Top 5 Tips for Preparing Your Business for 2022
Consider Becoming Incorporated
Consider all the aspects of your business. Would your business benefit more from being a sole proprietorship, or become incorporated or a limited liability company (LLC)? If you do decide to incorporate, a January 1st effective date makes it much easier to prepare your annual financial statements.
Start Getting Your Tax Paperwork Together
December is a good time to start reviewing all your tax paperwork. Have everything organized and easily accessible so you can begin to submit documents to your accountant as soon as tax season begins in mid-January. This is also a good time to consult a tax attorney or advisor to help you find any additional deductions you may have missed in the previous year.
Review and Evaluate All Your Documentation
The fourth quarter is a good time to evaluate all your business documentation. This is the opportunity to correct any errors you may find and file older outdated documents. You will also have the opportunity to make a to-do list of any pending annual tasks such as license renewal. When you resume business after the new year, you can be assured that your records are in good order.
Give Your Employees Feedback
Your employees are your most important asset to your company. Most larger companies have a human resources department that do annual evaluations on work performance. When you do this, it allows your employee to know where they stand and what they can expect in the next year. This is also a good time to make sure all your employee’s documentation is up-to-date, as well as your employee handbook. You can also use this opportunity for your employees to provide feedback of their own to you.
Set Your Goals For Next Year
Once you have everything in order with your company’s paperwork, employees, and various year-end tasks, you can begin to set your goals for next year. Evaluate if your business is where you want it to be if your current business practices are working, and prospects you may have for the future. Once you have created an outline of attainable goals for next year, you can then determine what you need to do to reach your business goals.
Inner Works Pro can help grow your business with our various consulting services. Contact us today for your business assessment.