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Your small business end-of-the-year checklist: 3 big things to do

On Behalf of | Dec 13, 2022 | Business Law

The end of the year is busy for a lot of folks, but that’s especially true when you operate a small business. This is the time of the year when you need to think about the things you should be doing now so that you can ensure smooth sailing (and better profits) in 2023.

What are the most important things you need to handle before January 1st? Here’s a checklist that could help:

1. Get a good look at the company’s financials.

Has it been a few months since you’ve run some basic financials? Have you mostly left those in the hands of your accountant? It’s time to look at the cahs flow statements, run a preliminary profit and loss and reconcile your accounts receivable. This will put you in the best position possible to get your taxes done without a lot of fuss.

2. Refine your business goals.

To operate efficiently, you need specific, measurable goals that are actually attainable. Think about exactly what you want to see from you business over the coming year and work backward to create a plan that will get you there. Look at everything from your staffing levels and your website design to your social media presence and SEO optimization and other key factors in your success.

3. Back up your electronic data.

You cannot afford to lose data that your company needs – or needs to protect. Make sure that you have strategic methods in place to protect your intellectual property and your customers’ personal information. The standard rule is that you need two different digital copies of everything (stored on different devices) and one hard copy of anything important.

It’s hard to stay abreast of all the things that a small business owner needs to do – so don’t hesitate to rely on legal guidance that can help you keep pace with all the demands.