Even though the final few weeks of the year are some of the busiest, it’s a good idea to briefly go over some of the business and people aspects of your company. Here are some things to think about for your company before the new year.

Look Back on Previous Revenue Goals

Prior to planning your revenue targets for 2023, you must first analyse your current objectives.
While there are various ways to assess your annual revenue, it’s crucial to concentrate on the year’s conclusion or the final quarter, which is defined as October- December. You can determine whether you’re on track, need to make adjustments, or are still within reach of your previously set objective by carefully examining how the year ended.
To think through your previous goals, ask yourself the following questions:

• Did I achieve my goals? Why or why not?
• Did I exceed my goals? If so, how?
• Did I fall short of my goals? If so, why?

Set a Business Budget

Setting a business budget is a necessary part of getting ready for the new year. You must carefully analyse your financial documents to determine your revenue, expenses, and present assets in order to create a budget for the coming year. Then, retrieve reports from your cloud-based accounting system. You can get monthly and yearly data from the dashboard.

Ideas for creating a budget for your business
You must spend money in order to earn money, and the costs will differ based on the type of business. Your budget needs to take it into consideration, for example, if you maintain goods on hand.

Consider the resources the company already has, potential new hires, and any significant purchases that must be made when creating a budget (such as new technology, furniture, or even real estate). Remember that budgets can and should be reviewed throughout the year, particularly if there is a sudden increase in spending or unanticipated expenses. The majority of the time, company expenses are eligible for tax deductions.

 

Update your E-Commerce Website

Making sure your website is prepared for the new year is more crucial than ever given the increase in online purchasing this year. Make sure the newest items and promotions are on your website.
Here are a few things to keep in mind:

• Can customers easily find your most popular products?
• Is the design user-friendly and easy to use?
• Is your business information up-to-date (e.g. contact information, address, FAQs)?
• Does your e-commerce checkout process work smoothly?
• Are your terms and conditions updated with policies regarding shipping, returns and special pricing?

It’s critical that your website functions properly and can manage heavy traffic because you may anticipate an increase in online buying over the Christmas and new year periods. Before the big shopping day, conduct tests, and create a plan for what to do if there are interruptions or crashes.

Prepare Your Key Financial Documents

Financial records are essential to any business. There are three advantages to going over your financial paperwork. It first reveals whether your company is healthy or if you need to tighten your budget moving forward. Your records should include information about your assets, liabilities, revenue, expenses, and cash flow and should serve as a roadmap for your company’s financial situation and health.

Second, financial documents show you where modifications are necessary and specify how much you need to alter if you do need to make changes (for example, greater sales or fewer expenses). Third, financial details of your company must often be made available to interested people whether you’re looking for investment, expansion, or mentorship.

Before year-end, you’ll require the following financial records:

• The balance sheet report, showing all the assets, liabilities, and equity;
• The income statement report, showing revenue, expenses, and profit; and

Don’t forget to see if your accounting software or accounting team can put these together for you.

 

Prepare for Tax Documents

The end of the fiscal year is a critical time for businesses. You need to finish up your bookkeeping, submit your taxes, and start thinking about the next fiscal year. Make sure you are informed of the important financial dates.

Taxes due from a firm’s income are referred to as company income tax. This was put into effect in Malaysia in 2014 for defunct or non-operational corporations, liability partnerships, trusts, and cooperatives. This kind of business must file both Form E and Borang Nyata Tidak Lengkap (BNCP). Form C must be delivered to the Inland Revenue Board (IRB) within 7 months of the company’s account being closed.

For further information about your company’s tax payment, you can find out here: Memahami Percukaian – Portal SMEinfo

Plan Employee Morale Events

When making your year-end plans, don’t forget about your staff. They are a crucial component of your company’s success. Additionally, there are many occasions to honour them for their efforts throughout the year, especially during the holiday season.

As a fantastic business owner, you want to increase employee satisfaction and brand loyalty. Think about what your staff could value: Is it a large holiday gathering, more holiday time spent with their family or convenient hours to shop or organizing just a simple Christmas party. Could you leverage that to your business’s advantage? It’s always not solely about business, it’s also about the people that keep the business going. You value your staffs as important as your business, in return they will give you their best and loyalty.

Conclusion

When your to-do list never gets any shorter, taking the time to look back on the last year and make plans for the one to come may seem like an unneeded luxury. As Benjamin Franklin said, “If you fail to plan, you are planning to fail!” By following these steps, you’ll be giving yourself, your team, and your business the best start you can for a great new year. So go out and do it!