It is hard to believe 2022 is ending already! In order to start 2023 right it is crucial to reflect on your business for the last year. A great way to transition into a new year is to create a business end of year checklist. Having an end of year checklist for your business will give you Peace of Mind that you have tied up all the loose ends of the previous year and feel confident you are getting a true fresh start once the clock strikes midnight on December 31st.
Why does my business need an end of year business checklist?
An end of year business checklist assists business owners and leadership in focusing on critical year end tasks without missing anything significant. You can head into a new year well prepared and confident you are compliant and operations are set up to run smoothly. Below is a good guideline for creating your end of the year business checklist.
IT
All business operations depend on technology to be successful which is why it’s crucial to make sure your IT systems and cybersecurity posture are working properly at year end. Before you start this process, it may be a good idea to check in with Magnitech to compare notes. Magnitech is committed to your business success and we can make recommendations, find blind spots, or build your IT strategy for the upcoming year.
Here are a few IT related tasks to think about heading into the New Year:
Enable Multi Factor Authentication (MFA)
The digital world continues to evolve and complicated passwords is just not enough to secure your data. Cyber incidents are on the rise and can be costly to your business. Avoid the risk by enabling MFA on all devices. When implementing this change ensure all your employees are well educated on why MFA is an important part of protecting your business. It is a good practice to enable MFA on personal devices as well. Need help making this transition? Magnitech can help you through this process!
Backup your data
It should be best practice in your business to keep backups of important data. Files such as accounting documents, client information, employee files, or valuable emails should be backed up and secure. If your business does not have one already it may be a good time to implement a cloud based storage system.
Back up your contacts
Just like your important files, you will want to backup all of your business contacts, clients, networking contacts and potential referrals.
Take inventory of your technology
You should identify every laptop, PC, cell phone, tablet, or other mobile device that is used for your business. Remember to take note of things like serial and model numbers, make and year. This is also a good time to take note of potential hardware upgrades that may be needed in the New Year.
Clean up storage space
Clear away items you never use or that are no longer needed, duplicates or abandoned projects. You would be surprised how much space this could clear up on your machine.
Finance
Bookkeeping mistakes can hold you back when you want to move forward. Reviewing all of your bookkeeping records as the year closes is a good practice to implement into your business so you can catch anything major and have a clean slate for the New Year.
When closing your books for the year, check your:
Invoices
Business expenses
bills
Vendor payments
Bank account statements
Payroll taxes
Employee documents
Just to name a few!
Partner with Human Resources
As you close your books you may discover your business is growing! This is a great time to examine your staffing needs to find out if you should plan and budget for new employees in 2023. You may even discover you have employees taking on more than they can manage, and you need to create new roles or redefine current ones. Setting yourself up for success with a hiring strategy for the New Year can result in increased productivity, higher morale, and less burn out.
Marketing and Social Media
A great way to connect with your current and potential clients is through a strong marketing strategy and social media presence. If you feel your social media presence is lacking there are some things you can do to gear up for 2023 and boost your business!
Here are a few things to check before heading into the New Year:
Check analytics from all active platforms
You will want to use this data to decide what type of content gets the best engagement or shares, and what doesn’t perform well. Also, take note of who is viewing, and what times they are most active.
Prioritize quality content vs. quantity
Running a business is time consuming! If you don’t have time to manage multiple platforms focus on the highest performer.
Put together a social media calendar
It is a good practice to get on track to create a social media calendar for each quarter. You may have to start small taking on a couple weeks or a month at a time. Dig into company goals, product or service campaigns, and holidays to help decide what content is most appropriate.
Check your website and Google search results
Is your website’s call to action clear and concise? When a visitor is coming to your site, they should be able to identify what your products and services are right away. Is business information like hours and phone number correctly listed on Google? Does it align with the information on your website?
Utilizing any part of this checklist before closing out the year can help manage the health of your business operations and prep you for your next year of business and growth. Happy 2023!
