0115 697 1806
For many people, the new year is seen as an opportunity for reflection and improvement, and businesses are no exception! Though you may not be concerned with cutting out chocolate or taking up jogging, the year’s end is the perfect time to start thinking about how you can push your business further and build on all the progress you’ve made this year.
The best way to set your business up for a successful new year is to start your planning as early as possible, but it may be difficult to know where to start. That’s why we’ve made this handy checklist to help you prepare your business for the new year, covering everything from tax documents to progress reports.
Our New Year’s Business Checklist:
1. Run your end-of-year financial report
Running your end of year financial report will give you the opportunity to take a look at the big picture of your business and your annual performance. When writing your report, make sure you include;
- Profit and Loss Statement
- Balance Sheet
- Cash Flow Report
If you want to be more comprehensive, you can also include a letter from your CEO, your mission statement and a discussion of your progress over the previous years, as well as the impact and performance of any new products or services you have introduced and your goals and targets for the coming years.
2. Sort and prepare your tax documents
Although it may not be the most exciting of tasks, ensuring your tax documents are in order is essential for any business, and starting early is a great way to get ahead of the oncoming tax return season. By organising receipts, invoices, and financial records ahead of time, you can streamline the filing process, identify potential deductions and credits, and avoid costly errors or penalties.
3. Add ‘Get on top of your energy bills’ to Your Business Checklist
New year, new energy contract? Make sure your current energy contract is suitable for your business needs, and that you’re getting the best price for your usage. You should also make note of important dates, like when your renewal is dues, so you don’t end up paying expensive out of contract rates.
If you’ve got time, why not conduct a business energy audit and ensure your building and appliances are in the best shape for the year ahead.
Our Energy HealthCheck tool lets you find out if you could be paying less for your business energy, in under 2 minutes. Just pop in some details about your business and current energy profile and find out how much you could be saving.
With Yü Energy, you can get a quote for your business utilities in under 30 seconds, so you can lock in low prices and go into the new year feeling organised and knowing you’re getting the best deal for your energy.
4. Create your new marketing strategy
What better time to start planning your latest marketing strategy than the end of the final quarter? Consider your previous strategies and what worked well for you and decide on your new goals for the upcoming year, for example, do you want to branch out to a new target market? Introduce new products or services? You could even consider introducing completely new methods of marketing, such as a new social media platform or working with influencers.
If you want to re– energise your marketing, check out our Marketing Made Easy series for some new ideas.
5. Step up your social media game
Social media is a powerful tool that can help spread the word about your latest products or services, connect you with new customers, and boost your brand image. But it can be easy for businesses to neglect their social accounts when caught up in the day-to-day running of their business.
The year’s end is a great time to have a pre-spring clean-up of your social media accounts. Go through your feeds and delete any old posts that no longer fit your brand, or contain outdated information. Catch up with any messages you have and plan a new posting schedule. If you find the last weeks before Christmas a bit quieter, why not get ahead, and pre-schedule some social media content for the start of the new year, using tools like Hootsuite or Sprout Social.
6. Audit your website
As well as giving your social media channels a facelift, make sure you don’t neglect your website! Complete a detailed audit of your site, looking out for technical issues such as broken links and missing pages.
You should also update important information such as business opening times, prices, parking information and contact details, as well as removing any unneeded content, making your website easier for visitors to navigate.
Once you’ve worked through all the important adjustments, you can have a little fun with the appearance of your site. Try incorporating brand colours, impactful photography, and visually appealing layout features, such as pull-out quotes and drop-down menus rather than blocks of text.
7. Take a look at your progress
The chances are you did something similar last year; sat down and set yourself quantifiable targets for the new year. So, now is the time to review these goals and make adjustments accordingly.
Ask yourself;
- Did we meet our targets?
- Which areas of the business performed the best?
- Are there any areas where we didn’t meet our goals?
Use these questions as a springboard for your new goals and action plan.
8. Set new goals for the year ahead
Now you’ve reviewed your performance, it’s time to look ahead and think about the growth you want to see over the upcoming year. Pull your team together from different departments and brainstorm ideas, to get a greater insight into your employee experience and how it can be improved, as well as any issues other departments may be running into that can be worked on.
When creating your action plan, make sure you ask yourself questions relating both to your financial goals and your overall working environment goals such as;
- Do we need to increase or decrease our overhead budget?
- Can our current workforce cope with our projected demand? Do we need to think about expanding our workforce?
Make sure your targets are quantifiable so you will be able to gauge what’s working and what isn’t when it’s time to review again.
You should also consider your new KPIs for both departments and individuals. These targets should reflect your employees’ workloads and abilities, allowing them to progress whilst also contributing to the overall goals of the business.
9. Consider Upgrading Your Tech Systems
Start by assessing whether your current systems meet your operational needs or if they’re slowing productivity due to outdated software, hardware, or processes. Upgrading to more advanced technology can streamline operations and improve overall performance. Investing in updated systems can save time and reduce costs in the long run.
10. Ask for feedback
Don’t be afraid to ask the question; ‘How are we doing?’ to both your staff and customers. By creating an anonymous feedback survey and encouraging people to fill it out, you are more likely to get honest answers that you may not receive during meetings.
This can be done via an online survey emailed to staff or customers, or using a physical suggestion box, whichever you feel would work best for you. Try to focus your questions on areas you think would be valuable to work on, such as staff facilities, workload, and morale as well as product quality, turnaround time and general customer satisfaction.
The feedback you receive can then be used when creating your plan of action and business goals as well as provide eye-opening insights.
Reminder: Add ‘celebrate’ to your business checklist!
You’ve made it to the end of another successful year of business! Whether that includes an all-out staff party with drinks, dancing and music or a sophisticated soiree, show your team that you appreciate them and all the hard work they’ve put in this year.
An end-of-year social event is a great way to boost morale whilst allowing employees to mingle and network with people they may not have had a chance to meet yet.
Ready to work through your business checklist?
By working through this checklist, we hope your new year preparations will feel a little less overwhelming and leave you feeling ready to take your business to new heights this coming year!
If you’re looking for a fresh approach to your business energy in the new year, Yü Energy can help! We work with all business types and sizes and offer tailored energy solutions to suit your needs. Get a free business energy quote online now, or request a call back from one of our friendly team.
Already a Yü Energy customer? Get your competitive business energy renewal quote here.