If you’re a small business owner, chances are this year has been especially challenging, which makes looking ahead to the new year even more important than usual! While you may be pushing through the crazy holiday season, be sure to take a moment to plan and prepare for the year to come. To help, we’ve outlined some essential tasks small businesses should complete before the end of the year to set themselves up for a profitable new year.

1. Keep your employees motivated

After a trying year of uncertainty and unprecedented challenges, the holidays offer the perfect time to ensure that the people who make your business possible get an extra big serving of appreciation.

Although the year’s economic slump might have taken grand gestures off the table, small tokens of thanks are still a great idea. Gift cards are always appreciated, as are gifts of treats or beverages! Even something as simple as a note or card to show your appreciation can keep your team members feeling valuable.

Everyone needs a little encouragement every once in a while. So make this one of the first things your small business completes before year-end.

2. Set your business goals for the new year

Do you want your business to grow? Then setting goals is a priority item your small business should complete by the end of the year. You have to know where you want to go and plan how to get there.

If you’d set goals for this year, review those first. Make notes of what you did or didn’t accomplish and why or why not. Then keep those notes handy while setting up next year’s goals. You’ll also want to note which goals were not attained due to COVID and try to come up with a pivot plan that leans into the new direction the marketplace is taking.

An easy tool to help you is SMART goals. The acronym stands for Specific, Measurable, Achievable, Realistic and Timely.

Specific- Define clear-cut goals that leave no wiggle room. Example: My restaurant will focus on providing takeout meals.

Measurable- Use specific criteria to measure your progress toward a goal. Example: I will eliminate menu items that don’t travel well and focus on those that do.

Achievable- Set goals that are within reach and attainable. Example: I will promote my business by producing custom postcards and social media posts to help increase takeout orders by 10 a week.

Relevant- Make sure the goals make sense for you. Example: Focusing on takeout meals allows my business to stay afloat in the face of indoor dining restrictions.

Timely- Set a deadline to meet your goals. Example: I will have the new menu ready within a month.

3.Complete a thorough company inventory

Taking inventory of everything in your company at year’s end is an important item for your checklist. It can be tedious, but it’s extremely valuable for cost savings and your bottom line.

From raw materials and finished goods to equipment, employees and product packaging, everything should be inventoried before the year comes to a close. If you offer a service instead of actual products for sale, do an inventory of the services you offer and see which ones sold and which ones didn’t.

Once your product or services inventory is done, you might discover that it’s time to discontinue a particular service or product or maybe it’s time to add something new that customers are clamoring for more. This is the perfect time to plan a strategy for the year ahead to focus on in-demand items or services and eliminate those that drain company revenue or resources.

Once you’ve taken your inventory, make note of what is running low. Do you need more shipping boxes or shipping labels? What about packing materials for your products or ink for the printer? Now is a great time to restock your shelves with the essentials you need to run your business. Nothing is more frustrating than reaching for something that’s run out and has to be reordered.

4. Organize your work and office space

The best way to kick off the new year is with a clean, organized office and workspace. After the holidays you want to be able to come in and hit the ground running.

Do you label, package and ship your own products? Create a workspace that helps you get it done faster and more efficiently. Check out these inexpensive label storage hacks that can help keep you more organized. If you ship a large amount of merchandise, create a shipping station with all the things you need in one place that will help prevent order errors and breakage.

These four items will help you get prepared and ready to start the new year with a bang. Once you’ve completed the list, make sure to reward yourself with a break. You deserve it!

Need to stock up on your product labels or shipping labels for the new year? We have all the labels, cards and tags you need. Print them yourself or let us professionally print them for you to make the new year even easier for your small business.