5 Things Every Small Business Should Do Before the End of the Year

If you’re managing a small business or blog, you’ll want to ensure you’re ahead of the game when it comes to the holiday season.

Whether you’re ramping up for your busiest time of the year or getting ready for a lull in demand, you won’t want to overlook the critical things you need to do before the end of the year.

Every Small Business Should Do Before the End of the Year 

To ensure you’re on top of everything that needs to get done, take a look at the vital tasks you need to carry out before the New Year approaches:

Whether you’re ramping up for your busiest time of the year or getting ready for a lull in demand, you won’t want to overlook the critical things you need to do before the end of the year. #InspireToThrive Click To Tweet

1. Check Your Support Entitlement

Throughout 2020, businesses have been affected by the outbreak of coronavirus. In many areas, local councils and governments are providing small businesses with financial support. These are via grants, tax breaks, and loans.

However, you usually need to apply for this support and there are deadlines involved.

If you don’t want to miss out on your chance to access financial support for your business, be sure to check your entitlement as soon as possible.

2. Back Up Your Data

Every business should have a strategic data management in place. Losing any or all of your data could be disastrous for your company, particularly in light of strict data management regulations and legislation.

Fortunately, companies like Umbrella Managed Systems can implement efficient data back and recovery systems.

This means you’ll never have to worry about losing customer or business data again. And, you won’t have to worry about increased downtime due to data loss.

If you have a blog you’ll want to be sure to back up the blog! Many years ago Inspire To Thrive almost disappeared from not having a back-up.

If you have a blog you'll want to be sure to back up the blog! Many years ago Inspire To Thrive almost disappeared from not having a back-up. #InspireToThrive Click To Tweet

3. Consult Your Accountant

If your tax submissions are due between now and the end of the year, you’ll certainly want to meet with your accountant or bookkeeper.

However, even if you don’t need to file your taxes until 2021, it’s still important to keep in regular contact with your financial advisers.

By doing so, you can incorporate your tax liability into your decision-making. This will ensure that you’re making savvy decisions when it comes to managing your company.

If you run a blog and make over $600 a year in the United States, you will have to pay taxes on the money. Don’t forget to consider expenses too.

However, even if you don’t need to file your taxes until 2021, it’s still important to keep in regular contact with your financial advisers. #biztips Click To Tweet

4. Plan for the Future as Every Small Business Should Do Before the End of the Year

2020 has been a tricky year for most businesses and 2021 might be a year of transition for your firm. Depending on your location, you might still be affected by lockdown restrictions.

Meaning you’ll need to think of innovative ways to diversify and overcome them.

While no-one can predict the future, creating a workable plan for a variety of situations. This will ensure you’re able to continue operating, regardless of what happens.

5. Talk to Employees

If you have the staff or your work with subcontractors, now is the time to thank them for their efforts this year. It’s likely they’ll have struggled throughout 2020 too.

Showing your appreciation and gratitude will go a long way to keeping them motivated throughout the final quarter.

The same goes for any freelancers you may have that help you out. Make sure they know if you will be continuing to have them in 2021. Ilka Flood has a wonderful service to send out cards called “Send Them A Smile.” 

These cards are a great way to send out appreciation as something every small business should do before the end of the year.

Showing your appreciation and gratitude will go a long way to keeping them motivated throughout the final quarter. Click To Tweet

Prepare Your Business for 2021 as Every Small Business Should Do Before the End of the Year

While there’s still a good few weeks left of 2020, you’ll want to start looking towards the New Year when it comes to your business.

Be sure to look at tools that can save you time and money in 2021 as well as delegating time-consuming tasks to others.

By preparing for the future and implanting a growth strategy, you can ensure your business is ready for a prosperous and successful year.

What are you doing NOW to prepare as every small business should do before the of the year? I’d love to know the comments below.

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Lisa loves helping others to thrive online through Social Media, Blogging, and SEO. What good is knowledge if you cannot share it with others? She has 30+ years of experience in marketing/advertising with 9 years of experience in content marketing, social media, blogging, and SEO. Check out her latest eBook "How to Tweet and Thrive on Twitter" now on Amazon.

  • Hi Lisa,
    Great advice to wrap up the year and plan for the new one. My fiscal year ends in November so I am wrapping things up. I am just starting to outline what I want to do for 2021. Now all I have to do is follow those necessary steps in order to make it happen :).
    –Donna

    • Thanks Donna. Oh boy, you are probably working very hard this month. I hope it’s been a good year for you with the additional business you have begun! I can’t wait to hear more about it 🙂 Have a great week.

    • Hi Sweety, Welcome to Inspire To Thrive. I hope it does help! I know I was behind the 8-ball last year. It’s easy to have that happen but if you are prepared you can save yourself a lot of time and aggravation. Have an awesome day!

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