• Is Your Hayden, ID Small Business Ready for the Fourth Quarter?

The year is winding down, which means it's time to start thinking about the fourth quarter. For small business owners, the fourth quarter is an important time to wrap up loose ends, finalize plans for the year ahead, and make sure you're prepared for the holiday rush. Not sure where to start? Check out this list of things you should do in the fourth quarter to get your small business ready for a successful year-end courtesy of the Hayden Chamber of Commerce.

Revisit Your Goals for the Year and Plan for the Next One

Before you can start setting new goals for next year, take a step back and evaluate how well you did in reaching the goals you set for this year. Did you hit your targets? Are there any areas where you fell short? What went well? What didn't go well?

After you evaluate your performance this year, the next step is to start thinking about what you want to achieve next year. What are your goals? What do you want to accomplish? Write everything down and create a plan of action for how you're going to achieve your goals.

Settle Your Holiday Marketing Strategy

Now is also the time to finalize your holiday marketing plans. This includes everything from creating promotional materials to planning special events and campaigns. And don't forget about social media! Make sure your profiles are updated and that you have a strategy for how you're going to engage with customers online during the holidays.                             

Check Your Website and Social Media            

Your website and social media profiles should be updated on a regular basis, but it's especially important to do so before the holiday rush begins. Make sure all of your content is current and that your contact information is up-to-date. You should also take some time to spruce up your design and freshen up your copy. A little bit of effort now can go a long way in making a good impression on prospective customers during the busiest time of the year.

Plan for Inventory Needs

If you sell physical products, now is the time to stock up on inventory so you're prepared for increased demand during the holidays. This is also a good opportunity to take care of any maintenance or repairs that need to be done so everything is running smoothly come December. Trust us, you don't want to be trying to make last-minute fixes when things are already hectic.

Give Your Accounting a Good Look

The end of the year is also a good time to catch up on any bookkeeping tasks that may have fallen by the wayside during the busyness of everyday operations. This includes tasks like reconciling accounts, preparing financial statements, and paying taxes. Come April, you'll thank yourself for putting everything in order now.

Speaking of taxes, this is the ideal time to start collecting all of the paperwork you'll need when it comes time to file your taxes next spring. This includes receipts, invoices, bank statements, and anything else related to your income and expenses over the past year. To make things easier on yourself, scan or take pictures of all your receipts and tax documents, then convert your file to a PDF. This will make organization much easier and save you from having to dig through mountains of paperwork when it’s time to file. 

Consider a New Business Structure

If your business has grown or changed significantly over the past year, now might be a good time to consider changing your business structure. This could mean anything from becoming an LLC or corporation or dissolving an existing partnership. Make sure to consult with an accountant or lawyer before making any changes so you understand all of the implications involved.

As the end of the year approaches, small businesses need to start preparing for the final quarter. This is the time to review your goals and ensure that you are on track to achieve them. It is also a good time to assess your resources and make sure that you have enough cash flow to maintain your operations during the holiday season. With these simple steps, you can ensure that your business is well-positioned for success in the fourth quarter.

If you’re ready to grow your business with the help of great local resources and partnerships, join the Hayden Chamber of Commerce.