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8 things your Small Business must do for the New Year 2020

This blog post provides business tips for owners and managers transitioning between calendar years. It looks at both strategies and tactics that businesses can employ if they want to grow in the new year.

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With 2019 ending and 2020 bringing the dawn of a new decade, it’s important for you to analyze your business and think strategically to ensure a successful next year or ten. As such, Chameleon presents its year-end small business checklist:

  1. List your accomplishments and set your goals

    Don’t forget how much you’ve already accomplished! Listing these energizes you and can be shared with employees to recognize them for their contributions.

    As you reflect, begin considering your business goals for the year to come.

  2. Catch up on your Accounting

    Use this time to run financial reports including a profit and loss statement, a balance sheet and your cash flow statement. Be sure to meet with your accountant and go over the year’s books and prepare taxes for the next period.  

  3. Talk to an Attorney

    An annual legal consultation will keep you up to date with regulations, contracts, and employment laws. An attorney can also help you evaluate and minimize any legal risks you or your business may face.

  4. Get your Backend in Shape

    Start the year afresh, clutter-free. Organize and archive old paperwork, make a list of any new licenses you may need to apply for, and conduct an inventory count. Delete or archive vendors you don’t use anymore and update addresses, phone numbers, and the names of your key contacts. 

  5. Look at IT

    Experts recommend backing up all data on 2 digital platforms in 2 separate locations and having a copy in print or on a local server or hard drive. Further, consider if your business could be enhanced by upgrading current systems and software. 

  6. Employee Feedback 

    Update employee information and bonuses, if applicable. Conduct employee evaluations so that every team member knows where they stand and what you expect in the coming year.

  7. Figure out your Marketing Strategy

    Do you have a website? Do you have an online presence?Are you leveraging the power of Social Media? Do you have any guerilla marketing tactics up your sleeve?   

  8. Use sales and finance to budget and forecast

    Hang out with the sales folks and ask them first about the pulse of the market – What’s going on, who’s making moves, and when is the time to pitch/close. With that information, the accountant’s records, and last year’s data, you should be able to accurately forecast and budget for the entire year.   

 

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