End of year meeting to discuss business performance | Focused Energy Operations Experts | Denver, CO

Ultimate End of Year Checklist for Businesses

As the end of the year approaches, it is important for business leaders to take some time to review the past year and prepare for the year ahead.

Here are some things that a business leader might consider doing as part of an end-of-year checklist:

Review financial performance

Take a look at the financial performance of the business over the past year. This might include reviewing financial statements, analyzing key metrics such as revenue and profitability, cashflow and identifying areas of strength and weakness. While it's good to review financial reports regularly, now is the time to take a step back and review the bigger picture. You'll  also want to discuss these reports with your leadership team, including CFO or controller, so that the entire team is on the same page in terms of what the financial data means for the company.

Conduct a physical inventory

Conducting a physical inventory, also known as a stocktake, involves physically counting and verifying the quantities of each item in stock to ensure that the business's records are accurate and up-to-date. This is a useful exercise for businesses to undertake on an annual basis and is essential from a tax perspective. However, it can also help a business improve the accuracy of stock, identify discrepancies, optimize inventory levels going forward, and facilitate year-end accounting.

Reflect on business goals

Think about the goals that the business set at the beginning of the year and assess whether they were achieved. You should also try to identify any noticeable patterns that can better inform your strategic planning and forecasting for the upcoming year. By considering what has worked well and what could be done differently, businesses can make changes to their operations and processes that can help improve performance in the future.

Plan for the future

If you identified any pitfalls or areas where results were not expected, take the time to figure out what happened and what was wrong. Looking over these types of shortfalls will help you identify limiting factors inside your business (i.e. the things that hold you back).

Brainstorm about what can be done differently to eliminate the limiting factors and consider what the business needs to do to achieve its goals in the coming year. This might include setting new goals, identifying potential challenges and opportunities, and creating a roadmap for success.

Communicate with stakeholders

Share the results of the past year with key stakeholders such as employees, customers, board members and investors. This might involve holding meetings or issuing a report outlining the business's achievements and plans for the future.

Take care of administrative tasks

Make sure that all necessary paperwork is up-to-date and in order, including company and employee tax documents and contracts. This will help ensure that the business is well prepared for the year ahead.

A final thought

Overall, the end of the year is a good time for business leaders to reflect on the past and plan for the future. But if you realize that your back office is taking up more of your time instead of saving it, add a goal to your list for next year: hire fractional finance and operations. Working with Focused Energy can increase efficiency while better backing up both your financial objectives and business planning.

By taking these steps, they can set the stage for a successful and productive year ahead.

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