As we near the end of 2014, this is the perfect time for you as a small business owner to kick it into high gear and close the year out on top. In order to ensure that 2015 will be a money making success, it's vital to get your business processes organized and you have to get clear on your goals for the coming year.
And you have to start now. January will be here before you know it and you want to hit the ground running.
So, where should you start when it comes to cleaning up your business processes? Your bookkeeping needs to be a major area of focus for your end of year clean up. If you haven't touched your books all year, now is the time to do it so you're not scrambling come tax season. This is also the time to start reviewing your business plan and mapping out a strategy to take your company to the next level.
Are you ready to finish 2014 strong and make 2015 the best year yet?
Here are three things every small business needs to do to make sure their company is ready to succeed in the New Year.
Organize your bookkeeping. Before anything else, you need to know where you stand financially and how much you are actually making. Your bank or Paypal account is not enough to do this, you need a bookkeeping program. Xero is a fabulous program that’s intuitive and an easy way to keep track of all of your happy hour meetings and conference expenses. It even has an app so you can do all of your invoicing on the go.
Design a business plan. Every business needs to have a plan in place in order to track their progress and create a roadmap to success. Think about how much you want to make next year. Will you have to increase your service rates to make this happen or take on more clients? Not sure where to start with your business plan? Check out LivePlan, a beautifully designed business plan software. It links with Xero and allows you to compare your financial performance to others within the industry.
What do you really want? This is the most important thing to consider when preparing yourself for 2015. Consider how much time you want to spend with family versus working on your business. Do you want to travel more, go on more spa dates with the girls, finally read that one book you wanted to dive into forever ago? Figure out what makes you happy and make sure you incorporate these desires into your business planning and personal goals.
Now we want to hear from you! What is the first thing you will do to prepare for 2015? Let me know in the comments below.
Danetha Doe (@danethadoe) is a business strategist and was named one of the Top 40 under 40 accounting professionals in 2015 by CPA Practice Advisor. She is the creator of Money & Mimosas, an online educational resource for entrepreneurs.