4 End Of Year Business Tips To Implement Today - Forbes

With the final quarter in full swing, many businesses are looking for new ways to enhance their business. Especially if business sales have slowed and the company has not seen as many customers pop into your radar recently. Maybe business is better than usual, but there is always room for growth. Various things can be done during this time of the year to help get a company ready for holidays.  These four tips will help guarantee you finish the year strong and start 2022 on the right note. 

1. Market Your Holiday Hours Internally And Externally 

The holiday hours will be very crucial for both employees and customers to know about. If this information is not communicated to everyone promptly and with plenty of advance notice, the business can run into a lot of confusion and problems, which in turn can lead to lost sales and revenue. 

In the same manner, executives should promptly inform employees about their workload for the holidays. This is especially important if the business has many people who are working remotely from home. Employees need to plan their time so they can also relax and have family time for the holidays. If they aren't informed about what their schedule will look like, this can lead to big problems. 

For example, imagine being given an assignment during the week of Christmas and being expected to deliver it before New Year's Eve. This could aggravate a remote worker who had different expectations in place for the week without being given plenty of advance notice for a large project. 

For best results, make sure to post all holiday hours on all social media channels, Google business listings, Yelp listings, and so on. Try to post the holiday hours right after Thanksgiving, if possible, and consider making a company-wide mandatory vacation period!

2. Last-Minute Expenses

The end of the year means this is the last opportunity your business has to get its tax preparations out of the way. Business expenses are one of the ways for the company to make the most out of its yearly income and avoid paying more taxes than necessary.

Therefore, try to find some things that need to be replaced, and accordingly, written off in taxes for the year. This can be new office gear, marketing campaigns, or even perhaps a new company car. 

The idea here is that this is the last opportunity to write off expenses that the company has. Otherwise, the accounting team will have to wait until next year to write off additional expenses. Give the company a break on taxes and get some last-minute business expenses done before the end of the year. 

3. Try To Set Goal Deadlines Early

The holiday season is notorious for being the most challenging part of the year to get things done. People who are trying to sell their online business, for example, tend to put this off until the following year. This is because there is generally a big spike in earnings for Q4 and it’s much harder to get buyers on the phone during the holiday season. 

In anticipation of the hectic holiday season, try to get all business goals done a little early, if possible. If there is not enough time to meet the deadlines set in Q1 January, this could be very frustrating and demoralizing for your executives and employees alike. Finish everything that was set out to be done during the year, if possible. 

To keep shareholders and employees happy, consider even finishing more than what was envisioned in the roadmap for the year. This will give a great image off to those who might have been previously skeptical of your company's worth and efficiency. 

If there is extra time, the executive team can also get started on goals for next year. This way, they can go into the holiday season ready to relax and spend time with their families, knowing that next year is all planned out and ready to go. 

4. Send Out A Year-End Holiday Letter & Consider Special Gifts

One of the best ways to spread the holiday spirit is to send out a letter to anybody connected to the business. In addition to wishing everybody the best, seize this opportunity as a means of marketing and potential growth. 

In the letter, consider putting in a complete list of goals and tasks finished throughout the year. In addition, some basic information on the growth of the business, and list out some of your aspirations for the incoming year, and of course sharing your appreciation for their help. 

Also, remember that the holiday season is a time of giving. If the business made some extra money this year, consider sharing some of that love with your employees. They worked hard all year to help you grow and try to find something that shows your appreciation. 

Q4 Is The Time To Look Towards The Future

As briefly covered, businesses should be seeking ways to invest money to finish out the year with as many legitimate business expenses as possible before the tax man comes around. 

One of the things executives might have been considering, for example, is investing in a new business venture alongside the current one. This might include opening up a new franchise. In any case, take this time seriously as a means to set the company up for further success next year.

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