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Did you Finish 2019 with a Bow Instead of a Bang—All Wrapped and Ready to Go?

by Ann Connor

If you’re a bit concerned about how you finished 2019 and how you can start strong now that the New Year is here, we don’t blame you! With 2019 behind us, it’s important to have all your ducks in a row to make sure that the upcoming year can be your best yet. That’s why we’ve compiled this can-do list to make sure your small business is ready, set, go for 2020.

1) Make it One for the Books

 Being organized for tax season starts now, not when it’s time to file. So start collecting and sorting important documents, receipts, and invoices, being sure to separate them from other documents that you no longer need and can toss. If you don’t have a filing system in place—today is the day to get one started (we also highly encourage a location to back up important documents, such as a cloud or external hard drive).

Also be sure to review past and current financial reports, double-checking your yearly earnings, as that can play an important role in how you file. And don’t forget to investigate potential unexamined write-off opportunities, such as retirement account deductions or contributions. 

 2) See into the Future

New Year’s resolutions aren’t just for the general public. They’re for small businesses too! While long-term goals are important and necessary, be sure to have a list of building block goals that will eventually propel your company in the right direction. Revisiting objectives from past years is a great way to reevaluate and restructure your 2020 goals, too.

When revisiting the past, it’s equally important to reexamine your future pricing. Odds are you could be undercharging your clients—so see if bumping up rates might be a good place to hit the ground running to reach your 2020 goals. Or, perhaps you’ll find that your current business structure is no longer appropriate for the future of your company. Make structural changes as the New Year begins to avoid any unnecessary hassle and paperwork when filing upcoming taxes.

 3) Get Tech Savvy

Okay, so you’ve reviewed your books and established some worthy goals for 2020. Now it’s time to make sure that your office equipment is up-to-date to ensure all of the above can be accomplished as efficiently as possible. Does the office need a new copy machine, or would a new break room fridge really boost morale? Now’s the time to stock up on those must-haves to ready one and all for a fantastic new year. Bonus? The Section 179 Deduction provides a tax break for tech purchases!

 4) Twas the Season for Giving

Charitable donations are what the holidays are all about, so if your company participated in the season of giving, not only was it a great way to give a broader scope to your company’s mission and give it a much larger, community-based purpose – selfishly, it’s another area to explore potential tax write-offs, which certainly doesn’t hurt. Either way, it’s a win-win.

5) Update your Accolades

If you haven’t been consistent in updating your company’s social profiles, now is a critical time to make sure you do. With the year officially in our rearview, odds are your business has made some exciting improvements throughout the course of 2019—so don’t forget let your followers know!

 What are some tips you and your small business stick to for success after New Year’s? We’d love to hear from you! Share with us!

SOURCES:

http://quickbooks.intuit.com/r/accounting-money/5-small-business-financial-moves-make-new-year

http://www.freshbooks.com/blog/2014/10/17/end-of-year-business-planning/

http://www.entrepreneur.com/article/240789

http://www.entrepreneur.com/article/240330

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