Deborah Sweeney — November 22, 2019 More than Q4 is ending for small businesses this year. We’re wrapping up an entire decade! As we prepare to say hello to 2020, it’s important that businesses take the necessary actions to remain in compliance and get ready to welcome Q1 of the new year. From updating corporate minutes to setting goals with your team, these simple actions allow business owners to end the year on a high note.
Organize important documents
Do you have receipts gathered and stored in a central location for filing next year’s taxes? If not, now is the time to begin collecting and organizing key documents.
In addition to organizing important documents that pertain to expenses and deductions, check in on any other financial loose ends. Circle back on any unpaid invoices or bills that have not been collected yet and whether or not you’ll need to count inventory.
Update corporate minutes and bylaws
If your business incorporated as a corporation, you’ll understand the importance of keeping updated minutes and bylaws. Minutes are notes taken during corporate meetings. These notes detail important information discussed during the meeting. They also provide a frame of reference since it is written documentation that anyone may review as needed. Bylaws are the corporation’s written rules and regulations. These documents detail additional information for how the corporation is operated and run by its directors.
By keeping corporate minutes and bylaws updated, you are able to keep your corporation in compliance. Additionally, everyone who refers back to carefully updated minutes is able to quickly figure out what they need to accomplish or start working on next. This may lead to an uptick in productivity for your small business to kickstart Q1!
Get on the same page with your team members
2020 is nearly here! What do you plan to accomplish over the next 10 years?
Meet with your team members to outline goals you’d like to set and reach together. You may use this time to create a “big picture plan.” This details certain benchmark moments you’d like to reach in business and the strategic steps you’ll have to take to get there. The big picture plan gives you the chance to outline a budget, so you are able to set aside certain sums of money in order to fulfill these goals. It also allows the entire team, from tech to marketing departments, to get involved and share their own plans and expectations for the year ahead.
Encourage everyone to get on the same page and chime in with their feedback so you can start the year on the most productive note possible!
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