How to Achieve Nashua Small Business Success in the 4th Quarter and Beyond
The fourth quarter is upon us, which means it's time to start wrapping up the year and preparing for the next one. For small businesses, that means taking stock of what worked and didn't work this year, setting new goals for the coming year, and getting your marketing and website ready for the holiday season. It's a lot to think about, but we've got you covered. From the Greater Nashua Chamber of Commerce, here's a rundown of everything you need to do to get your small business ready for the fourth quarter.
Review Your Goals for the Past Year
The first order of business is to take a look back at the year and see how you did in terms of meeting your goals. This will help you set realistic goals for the coming year. Ask yourself questions like:
How much revenue did we bring in?
How many new customers did we acquire?
What were our biggest successes?
What were our biggest challenges?
What could we have done better?
Outline Your Goals for the New Year
Once you've taken stock of this year, it's time to start thinking about next year. Outline some goals you want to achieve and start putting a plan together for how you're going to achieve them. Again, think about both your financial goals and your customer acquisition goals. And don't be afraid to dream big!
Plan Your Holiday Marketing
The holidays are a critical time for small businesses. Make sure you have a solid plan in place for marketing your business during this busy season. This may include things like running holiday promotions, sending out holiday cards or ecards, participating in local holiday events, or donating to charity. Whatever you do, make sure your customers know about it!
Update Your Website & Social Media
Your website and social media profiles should always be up-to-date, but it's especially important during the holidays when people are looking for information about your business online. Make sure your website is easy to navigate and that all your contact information is up-to-date. And update your social media profiles with any holiday hours or promotions you're running.
Raise Your Inventory Levels
If you sell physical products, now is the time to make sure you have enough inventory on hand to meet holiday demand. No one wants to run out of product during the busiest shopping season of the year! So do an inventory check now and order more if necessary.
Review Your Accounting & Accounts
As the end of the year approaches, it's also a good time to review your accounting practices and make sure everything is in order. This includes things like reconciling your bank statements, reviewing your expenses, and making sure you've collected all the receivables owed to you. If you outsource your accounting, now is a good time to touch base with your accountant and make sure they have everything they need from you.
Organize & Prepare Income Tax Paperwork
End-of-year tax planning may not be the most exciting task on your list, but it's an important one nonetheless. Gather all the relevant paperwork—including receipts, invoices, bank statements—and start organizing it so that it's ready when tax season rolls around. This will save you a lot of headaches come April!
Here’s another time-saving tip: scan or take pictures of all your tax documents, then convert the images to PDFs. This will make it much easier to stay organized and avoid the hassles of digging through mountains of paperwork to find what you need at the last minute.
Adjust Your Business Structure if Necessary
Finally, if you're thinking about changing your business structure—from a sole proprietorship to a limited liability company, for example—now is a good time to do it. This will allow you to take advantage of any tax benefits available to businesses with that particular structure. Consult with an accountant or lawyer before making any changes so that you understand all the implications involved.
The fourth quarter is an important time for small businesses. There are many tasks that need to be completed in order to wrap up the year and prepare for the next one. These include evaluating goal achievement for the year, outlining new year goals, planning holiday marketing, updating your website and social media profiles, stocking up on inventory, reviewing your accounting, organizing tax paperwork, and changing your business structure. Completing these tasks will help ensure that your small business is ready for anything that comes its way in the fourth quarter and beyond!
Join the Greater Nashua Chamber of Commerce to network with other local entrepreneurs and access valuable resources for helping your business grow.