Does Your Bulverde/Spring Branch Business Have a Fourth Quarter Plan?

As the year comes to a close, it's time to start thinking about wrapping up the fourth quarter. For small businesses, this means evaluating your goals for the year, outlining new year goals, planning holiday marketing, updating your website and social media profiles, assessing your inventory and supply chain, reviewing your accounting practices, preparing for tax season, and reevaluating your business structure. Use these tips from the Bulverde Spring Branch Area Chamber of Commerce to ensure that your business ends 2022 positively and enters 2023 ready.

Your Goals for 2022

The first step in fourth quarter planning is to take a look back at the year and evaluate your goals. Did you achieve everything you set out to do? What went well? What didn't go so well? An honest evaluation of your performance will help you set realistic goals for the coming year.

New 2023 Goals

Once you've taken stock of your accomplishments and failures, it's time to start setting new goals for the coming year. What do you want to achieve in the next 12 months? Be realistic in setting your goals; if you bite off more than you can chew, you'll only end up disappointed.

Holiday Ads and Marketing

The holidays are a critical time for small businesses. If you don't have a solid plan in place for marketing your products or services during this busy time of year, you're likely to miss out on a lot of sales. Start brainstorming your holiday marketing strategy now so you're ready when the rush begins.

Your Website and Social Media

If you haven't updated your website or social media profiles in a while, now is the perfect time to do it. Freshening up your online presence will show potential customers that you're still in business and that you're keeping up with the latest trends.

Your Inventory and Supply Chain

Do you have enough inventory on hand to meet customer demand during the holidays? Now is the time to find out. If not, start working on securing additional supplies so you don't run into any problems later on.

Your Accounting Practices

The end of the year is also a good time to review your accounting practices. Are you keeping accurate records? Do you need to adjust your budget? Making sure your finances are in order will help ensure a smooth transition into the new year.

Tax Season Preps

No one likes paying taxes, but they're an inevitable part of running a small business. Get a head start on tax season by organizing your records and gathering all the necessary documentation. If you have digital copies of your tax files, you can separate them out into individual PDFs. This makes them easier to reference. The more prepared you are, the easier it will be come tax time.

Your Business Structure

As your business grows and changes, it's important to periodically reevaluate your business structure to make sure it's still appropriate. Are you still organized in the most efficient way possible? Do you need to make any changes to how things are run? Answering these questions now will help ensure continued success in the future.

Wrapping up the fourth quarter doesn't have to be stressful—with a little planning, it can be a breeze! By taking stock of where your business is at today and setting some realistic goals for tomorrow, you can ensure a successful transition into the new year. So what are you waiting for? Get started on your fourth quarter planning today!