What does the end of the year mean for businesses?

As we near towards the end of the year, times are indeed busy for businesses. In view of the holidays and shutdowns, several business executives would be rushing to close off pending items that need to be completed by the end of the year. In this article, we shall be discussing some of the tasks that need to be addressed before the end of the year, for a strong finish for businesses.

Review of revenue objectives

Most businesses start the year by preparing their objectives in terms of revenues. Such objectives are typically monitored throughout the year, however towards the end a clear picture on whether these will be achieved or not would be evident. During this time of year, you can identify what needs tweaking in the coming months and what went off course. It may also be the case that targets would be close to achieve and a final push is all that is needed.

Financial reports

As the end of the year approaches, it is ideal to run financial reports including an analysis of cash flows, cost to income ratios and major expenses of the past twelve months. During this time of year, a business would also be in a position to determine whether a profit will be made or not. Now would be the right time to address any financial queries with your finance department or selected accountant.

Credit control

During the month of December, it makes sense to review the log of pending payments and attempt to have settled as many as possible. Collecting income during the last days of December can change the perceived performance of the year, especially if the business is yet to collect a lot of money.

Employee records

At this time of year, it would be a good idea to review employee related information and check if any new profiles need to be created within existing systems. The data management should also apply for employees that may have left the company and their information would need to be deleted.

Supplier records

This can also be a good time to ensure that the information you have about suppliers is up to date. This data would need to be updated with the latest relationships that may have been developed over the past months.

Website audit

One of the common mistakes made by businesses is that once a website is launched, it is maintained with minimal to no updates. As a business evolves, so should its website and therefore it would be a good idea to review all the information accessible to ensure that it is still relevant. Apart from this, some sections may need to be created to reflect new products that are being offered.

Consider resources for the upcoming year

The end of the year is a good time for reflection, analysing the performance of the past months and whether new resources will need to be engaged in view of the anticipated workloads and projects.

As you are contemplating strategies for the upcoming year, do take the time to document the accomplishments achieved over the past months.

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