December is a great month to take care of all of those little things you have neglected the rest of the year. It is, after all, the last chance to get all of your financial matters in order before the new year. In addition, there are a number of other tasks that small business owners need to ensure are completed in December.
Indeed, small business owners are often quite busy over the holidays. They need to balance competing demands of the busy holiday season and responsibility to employees, clients and even family. Trimarc, your office equipment leasing company, offer you this list of tasks many small business owners need to complete in December.
Hand Out Employee Bonuses
If your business had an outstanding year, you will definitely want to seriously consider spreading that wealth around. Give some good cheer this holiday season in the form of bonus checks.
But before you hand out those pieces of paper joy, sit down with each of your employees and discuss their performance over the last year. Give them a few words of gratitude and some words of wisdom that will ensure they stick with you and your company for another year.
Handing out bonus checks is also a good way to ease your company’s tax burden. If you pay bonuses before the end of December, you can deduct them from that year’s revenue.
Assess Business Performance
Along with all of the other financial tasks you need to wrap up at the end of the year, you need to sit down and assess how your business did this last year. During the rest of the year, most business owners are focused and monthly metrics sales, profits and labor costs. But at the end of the year, it is important to consider how the entire year went as a whole as well.
If your business has struggled to stay black, you might want to identify ways in which you can cut expenses. You will want a clear picture of how you plan on tackling the upcoming year.
Don’t Forget Your Clients
You were very generous to your employees, but don’t forget to show your clients some appreciation as well. The holiday card is a great way to connect with the clients that mean so much to you and the success of your business. Find appropriate cards that wish them a happy holiday season and well wished for the year to come. Personalize each card with a handwritten note thanking them for their support.
As a bonus, it is also a great way to update your address book as a few cards are bound to come back undeliverable.
As a small business owner, it is important that you take a break from work and celebrate all that has been achieved the last year. It will be a fun and joyous occasion that will bring employees and their spouses together. Plus, there will surely be stories that will come from this epic event.
Compile Tax Deductions
Handing out bonuses to employees isn’t the only way you can lower your tax burden for the next year. Any savvy business owner knows that December is the month you start digging for all of those tax deductions that will help.
In addition to paying off debts, perhaps you made some office upgrades or made some repairs, all of which will help your tax burden. Don’t forget to look into any tax help you can get for your leasing agreement. Also, look around for anything you think you might need to lease or buy in the coming year and consider getting it now.
To further help your tax cause, consider paying a few bills not due until January early.
Set Goals For the Upcoming Year
You make goals and resolutions for yourself before the new year, so do the same with your business. As a small business owner, it is important to set goals that are ambitious but realistic. You might even want to consider holding a company-wide meeting to make sure everybody is on the same page in terms of goals for the next year.
Lastly, December is a good month to evaluate your business equipment needs and to see if you need to upgrade or if you will be needing additional equipment. If so, contact Trimarc today.