7 Things Every Business Firm Should Do This Yuletide Season

As the year proceeds to its final hours, businesses must complete some key tasks that will help prepare the way for a more lucrative new year.

The Eagle has compiled a list of seven activities that should be completed by the end of the year.

Pay all outstanding bills/debts:

This is a wonderful opportunity to go over all of your bills and debts. Some of your bills may be eligible for early payment discounts if you pay them on time. It may also result in increased charges if carried over into the new year. You can also take this time to go over all of your recurring expenses and pick which ones to cancel in the new year. You’ll be astonished at how much money you can save once this review is completed.

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Sales and giveaways:

Why not take advantage of this opportunity to sell unsold inventories and stock at a significant discount? There are likely products that have not sold and have been on display all year. Why not give them away for free? In the spirit of the season, you might also provide discounts to your loyal consumers. If the company has already met its earnings targets for the year, this is the stage to be at.

Hold Retreats:

Retreats are an excellent approach to bring together your employees and management. Employees can debate strategy with management and exchange ideas on how to drive the organization ahead at retreats. It also allows employees to participate in the development of initiatives that will ultimately effect their performance and deliverables. Employees usually return to work energized in the new year after a successful retreat.

Share Christmas & New Year Gifts to clients and customers:

This is also another time to express gratitude to clients and consumers who have supported you. Depending on your budget, you can send cards, Christmas hampers, or any other item deserving of your client’s attention. Given the current state of the economy, small businesses can create inventive ways to share gifts with their customers at a low cost. It may be less expensive to gather your staff and have them put together hampers themselves than than purchasing pre-made ones. Don’t forget about the less fortunate and those in need. Donations can also be contributed to charities and other non-profit organizations that work to improve people’s lives. These expenses are even tax deductible.

Hold Budget sessions:

Budget sessions provide an opportunity to analyze the current fiscal year’s performance and plan for the fiscal year ahead. During budget sessions, the corporation assigns itself income and expenditure targets, which it assesses on a regular basis. It is far better to involve every department or unit in your firm in the budget-making process. Make them come up with their projections for spending and revenue, and make sure they can justify every single item on the list. Employees are better informed about the company’s finances when they engage in budget meetings. They also become more accountable since they know they will have to defend their actuals at the end of the year.

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Reward outstanding employees:

The conclusion of the fiscal year is also an occasion to thank loyal employees who have performed exceptionally well during the fiscal year. End-of-year evaluations are given, and top performers are rewarded with promotions and/or bonuses, among other things. You could also encourage team bonding events at the end of the year to improve interpersonal relationships.

Track your inventory:

For those in high turnover, businesses make sure you put all in place to have your end-of-the-month inventory count. Count all your stock of products you sell in your display room, warehouse, with distributors, etc. You do not want to go into the new year without doing this.