Help Your Calhoun County Small Business End 2022 on a High Note
As the year comes to a close, it's time to start thinking about fourth quarter planning for your small business. This is the time of year when you wrap up loose ends. And of course, you'll want to review your accounting practices and prepare for tax season. Finally, this is a good time to reevaluate your business structure and make sure you're on track for continued success in the new year. Here are some practical tips from the Calhoun County Chamber of Commerce to help close out 2022.
How did you do on your goals?
The fourth quarter is the perfect time to evaluate your goals for the year. Did you achieve everything you set out to do? If not, why not? What can you do differently next year to make sure you hit your targets? This is also a great time to take stock of any changes in your industry or market and adjust your goals accordingly.
Set new goals
After you've taken stock of your achievements for the past year, it's time to start setting new goals for the upcoming year. What do you want to accomplish in the next 12 months? Be specific and realistic in your goal setting. And don't forget to set targets for both your business and yourself as an individual.
Finish your holiday marketing plans
The holidays are a busy time for businesses of all sizes, so it's important to start planning your marketing early. What promotions or sales do you want to run? How can you reach more customers during this busy season? What kind of holiday-themed content can you create that will resonate with your audience? Answering these questions now will help you hit the ground running when the holidays roll around.
Make social media and website updates
Your website and social media profiles should be updated regularly with fresh content, but it's especially important to do so in the fourth quarter. Make sure all of your contact information is up-to-date and that your website is optimized for mobile devices. You should also consider creating some new holiday-themed content or graphics for your social media profiles.
Take stock of your inventory and supply chain
If you sell physical products, then it's important to assess your inventory levels and supply chain in preparation for the holiday rush. Do you have enough product on hand to meet demand? Are there any potential bottlenecks in your supply chain that could impact delivery times? This is also a good time to review your pricing strategy to make sure you're still competitive.
Review your accounting and accounts
As the end of the year approaches, it's important to review your accounting practices to ensure that everything is in order. This includes reviewing invoices, reconciling bank statements, preparing financial statements, and more. If you outsource your accounting, now is a good time to touch base with your accountant or bookkeeper to make sure they have everything they need.
Get a jump on tax season
No one likes paying taxes, but they're a necessary evil for all businesses. The good news is that there are things you can do throughout the year to minimize your tax liability come April 15th. Now is a good time to start collecting receipts, tracking expenses, and reviewing deductions so that you're prepared when tax season rolls around. If you have a photograph copy of any document, you can convert to a PDF file for easy sharing and security. A PDF copy is easier to track and reference when you need to find critical information.
Reexamine your business structure
As 2022 comes to a close, it's a good idea to take a step back and reevaluate your business structure. Are you still organized in a way that makes sense for your current needs? Have there been any changes in personnel or operations that require a different approach? This is an important exercise to ensure that you're set up for success in 2023 and beyond.
The fourth quarter is an important time for small businesses. You’ll want to wrap up loose ends, assess your goals for the year, outline new goals for the upcoming year, plan holiday marketing, update your website and social media profiles, assess inventory and supply chain needs, review accounting practices, prepare for tax season, and reevaluate business structure. By taking care of these items now, you can set yourself up for a successful 2023.
Looking for business support in Calhoun County? The Calhoun County Chamber of Commerce champions our community’s economic and cultural growth through networking, events, and advocacy. Click here to become a member today!