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It’s that time of the year again where we say goodbye to a year of hard work, count our wins and losses and prepare for a new year.
It can be tricky to balance work and life toward the end of the year. But devoting some attention to your business not only helps you end the current year on a high note but also sets you up for success in the following year. Consider these few items as you review the year that was:
Prepare the Financial Documents
As the year closes, it’s an ideal time to review your final documents. This will give you an overview of your profits, expenses and if there were any losses. They provide a guide as to where you need to make certain adjustments if needed, and which areas within your business need extra or less budget. Your accounts department should provide you with these documents, which usually include a balance sheet, income statement and cash flow statement report. Using an electronic document management system helps you manage data capturing, document scanning, and the retrieval of records. Be sure to use this to keep your documents safe and easy to manage and use.
Review the goals you set
What were the financial goals your company set at the beginning of this year? Did you meet them or get close to meeting them? Establish what worked and did not work for your business this year. Based on this, set your next steps for 2022 – what have you learned from 2021 that you will continue to do in the new year, or altogether scrap?
Finalise payroll and benefits
Now’s the time to check any payroll issues that may have arisen and make corrections where necessary. Make sure that you stay on top of things such as taxable benefits, payments to freelancers, work-from-home subsidies, sick pay and so on and that they are all accounted for.
Review your organogram
Examine what the needs of every department in your company are. This will give you a better idea of any capacity issues and whether you need to hire permanent staff or freelancers in the next quarter. If you are overstaffed, you can consider where you should rearrange roles or create new roles for certain employees – keeping in mind that it should play to their strengths.
Celebrate the wins
If you have signed new deals this year, hired new employees, made profits or meet any goals you set for the company, celebrate them with your employees. After all, it is a team effort and everyone should feel a sense of accomplishment at the end of the year. Celebrate each and every employee who produced outstanding results and compensate them accordingly.
Plan to relax
If your office is closing during the festive season, plan to relax and encourage your employees to do the same. It has been a long year of deadlines and meetings. And the new year will not be any different. Taking much-needed time to go on holiday or spending time at home with loved ones will remind you of the little things that matter. Resting will also put you in a better headspace to think clearly about your goals for the future and rejuvenate your body so that you do not feel burnt out as the year starts.
End the year on a high note by ensuring that you close off the year with a bang! By doing so, you are setting your business up for success!