Where to start

Empowering Small Businesses

Things a small business should revisit on an annual basis:

• Financial Review
• Close the Books: Finalize accounting records for the year.
• Review Profit and Loss: Analyze income statements for trends and areas of improvement.
• Assess Cash Flow: Ensure the business has sufficient liquidity.
• Budgeting: Create or revise budgets for the upcoming year.
• Tax Preparation: Prepare and file business taxes; reconcile discrepancies.
• Evaluate Pricing and Costs: Adjust pricing and cut unnecessary expenses.
• Strategic Planning
• Review Goals: Assess last year’s goals and set new ones.
• Evaluate Market Trends: Update knowledge of industry trends.
• Develop a Growth Plan: Identify opportunities for expansion or improvement.
• Conduct a SWOT Analysis: Understand strengths, weaknesses, opportunities, and threats.
• Legal and Compliance
• Renew Business Licenses and Permits: Ensure all are up to date.
• Update Contracts: Revise contracts with vendors, clients, and partners.
• Review Insurance Policies: Ensure adequate coverage for current business needs.
• Stay Compliant: Review regulatory changes affecting the business.
• Team and HR
• Conduct Performance Reviews: Provide feedback and set employee goals.
• Review Compensation: Adjust salaries, bonuses, and benefits.
• Update Employee Handbooks: Ensure policies reflect current laws and company standards.
• Plan Training Sessions: Keep staff skills sharp and relevant.
• Operational Review
• Inventory Audit: Ensure inventory records match physical counts.
• Evaluate Vendor Relationships: Assess supplier performance and renegotiate contracts.
• Technology Assessment: Update systems or software to maintain efficiency.
• Review Processes: Identify bottlenecks and optimize workflows.
• Customer Relations
• Analyze Customer Feedback: Use surveys or reviews to improve services.
• Update Marketing Plans: Refine strategies based on performance metrics.
• Loyalty Programs: Refresh or introduce incentives for repeat customers.
• Personal Development
• Professional Growth: Attend industry events or enroll in relevant courses.
• Networking: Build connections with peers and potential clients.