8 Fourth Quarter Preparations for Pasadena Small Businesses

The fourth quarter is upon us, which means it's finally time to start wrapping up the year and prepping for the next one. For small businesses, this process is especially important in order to ensure a successful transition into the new year. From the Pasadena Chamber of Commerce, here are some key things to keep in mind as you plan for the fourth quarter.

Evaluate Goal Achievement for the Year

The first step in fourth quarter small business planning is to take a look back at the year and evaluate how well you've achieved your goals. This will help you identify areas of success and areas that need improvement as you move into the new year. Make sure to be honest with yourself in this evaluation process so that you can set realistic goals for the coming year.

Outline New Year Goals

Once you've taken stock of your achievements for the year, it's time to start setting goals for the next one. What do you want to accomplish in the new year? Be specific and realistic in your goal-setting so that you can create an actionable plan to achieve those goals.

Plan Holiday Marketing

The holidays are a crucial time for small businesses, so it's important to have a solid marketing plan in place. What promotions or sales do you want to run? How are you going to reach your target audience? Answering these questions will help you create a holiday marketing strategy that will bring in customers and boost your bottom line.

Update Your Website and Social Media Profiles

With the new year comes new opportunities, which means it's also time for a fresh start on your website and social media profiles. Take some time to update your branding, add any new products or services, and make sure all of your contact information is up-to-date. This will ensure that potential customers can easily find and connect with your business.

Stock Up on Inventory

If you sell physical products, now is the time to stock up on inventory so that you're prepared for the holiday rush. This includes both finished products as well as any raw materials or supplies you need to keep production running smoothly. Planning ahead will help avoid any last-minute scrambling (and stress!) come December.

Review Your Accounting

It's also important to review your accounting records before the end of the year. This will help you catch any errors or discrepancies so that you can make corrections before filing your taxes. You should also use this opportunity to update your financial projections for the coming year so that you can budget accordingly.

Organize Tax Paperwork

No one likes doing taxes, but they are an important part of running a business. Start gathering all of your tax paperwork – including receipts, invoices, and bank statements –  so that you're ready when tax season rolls around. The sooner you get organized, the easier (and less stressful) it will be come April 15th!

Here’s another tip: take a moment to scan all of your receipts and tax documents, then use this free tool to convert the images to PDFs. That will make it far easier to stay organized and prevent you from having to dig through a sea of receipts just to find the one or two that inevitably get misplaced. 

Change Your Business Structure

Finally, if you're planning any major changes to your business structure – such as incorporating or forming a limited liability company – the fourth quarter is a good time to do it. This will give you a fresh start for the new year and help simplify your tax filing process come April.

The fourth quarter is an important time for small businesses to wrap up loose ends from the past year and prepare for the one ahead. By taking care of key tasks like evaluating goal achievement, outlining new goals, planning holiday marketing, updating your website and social media profiles, stocking up on inventory, reviewing your accounting records, organizing tax paperwork, and changing your business structure (if necessary), you'll set yourself up for a successful fourth quarter – and beyond!