Small Business Owners Year End Guide

December 01, 2022

The final month of 2022 is here. It is a time filled with happiness, celebrations, and holidays. However, it is also one of the busiest times of the year for small business owners.

The end of the year has many small business owners focused on wrapping up final projects and getting organized. It can be an excellent time for small business owners to place efforts into showing appreciation to their employees and customers. It is essential to offer employees and customers appreciation for everything they have done for them over the past year. The end of the year is also the perfect time to start preparing for the new year ahead.

Small business owners need an end-of-the-year planning guide to ensure they accomplish every task and responsibility on their to-do list before December comes to a close.

Here is a six-part planning guide that will help small business owners tackle the end of the year’s responsibilities:

1. Host a holiday celebration for employees.

One end-of-the-year activity that should be at the top of every small business owner’s to-do list is hosting a holiday celebration. Throwing a holiday party is a great way for small business owners to show their employees they appreciate their hard work. It could be as simple as hosting a happy hour after work or ordering lunch for employees.

When small business owners allow employees to unwind and have a good time, it boosts workplace morale and makes them happier. Furthermore, small business owners can connect with and get to know employees in an informal setting. When small business owners work to increase employee happiness and get to know them personally, their small business dramatically benefits.

The holiday season is an opportunity to increase employee engagement and job satisfaction. This leads to increased employee retention, which is essential when hiring and retaining talent is challenging.

2. Send holiday cards to customers.

The end of the year is an excellent time for small business owners to reach out to customers and thank them for their business. In addition, sending out holiday cards is a great way to further connections with clients. When small business owners work to strengthen this bond with clients, it shows they care. This increases the likelihood that their customers will continue to do business with their small business in the new year.

Furthermore, it also boosts their overall perception of the small business. The likelihood that customers will recommend the company to family and friends is increased. The small investment of time and money in holiday cards can be beneficial in strengthening the relationship with customers for years to come!

3. Verify employee information for W-2s.

A great way to get a jumpstart on the new year is to verify employee information for W-2s. This may not be the most exciting end-of-the-year activity, however, it will save small business owners time and energy during the following year’s tax season. This time of the year goes by fast between the hustle and bustle of the season, time off for the holidays, and beginning-of-year tasks. W-2s will be issued for this past year very soon. Devoting time at the end of this year to ensure employees’ names, addresses, and social security numbers are recorded correctly can save hassles in the immediate future. Doing so now will benefit small business owners when it comes time to file W-2s and allow them to connect with employees to ensure their information is correct.

4. Organize financial records.

Another productive way for small business owners to close out the year and prepare for next year’s tax season is by getting their financial records in order. Small business owners should dedicate time to ensuring their accounting records are correct and updated. They should gather all financial statements and business receipts. Inventory should be verified. Bank statements should be reconciled.

Furthermore, small business owners should also ensure their payroll records are in order. They should take time to verify wages, tax rates, and deductions for each employee that will receive a W-2. Once again, taking these steps now will greatly benefit small business owners in the new year.

5. Evaluate your 2022 achievements.

As the year comes to a close, it is imperative for small business owners to reflect on everything they have achieved over the past year. Doing so is an excellent way for small business owners to evaluate how far their business has come in the past year and gather some insight into what they want to accomplish in the next year.

Furthermore, small business owners should take some time to celebrate their achievements; for example, they could host a luncheon for employees or have an ice cream truck visit the office. It is important to celebrate each accomplishment, no matter how big or small it may seem. It is suitable for the business owners’ morale, and it is good for the employees to know they make a difference!

6. Set goals for the new year.

Finally, small business owners should dedicate some time at the end of the year to establishing goals for the new year ahead. Setting plans now will give small business owners a clear vision of what they are working toward when they return to the office in January. Furthermore, it is beneficial for small business owners to start the year knowing what goals they wish to achieve, so they can devote as much time as possible to reaching them.

It may be helpful for small business owners to consult their employees when they are setting these goals. Giving them a say in what purposes they are working toward achieving will help them feel more passionate about and committed to reaching them.

While December may feel like a mad dash for small business owners, it is the best time to plan for the new year ahead.

These last few weeks of 2022 will be busy. However, each is better at preparing small business owners for success in the new year. Remember to have some fun and celebrate the holidays! Thank your customers and employees as a part of the holiday season. Reflect on all your small business has achieved as a part of your year-end tasks.

Happy holidays and congratulations on another successful year of hard work!

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 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!