With the typical rush of the holiday season, the final two months of the year are always busy and challenging. For business owners, the anxiety level is compounded further with a host of additional stressors –

•  Will we make a profit this year?
• Can we close our pipeline sales before year-end?
• Will employee retention be a problem?
• What issues need my attention at this time of the year?
• What should I be doing to ensure success next year?

Well, have no fear because Mr. Biz is here to help! Take a deep breath, grab your coffee and read the checklist that follows to help ease your tension level.

Financial Tasks – these will ensure you are optimizing your company’s financial well-being

1. Review financial statements – pay particular attention to comparisons to the prior year (2016, in this case), prior year quarter (4th quarter of 2016) and prior quarter (3rd quarter of 2017)
   • Balance sheet – summary of business health at a point in time
   • Income statement – are you profitable . . . or not??
   • Cash Flow – shows you the net change in cash and where the money went
     • Operating – revenue and expenses
     • Investing – assets purchased and sold
     • Financing – loans and repayments
2. Review Key Performance Indicators (KPIs) – these measures should be regularly reviewed and, if selected properly, demonstrate how and why your business is growing
3. Review pricing – this, too, should be regularly reviewed but is critical to ensure your products and services are being sold at profitable levels; despite owners’ confidence, this is almost always an area that needs additional expertise and attention
4. Work Accounts Receivable
   • Sort in descending order to target the largest balances first
   • Push to close past due accounts before year-end; would it be worth offering a discount in order to get cash in the door and close out the account?
   • Consider sending aged balances to a collection agency
5. Prepare for taxes Calculate 4Q estimated payment and ensure it is received by the IRS no later than January 15th
   • Schedule a January appointment with your tax advisor
     • beat the rush and get on the calendar now
     • this will also give you a deadline against which you can plan your tax-related “To Do” list
   • Consider ways to reduce tax burden (always consult your tax advisor for guidance specific to your business)
     – for example:
     • Taking advantage of year-end sales to buy needed equipment
     • Writing down unsellable inventory
     • Paying outstanding Accounts Payable
     • Making a charitable donation
     • Deferring revenue, if possible
6. If you sell products, take inventory – consider a year-end sale to boost sales and reduce inventory

Operational Tasks – these items keep the wheels on the road and your doors open

1. Review insurance policies
   • Consider new coverages for changes in your business
   • Do you need to increase coverage to account for business growth?
   • In a nutshell, ensure you do not have any uninsured risks
2. Review and update your technology
   • If you need to update hardware or software, take advantage of year-end sales
   • Ensure your cyber security is up-to-date with the latest developments
3. Back-up all of your critical data – this should be done regularly but especially at year-end
4. Check your website
   • Test all links and functionality Update information, as necessary
   • Renew or update your security certificate

Human Resource Tasks – these tasks will place the proper emphasis on employees

1. Complete performance reviews for every employee – feedback, both positive and constructive, is critical to continued employee development and, therefore, your company’s future success
2. Check your payroll details
   • Ensure you include often forgotten items such as taxable fringe benefits – for example, sick pay or car allowances
   • Corrections are cheaper to make in December vs. early next year
3. Administer an anonymous employee survey
   • If you want honest feedback, and that is the only feedback that matters, it must be anonymous
   • Gives your employees an opportunity to provide feedback and have a voice
   • Consistent negative feedback can be a leading indicator of ensuing employee retention problems Information can help shape new programs and changes for next year
4. Plan employee recognition
   • Will you pay bonuses or provide profit sharing?
   • Consider a holiday party or year-end celebration
   • Be creative – provide annual awards, grant comp time, deliver verbal recognition, etc.
   • Celebrate successes!

Strategic Tasks – these will take your company to the next level!

1. Establish goals for next year – make the goals measurable; track them directly and with KPIs throughout the year; don’t forget to STRETCH!!
   • Financial Operational
   • Human Resources
2. Use the established goals to create a financial budget
   • Utilize trends from this year and known upcoming changes
   • Assess staffing needs to accomplish established goals
3. Create action plans that will ensure you accomplish your goals and budget – a great man once said, “Failing to plan is planning to fail!”
   • Make the actions specific and transparent
   • Assign an owner to each action

Year-end can certainly be a daunting hurdle to clear for every business owner. However, if you follow this checklist, you will start new year with a detailed plan for success!