It's the Fourth Quarter, Will Your River Heights Small Business Win This Year?

The fourth quarter is upon us, which means it's time to start wrapping up the year and looking ahead to the next one. For small businesses, this means taking stock of what has been accomplished, setting new goals, and making sure you are prepared for the holiday rush. From the River Heights Chamber of Commerce, here is a checklist of things you should do to make sure your business ends the year on a high note and starts the next one even stronger.

Evaluating the Goals You Set for This Year

The first step in fourth quarter planning is to take a look back at what you have accomplished over the past year. This will help you identify what has worked well and where there is room for improvement. Make a list of your major goals for the year and evaluate how well you have achieved them. This reflection will be helpful in setting new goals for the coming year.

Creating New Goals for Next Year

Now that you have taken stock of your accomplishments, it's time to set some new goals for the upcoming year. What do you want to achieve in the next 12 months? Be specific and realistic in setting your goals so that you can create a plan to achieve them. Remember to consider both your personal and professional goals when outlining your plans for the year ahead.

Planning Your Holiday Marketing Campaign

The holidays are a busy time for most businesses, so it's important to start planning your marketing strategy early. If you haven't already done so, now is the time to create or update your holiday marketing materials. Make sure your website and social media profiles are up-to-date and reflect any seasonal changes in your products or services. You should also start thinking about any special promotions or discounts you will offer during the holiday season.

Updating Your Web Presence and Social Media Profiles

Speaking of websites and social media, now is a good time to make sure both are up-to-date and reflect any changes in your products or services. Take some time to review your website content and make sure it is accurate and current. The same goes for your social media profiles—make sure they are accurate and reflect any changes in your business. This will help ensure that potential customers can easily find accurate information about your business online.

Assessing Your Inventory and Suppliers

If you sell physical products, now is a good time to assess your inventory levels and make sure you have enough product on hand to meet customer demand during the holiday season. It's also important to review your supply chain to ensure that there are no disruptions in manufacturing or delivery during this busy time of year. By planning ahead, you can avoid any last-minute scrambling to restock shelves or fulfill orders.

Reviewing Your Accounts

The end of the year is also a good time to review your accounting practices to ensure that everything is up-to-date and accurate. This includes reconciling bank statements, reviewing invoices, and preparing financial statements. This will help make tax season go more smoothly and ensure that you have accurate records of income and expenses for the year.

Getting Ready for Tax Season

No one likes paying taxes, but fourth quarter planning isn't complete without preparing for tax season. Start collecting all of the necessary documentation so that you can easily file your taxes when the time comes. This includes W-2 forms from employers, 1099 forms from contractors, receipts for business expenses, etc. The next step is to convert it to a PDF file. Having digital records makes it much easier to locate information efficiently. The more organized you are now, the easier filing taxes will be come April 15th.

Revisitinging Your Business Structure

Finally, take some time during fourth quarter planning to reevaluate your business structure. Has anything changed over the past year that might require updating your business entity? For example, if you've hired employees or opened a new location, you may need to update your LLC status or obtain a business license. Taking care of these administrative tasks now will save you headaches down the road.

By following these tips, you can end the year on a high note while also laying the groundwork for an even more successful next year. Planning for the fourth quarter may seem like a lot of work, but it's an essential part of running a successful small business. So roll up your sleeves, get started, and enjoy peace of mind knowing that you're prepared for whatever comes your way.