The beginning of the year is the perfect time to reflect on your business choices over the past year. Evaluating what was successful and areas that could be improved upon can be an ideal way to set your goals for 2018. However, once reflection is underway, what else can small business owners do to get prepared for the year ahead?
If you want to get 2018 off to a good start, then follow our start of the year checklist for small business owners.
1. Get your taxes sorted
While doing your taxes yourself may seem like a cost-cutting option for scrupulous small business owners, hiring a professional might actually save you more money.
Let’s face it – you are busy with the day-to-day running of your business and you’re not an accountant by trade. That’s why it can be hard to keep track of all of the tax tricks and changes that can help you to lower your bill.
An expert will undoubtedly find savings that could save your business money even after your cover their fee. Go for it.
2. Get organised
We’re looking at you! You might think that you are completely organised in all facets of your business, but if you take a good long look at your paperwork you might find that you have some room to improve.
At year-end, you don’t want to be spending time sifting through receipts and getting your paperwork in order.
Purchasing a ledger or investing in an app that organises your incoming and outgoing expenses could save you valuable time later in the year. Now is the perfect time to adopt good habits – it’s time to start processing information straightaway.
3. Prepare your team
Updating your employees on your vision for the year is a great way to involve your staff and to find out their thoughts about what they think could improve.
If any of your employees are unhappy, you can use this information to improve their working practices. If you use freelancers, find out their plans for the year.
Understanding their situation will allow you to look for others if needed so that you will not be left in the lurch.
4. Check your bank account
If your business bank account charges high fees or has let you down in the last year, it might be the best time to switch.
Review and compare business bank accounts across all of the high street banks, credit union and newcomer Metro Bank. Find out what they offer and whether they could be more beneficial to you than your existing provider.
For small businesses, app-based programs can be hugely valuable as well, taking the place of a traditional bank and providing quick processing and fast payments.
What’s on your start of the year checklist Leave your comments in the section below or get in touch with us on Facebook or Twitter!
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About The Author
Marketing Executive and Part-Time Copywriter. If I'm not working on our next big marketing project, you'll probably find me outside, basking in the sun or walking the dog. Learn more about Liam.