. If you are not paying yourself at least create a plan so that you are creating retirement for your future.
6. Make charitable contributions now. End of year is a great time to donate to organizations that you and your business can get behind and support in your community. Get this done before year end so that you can write it off and be supportive of your community too.
7. If you have employees or virtual assistants now would be a time to pay them a bonus. If your business has made money this year and you would like to share the wealth with those who help you, then now is the time to do that. Make somebody else’s holiday season brighter by giving them the unexpected gift of a bonus.
8. Thank your clients for the year. Reach out and say thank you to your clients that have paid you for this year. These are the people that are keeping you in business so make sure you say thank you to them.
9. Plan your goals for 2022. What do you want to create over the next year? How much gross revenue do you want to bring in for the next year? How many clients do you want to attract? How much time do you want to spend on your business and how much time do you want to spend in your business? What do you want your prices to be for the next year? Develop an action plan in order for you to reach your goal and be prepared for next year.
10. Raise your prices for this coming year. Yes you heard what I said, it’s time for you to raise your prices. Of course, you have to match the value that you were offering with those prices. Think about it, when was the last time that you raised your prices? No better time to do it then the beginning of each year. Entrepreneurs let your clients know your prices will be rising and they can get a deal now by renewing their agreements now at this price. (This might create some final year-end sales if you do it right.)
11. Update your website with new prices with new content to keep it fresh every year. Is your site outdated and not getting the SEO you need to get more clients? The update and refresh often.
12. Make a list of what you have accomplished this year. Take a look at everything that you have accomplished no matter how small or big make that list and notice what you’ve been able to accomplish. It may not seem like a lot at first but as you keep adding to that list you will see that you actually have created a lot of things this year if you were staying busy and focusing on your business. Next year, do it every month then at the end of the year you can read everything that you’ve accomplished and it will feel really good.
13. Don’t just party – make end of year sales! Call those people that I’ve been sitting on the fence for your services and help them get moving into 2022. The holiday season is not the time to not do business. There are people still waiting for you and if you are not reaching out to them someone else is. So pick up the phone and call those people who have been waiting or have been saying maybe and find ways to get them to turn them into a yes and create final sales for this year’s end.
There is just a short time for you to wrap this year up and prepare yourself for the New Year of business. Start now before all the gift giving chaos begins. Give your business and yourself the best gift this year by preparing for the next.