Eight End of the Year Tasks for Small Business

December 10, 2021

The final month of 2021 has arrived, and the holiday season is in full swing. It is the happiest time of the year, but it can also be stressful for small business owners.

As your calendar fills up with end-of-the-year events, it is crucial to keep a to-do list of activities and tasks you need to complete for your small business before 2021 comes to an end. Finishing the year off strong will ensure your small business’s success in the new year.

Although this may feel like an overwhelming amount of objectives to complete before the year’s end, if you have a clear vision of what you need to get done, you will be able to complete every item on your to-do list with proficiency.

Here are eight tasks to check off on your 2021 to-do list:

1. Update your payroll records.

Ensuring your payroll records are up to date will help your small business operate efficiently in the new year. Taking the time to verify wages, tax rates, and deductions for each employee will help you get organized and separate current employees’ information from past employees’ information. Furthermore, doing so will give you a jumpstart to success when filing W-2s.

2. Organize your accounting records.

Taking the time to organize your small business’s accounting records at the end of the year will help you stay on track for the 2022 tax season. Make sure you gather all of your financial statements and business receipts, verify your inventory, and reconcile any bank statements. Taking these steps to organize your information will save you valuable time during tax season in the new year.

3. Finalize your 2022 budget.

Once you prepare your accounting records, you should create your budget for the following year. Developing a budget will give you a clear view of your future costs and what areas of your business should receive extra funding. When finalizing your budget, you should consider aspects of your financial statements, including revenue, variable and fixed costs, and last year’s expenses.

4. Complete performance reviews for employees.

As the year comes to an end, it is a great time to reconnect with your employees. Performance reviews allow you to discuss with each employee all they have accomplished over the past year and what they hope to achieve during the next. Furthermore, take this time to talk to each employee about what they like about working for your small business and what they would like to see change in the new year. It is important to reassure employees that their feedback is appreciated, whether positive or negative.

5. Reach out to your customers.

The holiday season is the best time of the year to show your valued customers you appreciate them. Send out handwritten cards to customers expressing your gratitude for their business and your hope that they will continue to support you in the new year. If possible, include an exclusive offer, coupon, or gift card in the card to increase the likelihood they will continue doing business with you in the future. Taking the opportunity to give back to those who support you today will significantly increase your small business’s success in 2022.

6. Throw a holiday party or year-end celebration for your employees.

Show your employees you appreciate their hard work by giving them some time to relax and have fun. Throwing a holiday party or year-end celebration will boost your employees’ morale and refresh them for the new year ahead. Use this time to connect with your employees in an informal setting and get to know them better. When employees feel connected to the business they work for, they are more motivated and passionate about the work they complete.

7. Assess the completion of your 2021 goals.

Taking a step back at the end of the year to evaluate which goals you achieved and which still need a bit of work can be a very eye-opening process. Doing so can help you not only appreciate how far your small business has grown over the past year but also determine goals you should set and focus on for the new year ahead.

8. Take time for yourself.

As the year comes to a close, remember to step away from work and take some time for yourself. Spend time with close family and friends, take a personal day, or go on vacation. Taking the time to prioritize your mental health and overall wellbeing will significantly pay off in the new year. Remember, if you are not operating at your absolute best, your small business cannot either.

The final months of 2021 are some of the busiest of the year, especially for small business owners. However, the work you complete now will significantly benefit you and your small business in the new year to come.

While you may feel that there is a never-ending list of activities and tasks you have to complete before the year’s end, remember you have the support of your entire small business and PaySmart behind you. Utilize this to-do list to maximize your productivity and completion of each objective.

You are in the home stretch. Keep working hard for the new year ahead!

PaySmart is a payroll provider located in Mechanicsburg, Pennsylvania, supporting small businesses in the Central PA region. We are dedicated to helping small businesses take care of their payroll needs. To learn more information about how PaySmart may provide payroll solutions, please get in touch with us at 717-766-1777. Our New Client Concierge is waiting for you!