Tips to Help Your Fortuna Small Business to Finish Strong in 2022
As the end of the year approaches, it's time to start thinking about wrapping up the fourth quarter. For small businesses, this means evaluating goal achievement, outlining new year goals, planning holiday marketing, updating your website and social media profiles, stocking up on inventory, reviewing your accounting, organizing tax paperwork, and changing your business structure. From the Fortuna Chamber of Commerce, here are some helpful tips to help you conclude your 2022 business.
Evaluating 2022’s Goal Achievement
The first step in fourth quarter small business planning is to evaluate your goal achievement for the year. Did you hit all of your targets? If not, why not? What can you do differently next year to make sure you achieve your goals? Answering these questions will help you create a more effective plan for next year.
Outlining New Goals for 2023
Once you've evaluated your goal achievement for the year, it's time to start thinking about next year's goals. What do you want to accomplish in the new year? Make sure to set realistic goals that you can actually achieve; setting too high of standards will only lead to disappointment down the road.
Planning for Holiday Marketing
The holidays are a make-or-break time for many small businesses, so make sure you have a solid, detailed plan in place for marketing your products or services during this busy season. This may include running promotions or sales, creating holiday-themed marketing materials, or simply ensuring that your website and social media profiles are updated with holiday hours and contact information.
Here’s another tip: not every segment of your potential customer base necessarily shares the same interests, so if you’ve already wisely put together a PDF of promotional materials and sales info, use this free tool to split it into multiple PDFs and send them to specific target audiences, perhaps through various social media groups.
Updating Your Website & Social Media
Speaking of which, now is a good time to update your website and social media profiles with some seasonal content, as well as any changes or new information for the fourth quarter and beyond. This may include changes in hours or contact information, new product offerings, or even just a fresh coat of paint to ring in the new year.
If you sell physical products, now is the time to make sure you have enough inventory on hand to meet increased demand during the holidays. No one wants to run out of stock midway through the shopping season! Place orders with your suppliers now so that you have plenty of time to receive and process shipments before things get too hectic.
The end of the year is also a good time to review your accounting practices. Are you keeping accurate records? Do you need to adjust your budget for next year? Now is the time to make any necessary changes so that you can start the new year off on the right foot.
Organizing Tax Filings
As a small business owner, you're probably well aware that taxes are due at the end of the year. Get a head start on tax season by organizing all of your paperwork now. This way, when it comes time to file your taxes, you'll be able to do so quickly and easily without having to hunt down missing documents.
Changing Business Structure
Finally, if you're thinking about changing your business structure – for instance, from a sole proprietorship to an LLC – now is the time to do it. Making this change before the end of the year can simplify tax filing and help you take advantage of certain deductions come tax season.
By taking care of these tasks now, you can ensure a smooth transition into the new year. Proper planning will help ensure that your small business hits all its targets in 2023!
Join the Fortuna Chamber of Commerce to network with other local entrepreneurs and access valuable resources for helping your business grow.