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6 End-of-year preparations your business can begin now

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The end of a year looms upon us before we even have the chance to properly take in everything that occurred during the course of the twelve months that just breezed by. Due to being unprepared, we often miss out on important actions that needed to be taken beforehand, which usually results in a loss.

Here are six preparations that your business can begin to make from now on to avoid the usual flurry that is associated with the end-of-the-year tasks that make you flounder knee-deep in paperwork.

1. Decide the bonuses without adding the tax

The end of the year signifies a lot of good things for employees, with bonuses being one of the major attractions. Offices start to expect a bonus by the time December arrives, having worked hard all year. Deciding who to give a bonus to is not as easy a task as you might perceive. This is because it requires researching into the work done by each eligible employee and tracking down how they contributed to the business.

Bonuses need to be handed out after analysing the growth of each person and starting the process early will give you a better idea of who to keep an eye on as possible contenders. This will also mean that when the time comes to hand out the bonuses, your work will already be half done and you will only need to view some records.

2. Check your income statement for profits

Instead of leaving this task to be done at the end of the year, starting its process now will give you a better idea of where your company stands. Knowing the profitability conditions of your company will mean that you can streamline your actions for the few months left before the year ends to ensure better profits. This will make clear the areas your company is strong in and the areas it is lacking in. Starting to do something about it now would be better than finding out the issues later and being set back.

3. Add up your tax payments

Some businesses are often taken aback by the payments they are expected to make at the end of the year. Knowing the tax conditions of your company so you can then go on to plan tax will help you in making better financial decisions and will also assist you in saving money in a better manner.

4. Review your insurance policies

It is better to review your contract with the insurance company before the year ends. It is normal to have incidents throughout the year where the insurance company’s work has been needed. It is also better to revise the original contract to see if there are changes that need to be made. Looking at other insurance companies is also a good option as you may get a better deal somewhere else.

5. Be better informed

The end of the year signifies changes in every sector of the economy. It also includes the possibility of new laws and regulations being passed that could have an impact on your business. Knowing about the ideas that are floating around will help you become better prepared and will enable you to be ready with a game plan by the time the law is passed.

6. Throw an office christmas party!

Christmas is a time when we can unravel and learn how to have fun again. Having an office Christmas party is the perfect end to a year of business for your company and will wrap things up nicely. Decorating your office with Christmas decorations, having the appropriate refreshments and food, and of course a signature Christmas tree will lift the spirits of your employees.

You have the chance to make Christmas at your office an interesting and memorable event by putting together a Christmas party that is like no other. So, start planning your work Christmas party early this year! Or if a Christmas party in the office just isn’t your kind of thing, you could take the team to Christmas events.

These six steps need to be considered for your business before the year actually comes to a close. Culminating all the efforts of your employees and taskforce by putting together an enjoyable office Christmas party will be the perfect end to a business year and have them ready for the upcoming year!

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best.We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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