4 Year-End Tasks for Small Businesses

At the end of the year, it is important to take a look at your business and your goals for the new year. Here are four year-end tasks for small businesses.

1. Review Vendor Contracts

How much business are you doing with each vendor? Are you happy with your rates? Asking yourself some tough questions will get you much closer to guiding your strategy for the new year. If you’re happy with your relationships, let your vendors know! They will appreciate the time you’re taking to thank them for their business.

2. Determine Your Best Customers

You might be surprised to learn who your best customers really are. From the perspective of profitability and time, you can typically create two groups. Customers that are profitable and customers that are challenging in hours and time. You’ll want to treat every customer well, but when you recognize which ones play the biggest role in success of your business, strive to give them VIP treatment.

3. End-Of-Year Letter

Send your best customers a letter at the end of the year to thank them for their business. Don’t be afraid to encourage them to provide constructive feedback. It seems like a small task, but if it’s done politely and respectively, they’ll appreciate you taking the time to secure a long-term business relationship.

4. Engage With Your Employees

Has it been a stressful year with challenges to overcome? At the end of the year, ask your employees for ideas and input. A short “year-in-review” meeting will give everyone the opportunity to make suggestions that can successfully impact your business for 2016. Not only will it revive their passion for the work that they do, but it may also encourage you and your team to work harder in the coming year.