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BUSINESS & LIFESTYLE TIPS

End-of-Year Must Dos for WOBs

 

Many women-owned businesses (WOBs) are already setting 2020 business goals to propel their businesses to the next level. To successfully meet them, it’s important to first complete these end-of-year tasks to ensure you’re positioned for success.

Run an End-of-Year Financial Report

The financial report is a crucial end-of-year step that can be completed using accounting software or manually via spreadsheets. It should include a profit and loss statement, balance sheet and detailed cash flow report that includes investing, operating and financial activities.

Update Vendor Contacts

Taking time to clean up vendor information can be a time saver in the future. This includes adding new vendors, verifying addresses and phone numbers of current vendors and removing previous vendors with whom you no longer do business.  

Conduct Inventory

Conducting a physical inventory is necessary for tax purposes. It’s also a key way to identify any discrepancies for recording loss. A physical inventory will also reveal which items sell well so you can purchase additional product, and those that don’t so you can adjust accordingly.

Consider Staffing Needs

Now is the time to decide if your company’s growth and budget warrants hiring additional team members. If you’re not quite ready, but could use an extra hand, consider hiring an intern or two, or perhaps a seasonal worker for those busy times.

Celebrate Accomplishments

Tally up all your business achievements, recognitions and accolades from this past year. Then share them with employees and thank them for their contributions to boost morale and motivate them for future success.

Back Up Computers

It’s critical to back up all company computers throughout the year. While it can be time consuming, it’s important to back up point-of-sale systems, accounting, emails and employee records. This can be accomplished using an external hard drive or a cloud-based system, such as Dropbox. Don’t forget to also back up cell phone data, too!

Audit Company Website

Your website is your sales and retention tool. Make sure it is user-friendly and conveys your company’s key messages. Also, keep it looking fresh by replacing photos and punching up headlines.

Set Goals

Finally, review your 2019 goals. What did you accomplish that you can build on? Is there anything you wished you had completed that could be revisited? Once those questions are answered, and the tasks above are completed, it’s time to set goals for 2020.

Here’s wishing much success to all of our WOBs in the coming year!

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