Get Started on these End-of-Year Business Tasks
By Rhonda Abrams, President of The Planning Shop
USA Today
If you've got a retail business, you're almost certainly (hopefully) incredibly busy this time of year. In fact, perhaps more than 50% of your sales may come between Halloween and New Year's. That means customers to serve, shelves to restock, vendors to contact, employees to manage. Many service businesses are equally overwhelmed — hairdressers, restaurants, caterers. I'm hoping this time of year is so hectic you hardly have time to read this column (but read it anyway ...).
For the rest of us, December can be one of the slowest times of the year. It can often be deadly quiet at the office. Clients are away, phones don't ring, employees or contractors aren't around to finish projects. Meanwhile, back at home, life can be painfully noisy; just how long are your in-laws staying? That makes this the perfect time to take care of some end-of-year tasks. Send the relatives to the mall; I have good reasons for you to sneak away to the office.
Do end-of-year tax planning. You might want to call your accountant and discuss ways to reduce your tax liability. This year may be a particularly challenging one, so you'll probably need professional help more than ever.
Start working on your 2010 marketing plan. You want to be ready to increase your business right off the bat in January when customers have finally finished with the holidays. Review the best sources of leads and new business for you during the last few years, then build on those. Make a list of people you want to contact early in the new year. On that list, include key referral sources and important customers. Compose e-mails now to send the first week in January. Or, contact people who might be around now to set up lunch or meetings in January.
Create a contact database. One of Rhonda's Rules is "the best source of a future customer is a past customer." Yet small businesses typically lack an easy way to stay in touch with past customers, let alone prospects. Many companies keep their client list or referral sources in a word processing document or in a pile of business cards on their desk! Instead, get software to organize all your contacts. Even simple address book software is better than nothing.
Go shopping. Remember, business expenses in December are deductible on this year's taxes, so it's a great time to get that new computer, update aging office equipment, upgrade the software programs that haven't been changed since 1997, stock up on office supplies, and replace the old desk that's falling apart.
Clean out your office. December's a great time to both clean off your desk and clean out your desk. Remove files you won't need in the coming year and archive them. Be careful to keep files you'll need for tax purposes, but they can be stored somewhere other than your desk drawers. And isn't it finally time to file the pile of papers you've been planning to file for six months?
While you have some time, look for new networking opportunities. Check your local newspaper for business and community organizations and events. Make reservations to attend in January, so you'll have a calendar full of potential business-building activities.
Redecorate — or decorate — your office. Working in a pleasant, inviting environment helps keep both you and your employees motivated and makes each day more enjoyable. Perhaps you want to paint the office during the slow holiday season or at least clean off the conference room table buried under stacks of old mail.
Make a donation: As entrepreneurs, we make many contributions to our communities and nation; we create jobs and invent new products and services. But we also need to remember those who are less fortunate, especially in these challenging economic times. Check out the charities of your choice and consult the Better Business Bureau's Wise Giving Alliance at www.give.org.
Finally, enjoy time with family and friends and have a happy and healthy holiday season!