As 2024 begins, businesses have a golden opportunity to set the stage for success this year.
January is the perfect time for an extended administrative session, allowing you and your leadership team to reflect on the past, tie up loose ends, and lay the groundwork for a prosperous new year.
In this blog, we present a comprehensive year-end checklist to guide businesses through essential tasks and preparations to ensure a smooth transition into the new year.
We’ve split them out into the key areas you should focus on, along with the tasks you need to perform to make it happen.
If you’re looking to create financial mastery and continue to promote growth in your business, then NOW is the perfect time to start making preparations for change.
We’ve outlined some key processes you should consider to lay the groundwork for a financially healthy year.
- Financial Review:
Conduct a thorough review of your financial statements. Assess revenue, expenses, and overall financial health. Identify areas for improvement and set realistic financial goals for the upcoming year.
This might look like automation as part of establishing the four pillars of success for the upcoming year.
- Tax Planning:
Consult with your tax advisor to optimise your tax position. Evaluate potential deductions, review tax credits, and ensure compliance with any changes in tax laws.
Here at Ascentis, this is something we work on for many of our clients, to ensure they have the streamlined tax processes that save them money, and allows for financial mastery.
Take a look at our recent case study with one of our clients to find out more about our tax streamlining services.
- Budgeting for the New Year:
Develop a detailed budget for the upcoming year. Allocate resources based on strategic priorities and anticipated expenses. This will serve as a roadmap for financial decision-making.
- Inventory Management:
Assess your inventory levels and identify slow-moving or obsolete items. Plan product promotions or discounts to clear out excess inventory and optimise stock levels for the new year.
- Supplier and Vendor Reviews:
Review relationships and successes with suppliers and vendors. Evaluate performance, negotiate contracts, and explore opportunities for cost savings. Strengthening these partnerships contributes to overall operational efficiency.
- Equipment Maintenance:
Schedule maintenance for equipment and machinery. Preventive measures now can save significant costs and downtime in the future. Consider upgrades or replacements if necessary.
- Employee Performance Reviews:
Conduct year-end performance reviews for your team members, or plan them in for the new year. Provide constructive feedback, recognise achievements, and set goals for professional development in the upcoming year.
- Training and Skill Development:
Identify training needs within your workforce. Invest in skill development programs to enhance the capabilities of your team, aligning their skills with the evolving needs of the business.
- TOWS Analysis:
Instead of a SWOT analysis, opt for a TOWS analysis instead. By putting Threats and Opportunities first on your list over Weaknesses and Strengths, you can take a more proactive approach to your strategic planning, rather than reactive.
- Goal Setting:
Establish clear and measurable goals for the upcoming year. Ensure these goals align with your business’s mission and vision, providing direction for the entire organisation. With each goal, create deadlines that will allow you to manage the work well and support continuous growth.
- Marketing Strategy Review:
Evaluate the effectiveness of your current marketing strategies. Identify successful campaigns, assess customer engagement, and refine your marketing plan for the new year.
- Technology Infrastructure Review:
Evaluate your current technology infrastructure. Identify opportunities for upgrades or optimisations that can improve operational efficiency and support future growth.
Automations can provide an excellent return on investment, where time is saved and inaccuracies are avoided. At Ascentis, we utilise automated systems that can help to support your finances, and therefore your business. This helps to save our clients hours each week, and ensures they gain financial mastery for their business, allowing them the capacity to lead and focus on growth.
We recently worked with one of our clients to provide them with more automated processes that reduced the amount of time they spent on their finances, and allowed for far more efficiency in their working day.
Growing In The New Year
As the new year begins, taking the time to address these key areas in your business will position you for a successful and productive new year.
By systematically working through this new year checklist, you not only tie up loose ends but also lay the groundwork for strategic growth and prosperity.
Clients with Ascentis Accountants have access to many of these operations year round or when you start your journey with Ascentis. Get in touch to find out more about how we can help you in New Year.