The fourth quarter is coming to a close, which means it's time to start thinking about wrapping up the year – both figuratively and literally. For small business owners, that means taking stock of what worked (and what didn't), setting goals for next year, finalizing holiday marketing plans, and more. Here's a comprehensive guide courtesy of the Waxahachie Chamber of Commerce on how to finish strong and set yourself up for a successful start to 2023.

Review This Year

The first step in wrapping up the fourth quarter is to review your goals for this year. What did you set out to achieve, and how close are you to meeting those targets? This is also a good time to take stock of any lessons learned along the way. After all, even if you didn't quite hit your mark, there's always value in understanding what went wrong and what you could do differently next time.

Outline Your Next Year

Now that you have a better sense of what worked (and didn't work) this year, it's time to start thinking about next year. What do you want to achieve in 2023? Do you want to grow your revenue by X percent? Expand into new markets? Launch a new product or service? Once you've identified your goals, it will be much easier to develop a game plan for achieving them.

Finalize Seasonal Marketing Plans

If you haven't already done so, now is the time to finalize your holiday marketing plans. That includes everything from developing holiday-themed content and promotions to updating your website and social media profiles with seasonal messages. This could also include typing of a gift guide as a simple Word document, clicking “insert” to add some snazzy product images, then using this free file converter to change it to a PDF, which you can then send out via email and make downloadable from your website. Speaking of which...

Update Your Web Presence

Your website and social media profiles should be updated regularly, but it's especially important to do so heading into the holidays. Make sure your contact information is up-to-date and easy to find, update your banner images and profile pictures with festive designs, and add any relevant holiday hours or closures to your website.

Check Your Inventory Levels

If you sell physical products, now is the time to check your inventory levels and make sure you have enough goods on hand to meet increased demand during the holidays. No one wants angry customers who can't get their hands on the products they want, so it's better to err on the side of caution when it comes to stocking up.

Assess Your Accounting Practices

It's also important to review your accounting before the end of the year. This includes double-checking that all invoices have been paid and that you have accurate records of all income and expenses. If you use accrual-based accounting, you may also want to reconcile any outstanding invoices so that they're reflected in your financial statements for this year.

Reevaluate Your Business Structure

Depending on how your business has performed this year, you may also want to consider changing up its legal structure – for example, converting from a sole proprietorship to a limited liability company or S-Corp. This can provide personal liability protection for business owners and offer tax benefits as well. However, it's important to speak with an accountant or attorney before making any changes so that you understand all of the implications involved.

Prepare for Tax Filing Season

Finally, now is also a good time to start preparing for tax season. If you haven't already done so, start gathering all of the relevant documents – W-2s for employees, 1099s for contractors, receipts for business expenses, etc – so that everything is in one place come April 15th. You may also want to speak with an accountant about any potential deductions or credits that could help lower your tax bill.

As a small business owner, there are a lot of things you need to do at the end of the fourth quarter to wrap up the year successfully, from reviewing this year's goals, outlining next year's goals setting holiday marketing plans, and updating your website and social media profiles to checking inventory, reviewing accounting, potentially changing your business structure, and preparing for tax season. While it may seem like a lot, following these steps will help ensure that 2023 gets off to a strong start.

Membership in the Waxahachie Chamber of Commerce offers invaluable benefits to entrepreneurs in our community. Join us today!