Prepping Your Business for the End of the Year

Prepping Your Business for the End of the Year

Hard to believe we’re in the home stretch of 2021, but it’s true! As the year slowly winds down, it is time to start thinking about the ways in which you can prep your small business for the end of the year. We all know how chaotic the holidays can be, so why not start tending to these to-do items sooner? Today, we’ll cover off on our top year-end tasks you can tackle now.

Prep Your Payrolls 

Bank holidays are quite frequent during the holiday season. This means that not only are physical banking institutions closed, but things like direct deposits won’t be performed. Unless you’re paying your employees in cash, if your paydays are scheduled to fall on any of these bank closures your workers won’t get their checks deposited. You can ignore this and pay your employees as usual, but be sure to let them know they’ll be receiving their money a day late. Another less painful option is to run your payroll one day earlier, allowing your workers to get their money sooner. If you’re one of the many employers who offer year-end bonuses, those also need to be considered. Bonus payouts are still considered paychecks, and they also need to have the required payroll taxes withheld.

Small Business Saturday

This annual holiday, which was originated by American Express over a decade ago, always falls on the Saturday after Thanksgiving. It’s a great opportunity for small businesses to tout their goods, spread awareness, and offer great deals that might otherwise get overlooked for the lure of Black Friday discounts at major retailers. Prep your business for a rush of customers with some of these tips.

Assess Marketing Strategies

Refreshing your marketing strategies on a regular basis is a good business move in general, but it’s even more important as we head into a new year. Evaluate what worked well over the past year and what what didn’t, and consider the changes that would benefit your business. If you’re ready to invest heavily on an entirely new marketing strategy, dipping into a line of credit or Flex Pay Loan will help ease the financial burden. Planning your marketing calendar out a year in advance can keep you on track and on schedule during your busiest times.

Review Last Year’s Goals and Create New Ones

What your business focus was last year doesn’t need to necessarily be what your business focus is next year. Go back through the goals you set for 2021 and measure where you are today. Were there any goals you missed, or ones that ended up not making sense? Setting business goals helps you and your employees know exactly what you’re trying to accomplish. It’s important to have something to work toward, something that shapes the business decisions you’ll be making each day. Goal setting can sometimes feel like an overwhelming task, which is why we recommend tackling it before the holidays really kick in to full gear.

Marketing tips, financial advice, industry news—the Financial Pantry has it all. We’re committed to helping your business thrive, whether it’s through a line of credit or small business advice. At ARF Financial, we’ve made it our business to make sure your business is ready for all the great things to come. Visit us today to learn more!