Lay a Strong Foundation for Your Des Moines Business's 2023
The fourth quarter is upon us, which means it's time to start wrapping up the year and preparing for the next one. For small businesses, that means taking stock of what you've accomplished this year, setting new goals for next year, and planning your holiday marketing strategy. It also means reviewing your inventory, accounting, and tax paperwork, as well as making sure your website and social media profiles are up to date. From the West Des Moines Chamber of Commerce, here's a rundown of what you need to do to get your small business ready for the fourth quarter.
Evaluate Annual Goal Achievement
The first step in getting your small business ready for the fourth quarter is to take stock of what you've accomplished this year. What goals did you set at the beginning of the year? Have you achieved them? If not, why not? This is the time to take a hard look at your business and see where you can improve.
Outline 2023’s Goals
Once you've evaluated your goal achievement for the year, it's time to start thinking about next year. What do you want to accomplish in 2023? What are your goals? This is the time to sit down and really think about what you want your business to achieve in the coming year.
Plan a Holiday Marketing Push
The holidays are a crucial time for small businesses. If you don't have a plan in place for how you're going to market your business during this busy season, now is the time to create one. What promotions are you going to run? How are you going to reach your target audience? What special offers are you going to make? Answering these questions now will help ensure that your holiday marketing strategy is successful.
Here’s another tip: to help spread the word, create a PDF gift guide brimming with sales info and high quality product images. You could even include some more targeted marketing by using this free tool to divide your finished product into multiple PDFs that you can send to different social media groups.
Update Your Website and Social Media
Making sure your website and social media profiles are up-to-date is an important part of getting ready for the fourth quarter. This is the time of year when people are doing more online shopping, so you want to make sure that they can easily find your website and that it looks professional and inviting. The same goes for social media; if potential customers see outdated or inactive profiles, they're likely to move on to a competitor.
Assess Inventory Stock
If you sell physical products, now is the time to make sure that you have enough inventory on hand to meet holiday demand. No one wants to wait weeks or even months for their order to arrive; by stocking up now, you can avoid any delays in fulfilling orders. Plus, it's always better to err on the side of caution when it comes to inventory; it's better to have too much than too little.
Review Your Accounts
The end of the year is also a good time to review your accounting practices. Are you keeping accurate records? Do you need to hire an accountant? Are there any areas where you can improve your financial management? Answering these questions now will help ensure that your finances are in order as we head into 2023.
Organize Tax Documents
No one likes doing taxes, but it's important to get your paperwork in order so that everything is ready come tax season. This includes organizing receipts, invoices, and other documents related to your business income and expenses. The sooner you get started on this task, the better. Trust us; you'll be glad you did when April rolls around!
Adjust Your Business Structure
If you're thinking about changing your business structure – like from a sole proprietorship to an LLC – the fourth quarter is a good time to do it. This will give you a fresh start heading into 2023 and may provide some tax benefits as well. However, be sure to consult with an accountant or lawyer before making any changes; they can advise you on what's best for your particular situation.
The fourth quarter is a busy time for small businesses, but with some planning, you can keep from feeling overwhelmed. By taking stock of where you are today and setting some goals for where you want to be tomorrow, you can also ensure that your business is ready for whatever the new year may bring.
Looking for business support in Des Moines? The West Des Moines Chamber of Commerce champions our community’s economic and cultural growth through networking, events, and advocacy. Click here to become a member today!