As a small business owner, you have to put your small business in front of many things and a New Year’s celebration is one of those things.
Before you go out and purchase your 2017 sunglasses and party hat, you have to make sure that you leave your business all set to face the challenges that awaits it in the new year. The end of the year is when your business needs you the most, so it is important that you check things like accounting and IT, the two aspects where mistakes could easily be made. Here are a few things you need to take care of with your business before the year turns.
End-of-Year Checklist
- Accounting
• Analyze Cashflow Statements
You need to know how you spent your money throughout the year. You can make modifications and cut spendings on unnecessary items. Make sure to review operating, investing and financial aspects of your business.
• Verify Vendor Information
Before the next chapter is revealed on January 1, 2017, 12:00 a.m., make sure that your vendor information is up to date. Address, main contact name and number, email address, and phone number all need to be up to date. - Information Technology (IT)
• Back Up Your Documents
Your small business likely has documents that are crucial for its existence or at least very difficult to reobtain if lost. Make sure that you back up your documents on either a backup hard drive or on the cloud. Backing them up on the cloud makes it easier to access and edit should you need to.
• Back Up Your Client Information
Your clients depend on you for keeping their information safe and sound. Calling your clients to say you have lost their numbers does not look good and may cost you some clients who may be hesitant to give you their information–especially if they are older and already have a distrust in technology.
Make sure that your business hits the ground running in 2017 by making sure that the tail ends of your business are secure. Contact NorthStar Risk Management & Insurance Services, Inc. in Walnut Creek, California to talk to a dedicated agent. We’re well-versed in business insurance for startups and can create the right insurance program for you.
