Planning for Your Kelso or Longview Small Business's Fourth Quarter Success
As the fourth quarter draws to a close, it's time for small businesses to start thinking about wrapping up the year and planning for the next one. For small businesses, this means taking stock of what worked well this year, setting new goals for the coming year, and putting together a plan to make sure those goals are met.
It can seem like a lot, but we're here to help. In this blog post, we'll go over some of the key things you need to do to get your small business ready for the fourth quarter. From evaluating your goal achievement to stocking up on inventory, the Kelso Longview Chamber of Commerce has got you covered. So let's get started!
Evaluating Current Goals
The first step in fourth quarter planning is taking a look back at the year that was. What goals did you set at the beginning of the year, and how well did you achieve them? This evaluation will help you understand what worked well and what didn't so that you can adjust your goals and strategies for the coming year accordingly.
Outlining New Goals for 2023
Once you've taken stock of your accomplishments, it's time to start setting new goals for the coming year. What do you want to achieve in the next 12 months? Do you want to grow your customer base? Increase sales by a certain amount? Expand into new markets? Whatever your goals may be, make sure they are specific, measurable, achievable, relevant, and time-bound (SMART).
Planning for Holiday Marketing
One of the most important things you can do during the fourth quarter is start planning your holiday marketing. The holidays are a crucial time for businesses, so you'll want to make sure you have a solid plan in place to take advantage of all the opportunities they present.
One great way to help get the word out is by creating a PDF gift guide stuffed with product images, bright festive fonts, and helpful sales info. You can even go a step further by using this free tool to split your finished product into multiple PDFs and sharing them with different social media groups for some additional targeted marketing.
go a step further by using this free tool
Refreshing Your Website and Social Media Profiles
As we head into a new year, it's also a good idea to take some time to update your website and social media profiles. This means making sure your contact information is up-to-date, adding any new products or services you offer, and freshening up your design. A little bit of effort now can pay off big later on down the road.
Increasing Your Inventory Levels
If you sell products, then one of your fourth quarter tasks should be stocking up on inventory. This will ensure that you have enough items on hand to meet customer demand during the busy holiday season. It's better to err on the side of too much than too little. After all, you can always adjust your inventory levels later if needed.
Reviewing Your Accounts and Preparing for the Tax Season
An important part of fourth quarter planning is reviewing your accounting from the past year. This will give you a better understanding of where your business stands financially and help you make more informed decisions about spending in the coming year. It's also a good time to catch any errors or discrepancies so that they can be corrected before tax season rolls around.
Speaking of taxes, another thing you'll want to do during the fourth quarter is start organizing your tax paperwork. This will make filing taxes much easier come April—trust us, you'll thank yourself later!
Changing Your Structure
Finally, if you're thinking about changing your business structure, whether it's converting from a sole proprietorship to an LLC or something else entirely, now is the time to do it. The fourth quarter is typically slower than other times of the year, so it's a good opportunity to take care of any big changes like this without disrupting day-to-day operations too much.
As we head into the fourth quarter, there are a few key things small businesses need to do in order to wrap up the year successfully and set themselves up for success in 2023. From evaluating goal achievement and outlining new goals, to stocking up on inventory and reviewing their accounting, there's a lot that goes into quarterly planning! However, by following these tips, small business owners can ensure that they finish 2022 strong and hit the ground running come January 1st.
Join the Kelso Longview Chamber of Commerce to network with other local entrepreneurs and access valuable resources for helping your business grow.
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