The fourth quarter is finally here, and business owners know it’s time to start thinking about wrapping up the year and getting ready for the next one. For small businesses, this time of year is especially important. From the Palm Desert Area Chamber of Commerce, here's a rundown of some of the things you should be thinking about as you finish up Q4.

Evaluating Goals for the Year

Before you can start planning for the next year, you need to take a look at how this year went. Did you achieve the goals you set out to achieve? If not, why not? What can you do differently next year to make sure you hit your targets? Answering these questions will give you a good starting point for planning your goals for next year.

Planning a Holiday Marketing Push

The holidays are a crucial time for small businesses. Many businesses make most of their revenue during this time of year, so it's important to have a solid plan in place. What kind of holiday marketing are you going to do? How are you going to reach your target audience? These are just some of the questions you need to answer as you start planning your holiday marketing strategy.

Updating Web Presence & Social Media Profiles

If you haven't done so already, now is a great time to update your website and social media profiles for the new year. This includes making sure your contact information is up-to-date, adding any new products or services, and refreshing your design. Updating your online presence will help ensure that potential customers can find you and learn about your business.

Stocking Inventory

For businesses that sell physical products, now is the time to start stocking up on inventory for the holiday season. This way, you'll be sure to have enough product on hand to meet customer demand. No one wants to run out of stock during the busiest time of year!

Reviewing Accounting

Now is also a good time to take a look at your accounting and make sure everything is in order. This includes reviewing your expenses, income, profit/loss statement, and tax information. Getting organized now will save you a lot of headaches come tax season.

Organizing Tax Season Paperwork

As we mentioned above, tax season is just around the corner. So now is a good time to start organizing all of your tax paperwork. This includes W-2 forms from employees, 1099 forms from contractors, receipts for business expenses, and anything else related to taxes. The more organized you are now, the easier tax season will be later on down the road.

For instance, you could simply take pictures of all your receipts, then use this free tool to convert the image files to PDFs. That’ll make it much easier to keep organized, since you won’t have to worry about one or two important pieces of paperwork getting lost or misfiled just as you’re trying to meet those tax filing deadlines. 

Changing Business Structure

Depending on how your business has grown over the past year, you may need to change your business structure. For example, if you've added employees or started doing business in multiple states, you may need to register as an LLC or corporation instead of remaining a sole proprietor. You should consult with an accountant or attorney to see if changing your business structure makes sense for your company.

The fourth quarter is an important time for small business owners. There are many things that need to be taken care of before the end of the year wraps up – from evaluating goal achievement and outlining new goals to stocking up on inventory and reviewing accounting records. By taking care of these things now, you'll set yourself up for success in the new year!

If you’re ready to grow your business with the help of great local resources and partnerships, join the Palm Desert Area Chamber of Commerce.