With the end of the year fast approaching, now is the time to take stock of your small business, organize your thoughts, and think about what you need to improve for the following year.
Following our “Four Tips for Success” can help you end the year strong, and lay the groundwork for 2022.
(1) Review your annual goals
At first glance, your goals might seem unachievable. But that’s why they’re called goals! To accomplish them, it can help to do some soul-searching and ask yourself what you need in order to hit these big targets. Do you need more resources? A boost of motivation? Encouragement from your teammates? Think about what you could do better and implement measurable systems that ensure customer satisfaction. Seek out what you need—and go after those goals with a renewed sense of determination. A Human Resources consultant, for example, can help you see the big picture and offer a fresh perspective to old practices that may be holding you and your staff back.
(2) Check your numbers
Review your 2021 projected sales and budget. Did you meet them? If not, what can you do to get more revenue? Can you make any cuts in expenses? Also, review what you need to file your taxes. Confirm your vendors have completed a W-9 form so you can send them a 1099 at the beginning of the next year. For any vendor you have paid over $600 for the year, you are responsible for issuing them a Form 1099-Misc. Independent contractors must report this income for their taxes. Run a final inventory count and ensure your numbers are good to go. Now is the time to make any adjustments before the end of the year.
Our Wage and Hour Compliance Advisor, Shannon Coleman-Cryer, can help ensure that you have classified your workers properly.
(3) Review your HR practices, policies and handbooks
Review your HR practices, policies and handbooks. To run your small business successfully, it’s vital to review your employee handbook on an annual basis to ensure your policies are up-to-date. Has your company grown? Have any local, state, or federal laws changed that have an impact on your workplace policies? Have you accounted for all technological changes? The business environment is constantly shifting and your handbook needs to be adapted to reflect those changes. Having a current and comprehensive set of policies and an employee handbook can protect both your company and your employees. Also, think about training. What areas do you and your employees need to develop to take your business to the next level?
Our team of HR professionals at GCHR can help keep you compliant and offer several custom trainings tailored to you business’ needs.
(4) Meet with your employees
Meet with your employees to discuss priorities and find out where they may need help and what they need from you. Ask your employees to brainstorm some ideas to take the business to the next level. By asking them for their input, they will feel included in your business. Throw a party for them as well. The end of the year is a great time for celebration.
Gotcha Covered Human Resources specializes in providing clients with practical cost-effective solutions to problematic challenges in the workplace. From strategic employee communication planning to compliance with employment laws, Gotcha Covered HR provides all the support necessary to create a great workplace environment.