Wrap Up Your Business for 2021

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Tammy : Here’s another episode for our weekly podcast, and it’s almost the end of the year. Everyone is busy with everything, preparing to get together with their families, preparing gifts or maybe busy with the closing of the book for the year 2021 for their business. And today I am with Ray, to discuss with you on how to wrap up your business before the year ends.

Ray : Great, hi Tammy, it’s great to hear from you again and to be here to discuss a lot of ideas with you and to share them with our listeners.

Tammy : Yes, of course I do too! Always excited to do podcasts with you. I think we will be going to do 1 more podcast before we move on to the year of 2022.

Ray : Time flies so fast and now that we are already facing the last chapter of the year, what are the things we must do to end the year right?

Tammy : That’s a great question actually, some are also doing a personal new year’s resolution for themselves, while some are going with the flow, like to see what the year 2022 will bring for them. 

Ray : It’s really hard to tell what the year 2022 has to offer us, but everyone is surely praying for a healthy and prosperous year for everyone. Some business owners wish to have a great business year. Well, everyone is hoping to have a better year. 

Tammy : As the year comes to an end, it’s only natural to start to think about your 2021. It’s a perfect opportunity for you to look back on the positive and negative of your business. 

Ray : Even though this might seem like a heavy task, with the strategies, this could be a chance for you to make things right.

Tammy : And we are here to help you wrap up your business before the new year comes. 

Ray : First is to review your team’s performance. Communicate and coordinate with your team to discuss their performances. This is the best time of the year to review performance.

Tammy : Yes, it is a great time to review everything, review how well your team’s coordination and organization. Listen to your employees’ concerns and let them know their voice matter. 

Ray : And before everyone takes off for the holidays, ask your employees to meet with you in person or online.

Tammy : I agree, So you will understand more about the employee and how your business is running,

Ray : You need the knowledge to make your business stronger and more efficient. That’s why we suggest you wrap up your business before you move on to the next year.

Tammy : You have also do your year end accounting and close the book so it will be clean when you start a brand new year. 

Ray : Yes, Tidy up your accounting books. If you want your accounting books to be in great shape for the new year, take some time to organize your books and business receipts. 

Tammy : Yes, Keeping your books nice and tidy is an essential part of staying up-to-date for income tax season. What are the things you need to tidy up your accounting books? (1) Gather financial statements (2) Count and cross-check inventory (3) Check Bank accounts.

Ray : Great, actually, To simplify your year-end accounting process even further, you can organize the entire year. We all want to start fresh every year, leave the excess baggage behind, that’s why it is important to do these things for your business and employees as well. You may also ask your employees if they encounter any problem, or if they are doing good with their task. 

Tammy : Employees are very important in one business, because they are the one who helps you run your business. So I agree with you that asking them about their feelings toward the job or given task is important also.

Ray : And after you discuss things with your employees. You may now catch up with your customers. Why is it important to talk to your customers? It’s simply because the success of your business depends on your loyal client base. 

Tammy : If you don’t know how or feel shy about it. There are many websites with easy-to-use templates that make it almost effortless to send a holiday greeting over email in just a few minutes.

Ray : Always remember that getting year end reviews from your customers can help your business  big time.

Tammy : Other than the one we mentioned, you can also review your business and marketing plans. It’s time to revisit those goals you set last year and see where you stand.

Ray : Did you meet the goals you listed in your plans? If you didn’t reach your goals, use the end of the year to rethink your strategies and start fresh. 

Tammy : Yes, That’s okay if you haven’t reached certain goals during the year and make it your mission to check it off your list in the new year.

Ray : And of course, set a goal for the new year. You need to have a plan.

Tammy : This will be another chance for you to correct the mistakes and set new goals. When the year starts to come to a close, set aside time to think about what goals you want to reach in the upcoming year.

Ray : Or maybe hiring additional employees? Or even expanding your offerings. There are a lot of things to consider when setting a goal. That’s why you should plan before you start the brand new year. 

Tammy : I agree with you, Your goals can be large or small. When thinking about your goals, just make sure they’re attainable. Don’t set goals that you clearly can’t reach within the next year. 

Ray : To make it easier, build an action plan and timeline. Your action plan will help you stay on track and give you a timeline to complete said goals. And after those goals and plans, it’s now time for you to do a little relaxing.

Tammy : Relaxing?

Ray : Yes, go on a vacation, you don’t need to work 24/7. Go have fun and go on a vacation with your family. Or it can also be cool to have a rest and relaxation with your employees.

Tammy : Oh yeah, team building! That sounds so fun!

Ray : Yes, so there, we help you lay out the things you need to do to wrap up your business for this year. Hopefully everything will go well before the year ends and start fresh next year.

Tammy : Great, thanks for today!

Ray : Thank you and have a good day!

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