With end-of-year parties and vacation days approaching us, it’s quite easy to get overwhelmed and forget about those crucial details that need to be taken care of in your business. However, the end of the year marks a period for many important tasks related to corporate compliance.
Consider these to-dos and make sure to check them off before December 31.
Assess Your Expenses
Since you probably do not log into your accounting software on a regular basis to review your expenses, you may have accumulated a pile of items to categorize. This will make tax time in May go much smoothly when filing your annual returns with the FIRS.
Audit Your Marketing Plan
January will be here in no time. Ask yourself how you’d want to market your business differently next year. Now is a great time to assess what worked for you and what didn’t in 2021. Apply what you have learnt the previous year and re-enforce the exceptionally rewarding moves. You might want to do more of SEO and having a blog in order to cut down on your paid marketing expenses this coming year.
Evaluate Your Current Business Structure
If your current business structure isn’t making it any easy for efficient management, now is the time to consider a better setup. Also, if your business is not yet registered, consider registering it with the Corporate Affairs Commission.
Both the Business Registration, LLC, and Corporation offer ample benefits, including creating corporate bank accounts, protection of your personal assets and some tax perks, but you’ll have to do your research in order to determine which is the right fit for your business needs.
You can send us a mail at [email protected] for any enquiries related to registering your business with the CAC, and we’d be glad to help you out. We can also help you with filing of annual returns.
Revamp Your Social Profiles
This is a task that many business owners don’t think about, especially if they’re not directly involved in the social media management of their business. But there’s no better time to give your social bios and cover photos some fresh looks than the end of the year.
Legally close down an Inactive Business
If you have a registered business that has ceased operations with no intention of reinstating it, you should consider taking the necessary legal steps to officially shut it down before year’s end. A consultation with a business lawyer or solicitor would do the trick. If an inactive business is left alone, it can cost you thousands, if not millions, in taxes and license fees
File Corporation Paperwork and Publish Annual Report
If your business is already incorporated and operating on a calendar year, you may have forms you need to submit to remain compliant. This is also a good time to publish your annual report. And discuss next year’s budget with other board members.
Review Your Business Goals
With those New Year’s resolutions right around the corner, now is ideal for reviewing last year’s resolutions or goals. Here’s a top 10 list of business resolutions to consider ahead of the coming year;
- Learn to Outsource and Do More of It
- Promote Your Business Regularly and Consistently
- Make Business Planning a Ritual
- Always Strive to Learn Something New
- Join a New Business Organization or Networking Group
- Give Back to Your Community
- Put Time for Yourself on Your Calendar
- Set Realistic Goals
- Stop Managing Bad Equipment, Replace Them
- Stop Trying the Same Strategy Hoping To Get a Different Result
Send End-of-Year Gifts to Your Best Clients
There are 1 billion good reasons to gift your best clients end-of-year gifts, but the most important one is letting them know that you appreciate them a lot. After all, your clients are the reason you’re in business. A thoughtful gift will have a greater impact than a text that just says, “thanks!”.
Once you’ve carried out all these todo list, it’s time to go enjoy the holidays with your team and family!