This post was originally published on On Deck
Reflecting on the past year is an important step for small businesses. It allows you to evaluate your successes and figure out what worked well, while assessing the challenges you faced and helping pinpoint areas for improvement. Plus, making time to regroup and recharge can help you set clear business goals to start the new year strong.
Since the end of the year is a hectic time for many small business owners, we’ve created a quick and easy checklist to help prioritize your tasks and make sure you get to the most important things.
Small Business End-of-Year Checklist 1. Run and review your year-end financial reports.
Your business’s financial health is important. With careful bookkeeping, reviewing certain financial records at the end of the year can give you valuable insights into your business’s performance. This can help you identify trends, assess profitability and make informed decisions about future growth. In addition to bank statements, here are some other financial statements you may want to review:
Profit and Loss. A profit and loss statement (also called an income statement) gives you a snapshot of your business’s financial situation. It summarizes revenues and business expenses over a specific period. If your profits
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