End of the Year Planning

What are you doing to plan for the end of the year?   

It’s almost 2023! We’re not trying to rush the end of the year, but we want to remind you of some items that you should pay attention to before the clock strikes midnight on New Year’s Day!  Here are NH SBDC’s Top 10 suggestions on how to be both practical and strategic in your year-end planning.   

1. Celebrate your accomplishments. What is your mission? How did you progress in reaching that mission in 2022? List out the accomplishments of your company as a whole, in each area of focus, and for each person on your staff. Recognition of good ideas and execution, of hitting sales and marketing marks, of following through on your customer promise, and of doing good in your community will remind all members of your team that they have worked together to make progress toward fulfilling the mission and goals of your company.   

2. Thank all who have helped your business this past year, including staff, customers, and advisors.   

3. Look at your year-end financial data. Pull reports at least through November for an overview look at your business for 2022. Prepare for taxes and talk with your accountant about anything you should adjust before December 31st that will affect your taxes now that you have most of 2022’s financial reports.   

4. Look at your year-end marketing data.  Review your website with fresh, overview eyes. Does it need updating in places? What about your digital media? Refreshing your social media plan for next year gives your staff, customers, and potential customers a little something new to look at and can remind you about what you can talk, write, and even capture on video.  

5. Review your insurances. Did you start doing something new in your business that you should add to your coverage? Have changes been made that would allow you to offer more employee benefits or get more coverage for your business?  

6. Consider wealth management and retirement planning. What is your 5- or 10-year plan for your business? If selling your business is part of that plan, it is not too early to start preparing. We recommend starting 3-5 years prior to your planned time for selling your business.  

7. Strategic planning.  Now that you have looked back and addressed some practical tasks, you should take some time to think about the strategic direction of your company moving forward. Where will you invest your company’s resources in 2023? Your resources include financial, human, infrastructure (equipment, building), technology, etc. Will you invest your resources in customer acquisition, customer service, a new product line, retaining your current status, or what other areas in 2023? Where will you not invest your business’ resources? That is just as important a question as where you will invest resources.  

8. Set aside time to reflect and plan.  

9. Remember to contact your SBDC advisor for guidance as you look at these three areas of year-end prep. We are always here to help.   

10. Go back to Tip #1 and celebrate again!  2022 was a long and challenging year as we recovered from the challenges and effects of the pandemic. You’ve come a long way and that’s a lot to be proud of.  Congratulations and best wishes for an even better 2023!