7 Must-Dos Before the End of the Year

7 Must-Dos Before the End of the Year
Image credit: Shutterstock

Franchise Your Business

Schedule a FREE one-on-one session with one of our Franchise Advisors today and we’ll help you start building your franchise organization.
Entrepreneur Leadership Network Contributor
Founder & COO of Recruiter.com
4 min read
Opinions expressed by Entrepreneur contributors are their own.

Now that December has arrived, it's time to make some smart moves to set up your company for an even better next year.

Here's my seven-point checklist for entrepreneurs at the year's end:

Related: 7 Simple Steps to Take for a Successful 2015

1. Set the stage for growth.

Can your company accommodate the growth forecast for next year? Review your projections for next year and be sure to plan appropriately in each area of the budget.

Do you have the to meet the revenue goals? Have you adequate office space to accommodate the hires? How will an increased number of clients strain customer service? Will an increased amount of traffic affect Internet costs?.

2. Get the books in order.

If you haven’t been doing your books monthly and paying taxes or setting aside , you’re on the naughty list. Perhaps you haven’t spent enough time reviewing the numbers and the company's performance.

Be sure to examine the financial reports carefully and compare the changes from years past. Note if any results are off and make a plan to push the numbers in the right direction next year.

3. Gather with staff.

You might be thinking about your all the time, but it’s easy to not communicate your thoughts with staff. You might have changed the company's direction or added services without bringing everyone to the table.

The end of the year is a great time to reflect on the company's performance, talk about challenges and accomplishments and plan for the year ahead. Have a meeting before your holiday party so that the festivities don’t have to involve talking business.

Related: Balance Fun and Productivity at the Year's End

4. Seek out savings.

Big expenses that hold the promise of significant growth dominate your thoughts. Look at any big-ticket items for next year and figure out if you can pay them off for a guaranteed savings.

Monthly software services, for example, often grant 20 percent off to those who pay a year in advance. Likewise a landlord might offer a 10 percent discount if rent is furnished for the entire year. Spot these savings and make an investment now. You’ll save money over the long haul.

5. Evaluate the company's technology.

When you review the year, be aware of how staffers have used existing systems. Probably members of your team live and die by certain software programs but use others infrequently. Sometimes if employees aren't using a certain software program, a system or a piece of equipment, they don’t understand it.

Other times, the use case isn’t real and your team just doesn’t need the software. Consider eliminating any unused systems next year.

6. Set goals.

The best goals are framed to be actionable. But it's easy to forget this when setting longer-term objectives.

Well, it might be nice to say you've adopted a goal to increase sales 40 percent. But how? Know that adopting any goal requires a change in behavior. So what are you and your staff about to do differently? Are you shifting your approach to focus on products that sold well this year?

Will the company do more ? What will you and your staff do differently next year that will effect enough positive change to reach your goals? Create a specific action plan and arrive at a consensus and an understanding of the new behaviors required.

7. Contribute.

Arrange for charitable giving for the selfish reasons of a tax write-off or good publicity. Or do so unselfishly because you’re an awesome person. But take time to contribute something before the year's end.

Consider matching employee gifts to a charity that's engaged in a similar area as your company is. Making a donation of your time or money helps build a sense of purpose for your staff and your company.

Related: How Giving Could Become Your Default Weapon of Choice 

More from Entrepreneur
Our Franchise Advisors will guide you through the entire franchising process, for FREE!
  1. Book a one-on-one session with a Franchise Advisor
  2. Take a survey about your needs & goals
  3. Find your ideal franchise
  4. Learn about that franchise
  5. Meet the franchisor
  6. Receive the best business resources
Make sure you’re covered if an employee gets injured at work by
  • Providing us with basic information about your business
  • Verifying details about your business with one of our specialists
  • Speaking with an agent who is specifically suited to insure your business
Whether you want to learn something new, be more productive, or make more money, the Entrepreneur Store has something for everyone:
  • Software
  • Gadgets
  • Online Courses
  • Travel Essentials
  • Housewares
  • Fitness & Health Devices
  • And More

Latest on Entrepreneur