December is a slow month for some business owners. Customers are on the downswing of their buying cycles. It's a time for business owners to take stock and get their books in order. For many other business owners, however, this is the busiest time of the year. This is particularly true for businesses that sell B2C and have high degrees of seasonality. This year’s favorable retail outlook should keep things even busier than usual this holiday season!
If you find yourself among those in an end-of-year frenzy, relax and take a deep breath. You will come out on the other end stronger than before! It’s easy to get lost in the year-end tasks that are likely taking up a majority of your time. Especially when all you want for Christmas is for the books to be balanced, end-of-year bonuses to be disbursed, taxes to be put in order, inventory to be accounted for, Q1 forecasts to be finished… is that too much to ask for?
While end-of-year needs obviously matter, it’s also important to keep your eye on the big picture; the life of your business will continue well past December 31st. This is a great time to reflect on what you accomplished this year and plan for your future. In addition to more commonly discussed end-of-year tasks, 2020 has some trends in store that should warrant your attention as a small business owner.