As the fourth quarter comes to a close, it's time to start thinking about wrapping up the year and getting ready for the next one. For small businesses, this means taking stock of what has been accomplished, setting new goals, and preparing for the holiday rush. Here are some tips from the Council Bluffs Area Chamber of Commerce on how to make the most of the fourth quarter and set your business up for success in the new year.

Evaluating This Year’s Goals

The first step in fourth-quarter planning involves taking stock of what has been accomplished over the course of the year. This includes evaluating whether or not you have met your goals and objectives. If you have fallen short in any areas, now is the time to make a plan for how to improve in those areas next year. If you have surpassed your goals, congratulations! Use this information to set even higher goals for next year.

Outlining Next Year’s Goals

After you have evaluated your goal achievement for the year, it's time to start thinking about what you want to accomplish in the new year. What do you want your business to look like 12 months from now? What are your revenue goals? What are your expansion plans? Answering these questions will help you create a roadmap for the new year.

Planning Holiday Marketing

The holidays are a crucial time for businesses, so it's important to have a solid marketing plan in place. Start by thinking about what promotions you want to run and when you want to run them. Then, create an advertising and marketing budget. Once you have a budget in place, start working on your holiday marketing materials, such as email newsletters, social media posts, and website banners.

Stocking Up on Inventory

If you sell physical products, now is the time to make sure you have enough inventory on hand to meet heightened demand for the holidays. This may mean placing orders with your suppliers or manufacturers well in advance of when you need the products. It's better to have too much inventory than too little, so err on the side of caution when stocking up for the holidays.

Reviewing Your Accounts and Accounting Practices

The end of the year is also a good time to review your accounting records and make sure everything is up-to-date. This includes double-checking that all income and expenses have been properly recorded and that your books are balanced. If you use an accountant or bookkeeper, now is a good time to schedule a meeting with them to go over your financials.

Changing Your Business Structure if Necessary

As your business grows, you may find that your current business structure no longer makes sense. For example, if you're currently operating as a sole proprietorship but bringing in enough revenue to justify hiring employees, you may want to consider changing your business structure to a corporation or a limited liability company (LLC). However, this is something that should also be discussed with an attorney or accountant before making any decisions.

Preparing for Tax Season

If you haven't already started organizing your tax paperwork, now is the time! Having all of your documents in order will make filing your taxes much easier come tax season. This includes keeping track of receipts for business expenses, recording mileage driven for business purposes, and maintaining records of any inventory purchased throughout the year.

One way to make filing your taxes much easier is to scan or photograph all your receipts and invoices, then use a free tool to convert the images to PDFs. That way, you don’t have to worry about losing them, and you can organize them far more easily.

Updating Your Website & Social Media Accounts

Finally, take some time to update your website and social media profiles with any changes that may be timely. This includes adding any new products or services that you may be offering, updating your contact information, and adding any new staff members or changes in management.

The fourth quarter is a crucial time for small business owners. By taking stock of what has been accomplished during the year, setting new goals, and preparing for the holiday rush, small business owners can set their business up for success in the new year. These tips will help ensure that your business is ready to hit the ground running when January rolls around.

Connect with and learn from other local business leaders by joining the Council Bluffs Area Chamber of Commerce.