Things to do at the end of Every Financial year for Small and Medium Businesses

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End of the Financial Year is the time for small and medium businesses to introspect about their performance. It’s a time when every business owner should take a look at how the Business performed in the previous years, what were the accomplishments and which pain-points that affected the Business most, what steps can be taken to tackle them.

In this piece, I will explain 8 mandatory steps that you must take for scaling of your Business to new heights. Let’s take a look at them one step at a time!

  • Review your Business Performance

Once the Financial Year ends, review how well did your Business perform. Engage with your employees, let them share what they feel about Business performance and get suggestions from them.

Compare your performance with previous years to see how well did you perform. And if the performance is not satisfactory, analyze the root cause behind it. No matter how good your Business is performing, there is always room for an improvement.

  • Meet your Accounting Team

Your accounting team is the backbone of your Business. Whether you have an in-house team or you have hired the Best Accounting Firm, arrange a meeting with them. Ensure that they are keeping your books up-to-date so that you can get access to your financial statement whenever you need.

Make sure that every transaction, whether payments received or expenses, match with the respective entries in the book. Any discrepancy can lead to critical problems during annual compliances. So make sure everything is precise.

  • Strengthen your Digital Presence

Right now, we are living in the digital era. Having a digital presence on the internet and multiple Social Media platforms is critical. This helps you reach your potential customers easily and allows them to find you easily.

Keep updating your Social Media pages and websites. For better performance, we would recommend a specialized Digital Marketing Agency for this purpose. Such an agency will help you strengthen your Digital presence using their expertise.

  • Make organizational changes

Giving an employee the same task every year reduces his/her productivity. Research suggests that people perform better when they face challenging circumstances. So we recommend shuffling people every few years and giving them different challenges.

You should also consider hiring new talent for your Business. As your Business grows, you cannot keep-up its efficiency with the same workforce. Hire talented, driven and motivated people whose ideology aligns with your business goals.

  • Share your future Goals with your team

Ultimately, it’s your team that will help you achieve your next target. So share your goals with your team. Ask for suggestions and ideas. It’s possible that someone might have a better suggestion that can help alleviate your Business.

Moreover, make the respective heads of every department aware of their responsibilities and what they will be doing with their team in the upcoming year. Communicate with them to place the right employee at the right place as they know your employee better than you.

  • Check your inventory

If you are in the product-based Business, it’s important to keep an eye on the stock you have and the supplies you have made. It’s obvious that some of the products will be high in demand while others will be just laying around in your godown.

So it’s important to focus more on the products that selling and less on those that are not selling. This gives you a clear idea about what strategy should you pursue in the future for better growth and more revenue.

  • Set your Goals high

A Business is as successful as the owner’s vision. So it’s important to set the bars high. In the chaos of Business, it’s easy to lose track of your mission and vision. But, the end of the Financial Year is the time to revisit your goals and missions.

Even if your Business has not performed well in the previous year, strategic planning will help you achieve the feat in the next year.

  • Give your team a day’s break

Your team has worked pretty hard for the year, especially during the ending of the Financial Year. So it will be great if they can have a break of a day or two before they start working for the next year.

Such breaks fill employees with energy and give the feeling that you genuinely care about them. Remember, a happy employee performs way better!

Conclusive thoughts

There are lots of boxes that need to be ticked as the financial year ends. This is a challenging task, but equally important. So make sure you don’t miss out on anyone.

Of course, sometimes it may feel overwhelming to keep an eye out for such a chaotic task. So it’s better to have a reliable partner like Probal Consulting Group that can handle almost every task from your list as the year ends!

So if you need assistance with anything, you can give us a call right away, and we will be happy to help!

Probal Consulting Group is a leading Taxation, Accounting and Compliance firm that helps individuals, MSMEs and other businesses manage their accounting, taxation regulatory compliance affordably.

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