As the excitement of the new decade simmers down, and the business world collectively refocuses on the year in front of us, now is the perfect time for owners to plan ahead and address everything 2020 will bring.
First and foremost—taxes. The start of any new year means a barrage of different taxes and the pressing need to address them accordingly. All W-2s and 1099s are due to employees and contractors by the end of January. Failure to deliver these will inevitably result in a complex web of compliance issues. Not fun. If your local governing body issues an occupational license tax, make sure that gets handled in a timely manner as well.
But, a new year does not just mean mounds of paperwork and tax forms. There is no better time to plan ahead than in these initial months, and your work here can pay invaluable dividends as the year progresses. All business owners and leaders should really think about what improvements can be made, company strengths, pain points and the steps needed to address each area accordingly.
Budgeting. For all of its importance and value, we still find most small businesses do not invest the proper time in laying out a budget for the upcoming year. By looking at past financial reports and thinking ahead, you can create a game plan for your expenses and investments. If you have to accomplish one business goal for this year, focus on creating a budget!
Finally, the beginning of any year is the perfect chance to look around and assess your most important asset: your employees. We highly suggest reviewing employee handbooks, job descriptions and performing individual assessments.
Overall, this is a great time to hit a company-wide reset button and decide if your company needs any assistance. If any of these topics seem daunting or confusing, reach out to us, and we would be happy to help in any capacity we can.