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Prep Your Houston, TX Small Business for End-of-Year with These Planning Tips

The final quarter of the year is a challenging time for businesses. Not only are you wrapping up your work for the year, but you're also preparing for the year ahead. Proper planning during this time can set your business up for success in the coming year. Here are some tips from the East End Houston Chamber of Commerce to help you get started:


Evaluate Your Annual Goals


If you want to end the year on a strong note, begin by taking a look back at what you wanted to accomplish this year. Which goals did you reach? Which ones fell by the wayside? What lessons did you learn along the way? This reflection will help you set more realistic and achievable goals for next year.


Outline Goals for the New Year


Once you assess this year, it's time to start planning for next year. What do you want to achieve? How will you get there? Having a roadmap will help you stay focused and on track throughout the year.


Finalize Your Holiday Marketing Plan


If you sell products or services, chances are you'll need to do some extra marketing during the holiday season. Start planning now so that you can hit the ground running come November and December. Know your audience, determine where they're shopping, and create a marketing plan that resonates with them. Additionally, make sure your website and social media channels are updated with any holiday promotions or sales.


Stock Up


Holiday shopping can be a make-or-break time for many businesses, so make sure that you have enough inventory on hand to meet customer demand. Doing a projected sales analysis now can help you ensure that you have enough products on hand come December.                            

Review Your Bookkeeping


The end of the year is also a good time to take care of any loose ends in your bookkeeping. Make sure all invoices are accounted for and that your books are in order before setting off into the new year. If you work with an accountant, ask them for a checklist of items to ensure your ledger is staying in the black.


There are some simple steps you can take now to prepare for tax season. Make sure all of your financial records are up to date. This includes sales receipts, invoices, bank statements, and any other necessary documents to prepare your taxes. Next, gather any deductions you may be eligible for. This could include business expenses, charitable donations, or home office expenses. Once you have all your paperwork and files sorted, start organizing your documents. Consider convert your documents to PDFs for free using an online tool and then condensing multiple files into a single file that's easier to send.


Make Updates to Your Website and Social Media Profiles


Take some time to review your website and social media channels. Are they reflecting your current branding? Do they include any outdated information? Are they mobile-friendly and accurate for the holiday season? Making sure these platforms are accurate and effective will help ensure that your business is positioned for the new year.                                                  


The final quarter is a whirlwind for sure; however, when you take care of key tasks now, you can set your business up for success in 2023. Reviewing annual goals and outlining new ones, preparing for inventory needs, catching up on bookkeeping and organizing your tax paperwork are all great places to start. Use this time wisely and you'll be in a better position to end the year successfully.


Connect with and learn from other local business leaders by joining the East End Houston Chamber of Commerce.


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