Year End Checklist: Are You Ready?

Like the song says “It’s the most wonderful time of the year.” (you sang that line instead of reading it right)😉 For me as a business owner, it can be one of the most stressful times of the year. Trying to make sure that I have all my ducks in a row for the new year.

I created a little checklist that helps me deal with the stress and makes sure that I get everything done so I can go into the new year fresh. Everything on the list may not apply to your business, so feel free to add different tasks to your own end-of-year list. Overall this list can get you started and pointed in the right direction.


1. Get Your Books in Order:

Collect all invoices and receipts throughout the year and organize them by category (Gas, Utilities, Vendors, etc…). This may take a little while depending on how organized you have been during the year. It doesn’t matter if you are a solo professional with a shoebox full of receipts or a business that uses an accountant/bookkeeper this step needs to be done first. 


2. Run Year-End Financial Reports: 

There are several reports that you need to run to figure out where your business is now. These reports will help you make decisions and financial goals for the upcoming year.

  • Balance Sheet: This is a summary of your business’s financial position throughout the year. It will show all of your assets, liabilities, and equity.
  • Profit and Loss Statement: This report will itemize your revenue expenses for a period of time, in this case, the whole year. You can see at a glance if your business is making money.
  • Detailed Cash Flow Statement: This report reconciles your opening cash with your closing cash for certain periods of time. It will show you where your money has gone.


3. Review Your Revenue Goals:

All year you have been keeping up with your business revenue goals. Running monthly and quarterly reports to make sure your business is on track or falling behind. Now would be a good time to take one last look to determine if you may need a little push to complete your revenue goals for this year.


4. Update Your Vendor Files: 

This is a good time to make sure that all your vendor and suppliers information is up to date. Be sure to include any new relationships that may have been missed or doesn’t have all the needed information.

5. Back Up Your Computer And Phone:

You rely on your computer and phone to conduct your business. There are many important files and critical information that needs to be saved and backed up “just in case” something happens (spilled coffee on your laptop 😐 it happens). It is a good idea to have a regular backup schedule, but I think that end-of-year backup is a high priority.  There are a lot of options for backing up your systems. The cloud or external hard drive to name a few.

6. Audit Your Website & Social Media Profiles:

Now is a good time to make sure that your website and profiles look up to date and fresh. Update the images, make sure the links work, change up headlines, change up descriptions on business profile pages, etc… Going into the new year knowing that all the things are up to date and working will take a load off the proverbial plate.

7. Plan For The Coming Year:

  • Set next years goals
  • Prepare an action plan(s)
  • Start implementing your action plan

Make sure you are setting goals and action steps that will accomplish what you want your business to accomplish. Create small action steps that build on each other so that you can reach your goals and be successful. (Setting goals and action steps is a whole other newsletter.)

8. Breath:

When you complete your checklist take a deep breath and bask in the fact that you have accomplished a big feat. If you have a log of your business accomplishments take a look at all your positive business successes. If you don’t have a log of your business accomplishments I highly suggest you create one. It helps to look back and see that you are doing well in your business even though at the time you don’t feel that way.

So you know the saying “Businesses that fail to plan, plan to fail.” We all know it is important to plan, but it is super easy to procrastinate. This list can get you started and maybe it will inspire you to do some business housekeeping throughout the new year. It will be time well spent I promise.

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