Menomonee Falls and Sussex Small Businesses and the Fourth Quarter
The fourth quarter is upon us, and that means business owners need to start thinking about wrapping up the year and getting ready for the next one. For small businesses, that means taking stock of what you've accomplished, setting new goals, and planning for the holidays and beyond. From The Chamber of Greater Menomonee Falls & Sussex, here's a rundown of what you need to do to get your business ready for the fourth quarter.
Evaluate Your 2022 Goals
The first step is to take a look back at the past year and see how you did in terms of meeting your goals. This will give you a good idea of what areas you need to focus on in the coming year. If you didn't meet all of your goals, don't despair; just use this as an opportunity to learn from your mistakes and set more realistic goals for next year.
Outline Your 2023 Goals
Now it's time to start thinking about what you want to accomplish in the coming year. This is the time to dream big and set some lofty goals. Once you've got a good idea of what you want to achieve, you can start putting together a plan of action to make it happen.
Plan Holiday Marketing
If you're in a seasonal business, the fourth quarter is when you need to start planning your holiday marketing strategy. This is the time to start thinking about discounts, promotions, and other ways to attract holiday shoppers. Now is also the time to start working on any holiday-themed advertising or marketing materials you'll need.
Update Your Website & Social Media Profiles
The fourth quarter is also a good time to take stock of your website and social media presence and make sure everything is up-to-date. This includes making sure your contact information is current, updating your About page, and adding any new products or services you offer. You should also take this opportunity to freshen up your design and add any new photos or videos.
Stock Your Inventory
If you sell physical products, now is the time to make sure you have enough inventory on hand to meet holiday demand. This means placing orders with your suppliers and making sure everything arrives in plenty of time. It's better to err on the side of caution here; it's always better to have too much inventory than too little.
Review Your Accounts
As the end of the year approaches, it's important to review your accounting so that everything is up-to-date and accurate. This includes double-checking your sales figures, reviewing expenses, and ensuring that all invoices have been paid. This will make tax time much easier and help prevent any last-minute surprises come April 15th.
Prepare Tax Paperwork
Speaking of taxes, now is also a good time to start organizing all of your tax paperwork. This includes gathering receipts, invoices, bank statements, etc. If you're organized now, tax time will be a breeze come April 15th! If possible, you should also try to get an estimate of how much you'll owe so that you can budget accordingly.
Here’s another time-saving tip: scan all your receipts, then use this free tool to convert the images to PDFs. That way, it’ll be easier to stay organized since we all know how easy it is for one or two receipts to vanish right when the deadline is approaching and you’re anxious to get your taxes filed.
Change Your Business Structure if Necessary
If you're not happy with the way your business is currently structured, now is a good time to consider changing things up. This could mean anything from switching from sole proprietorship to a limited liability company status or changing your business model entirely. There's no wrong answer here; it really depends on what makes sense for your business. Just make sure you do your research before making any major changes.
The fourth quarter is an important time for small businesses. It's a time to take stock of what you've accomplished over the past year, set new goals for the coming year, and plan for the holidays (if applicable). By following the tips outlined above, you'll be well on your way to having a successful fourth quarter!
Membership in the The Chamber of Greater Menomonee Falls & Sussex offers invaluable benefits to entrepreneurs in our community. Join us today!