2020 Vision: Planning for the New Year

The end of year period is a busy time for everyone, not just at work but preparing for the holidays and the New Year.

For retailers, a large portion of their yearly sales may come from this period and service businesses can be equally overwhelmed. For other industries, the year end can be one of the slowest times of the year. Clients might be away, employees aren’t around to finish projects and the phones don’t ring. That makes this a perfect time to plan for the next year.

Work on your marketing plan:

Having marketing goals is essential for promoting your business, but knowing the best way to achieve these goals is what makes a successful plan. Take a look at your marketing throughout the year and assess what worked and what didn’t. You can do this by tracking your email marketing and using social media analytics. You could even compose emails to send in the first week back to increase your business as soon as customers have finished their holidays.

Mid-year tax planning:

It may be the end of the calendar year, but it is right in the middle of the financial year. While large changes to tax plans are best done at the end of June, now is a good time to check on your finances and see if there are any urgent changes you need to make. Consider setting up a meeting with your advisor to discuss ways you could be reducing your tax liability or strategies for the new year.

Go green:

While there are initial up-front costs of going green, the long-term savings will be substantial and you will also be reducing your carbon footprint which is great for everyone. Reducing paper use is good for the environment and will save you money by eliminating the costs of buying paper and printing supplies. Turning off appliances at the powerpoint before you leave, replacing lighting with LED bulbs and taking advantage of natural lighting are easy power- saving tips you can implement. Going green can also improve your business’ reputation and attract clients in the new year.