4 Things Every Small Business Should Do Once a Year
Running a small business is tough. You often feel like you don’t have enough time in the day to do even half the things that you need to do to keep the whole operation afloat. That means it’s easy to let some things slip through the cracks, especially when they don’t need to be dealt with regularly. That’s the last thing you want to happen because, although they may not be a daily, weekly or even monthly necessity, they are still important, and they could seriously impact your business if you forget about them.
With that in mind, here are a few of the most important things every small business should do at least once a year:
1. Get your financial records in shape
Obviously, you should be keeping financial records whenever a financial transaction is made to keep your business straight, but at least once a year, you should take the opportunity to sit down and really go through everything to ensure that it’s all quell organised and in good shape come tax time. From filing your receipts to checking up on payroll, there are so many things you can do just to check that things are being done right in the financial department, and doing so annually will help to keep things as simple and painless as they can be.
2. Check health and safety is up to date
Keeping yourself, your employees and your clients safe in your workplace is so important, not only because it is the right thing to do, but also because a failure to do so could end in disaster for your business. So, once a year, check out the latest health and safety regulation and ensure you have them in place. Book a workplace fire assessment, get the boiler serviced, check that your security policies are still working, and do whatever needs to be done to ensure that you’re all as safe as can be. You’ll regret it so much if you don’t.
3. Come up with a budget
Small businesses often don’t have a lot of money, so you need to be able to make the most of any cash flow you do have. That is why having a budget drawn up annually is really important. Not only will it help you to identify any areas where you’re wasting money but it will also help you to identify areas where more spending is needed, and help you come up with ways to make those spending needs possible. Perhaps even more importantly, it will also give you a better idea of how well you’re doing as a business.
4. Cleanup and backup your data
Data is so important in modern business, but it can provide so many problems, It can be a problem if client data is leaked, which is why cleaning up data, deleting unneeded files and encrypting what you keep is so important. It can also be a problem when you lose it, which is why backing it up is so vital too.
If your small business does these four things every year, success will be that bit easier to achieve.