Small Business Suggestions for the Fourth Quarter

The fourth quarter is often a busy time when businesses start wrapping up one year and preparing for the next. There are a lot of things to do in order to ensure that your business ends the year on a high note and sets itself up for success in the coming year. The Murray-Calloway County Chamber of Commerce takes a look at some of the key tasks that should be on your fourth-quarter to-do list.

Review Your 2022 Goals

One of the first things you should do as you wrap up the fourth quarter is to evaluate how well you've done in achieving your goals for the year. This will give you a good sense of what areas you need to focus on in the coming year. If you didn't hit all of your goals, don't worry! Use this as an opportunity to learn from your mistakes and do better next year.

Set Your Goals for 2023

After you've taken stock of your achievements for the year, it's time to start setting new goals for the coming year. What do you want to achieve in the next 12 months? Outline some specific, measurable goals that you can work towards. Remember to keep your goals realistic—it's better to set a few achievable goals than to set yourself up for disappointment by biting off more than you can chew.

Make Holiday Marketing Plans

The holidays are a great time to boost your sales, but only if you plan ahead! Start brainstorming your holiday marketing strategy now. What special promotions or deals can you offer? How can you make your products or services appealing to holiday shoppers? Get creative and come up with a plan that will get people excited about doing business with you this holiday season.

For example, you could always create a PDF gift guide filled with product images and sales info, then use this free tool to split it into multiple PDFs that you can then send to different social media groups. This kind of targeted marketing is a great way to express your creativity while helping to get the word out.

Update Your Web Presence & Social Media Accounts

Your website and social media profiles are often the first places potential customers will go to learn more about your business. Make sure that they're up-to-date and accurately reflect what your business has to offer. If you haven't updated your website in a while, now is a great time to do so. The same goes for your social media profiles. So take some time to freshen them up so that they make a good impression on potential customers.

Raise Your Inventory Levels

If you sell physical products, now is the time to make sure that you have enough inventory on hand to meet customer demand during the holiday rush. No one wants to wait weeks for their order to arrive, so plan ahead and stock up now. This will help ensure that your customers are happy and keep them coming back for more in the future.

Review Your Accounting and Tax Paperwork

As we approach tax season, it's important to get all of your paperwork in order. This includes gathering receipts, invoices, bank statements, and any other documents that may be relevant to your taxes. The sooner you get organized, the easier it will be, come tax time. And who knows? Maybe you'll even get a refund!

While you’re at it, the end of the year is also a good time to review your accounting practices. This includes making sure that all of your financial records are up-to-date and accurate. This is important not only for tax purposes, but also so that you can get a clear picture of where your business stands financially. If you outsource your accounting, now is a good time to touch base with your accountant and make sure that everything is on track.

Adjust Your Business Structure

If your business has grown significantly over the past year, it may be time to change its legal structure. For example, if you're currently operating as a sole proprietorship but have hired employees or started selling products online, it may make sense to switch to an LLC or corporation. Talk to an attorney or accountant about whether this makes sense for your business and make any necessary changes before tax season rolls around.

As we move into the fourth quarter of the year, it's important for small businesses to start planning ahead so that they can end the year on a high note and set themselves up for success in 2023. Evaluating goal achievement, outlining new goals, planning holiday marketing, updating websites and social media profiles, stocking up on inventory, reviewing accounting practices, organizing tax paperwork, and changing business structures are all key tasks that should be on every small business owner's fourth-quarter checklist!