Just a few more weeks to go, and we will see the end of another year. Hopefully, October has been a good month for you. Now, of course, it is time to set your sights on November. The end of the year brings with it some specific items that entrepreneurs should consider. Here are 5 items that should be on your November checklist:
1. Review Benefits Plans
Not only is it open enrollment for employees, but it might not be a bad idea for you, as a business owner, to consider the benefits options you offer. Consider the types of plans you offer, from health insurance to retirement. You can usually receive business tax credits for what you provide your workers, while being able to attract and retain quality people. Take a few minutes to review your offerings, and decide whether or not it might be time for something new.
2. Consider Charitable Donations
Would your business like to make a charitable donation? Now is a great time, before the end of the year. Even if you don’t make a donation to a specific charity, now might be ideal to do some good in the community. With your employees, complete a community service project. Sign up to volunteer at the soup kitchen or food bank. Hold a winter clothing drive for local children. Consider getting your business involved in a local Sub for Santa program. You’ll feel good about helping, and you’ll build up goodwill toward your business in your community.
3. Plan Your Holiday Gifts
Many business owners plan holiday gifts for employees and partners. If you are planning on holiday gifts, now is the time to start getting them together. If you need to mail anything, plan to do it early — before Christmas mail inundates the postal services. If you will be sharing out a holiday bonus, you can start planning now to get the funds that you need. It’s also a good time to start preparing — financially at least — for any holiday parties or entertaining your business will do.
4. Round Up Tax Documents
By now, you should already have been working on squeezing in some end of the year tax breaks. Additionally, your finances should be fairly organized. Double to check to make sure everything is on track, and clean up your financial documents if you have let them get a little sloppy. Start gathering together the necessary records you will need for your business tax return so that you have less to do at the last minute. Completing this process over time can be preferable to trying to rush through it when taxes are due.
5. Continue Working on Next Year’s Budget
In October, you should have started a broad strokes budget for the next year. November is a good time to start filling in the gaps. Take a look at this year’s spending, and consider where you might improve. Also, consider which purchases you might need to make in the new year. Start fleshing out your budget, and adding details that will make it workable next year.
Miranda is freelance journalist. She specializes in topics related to money, especially personal finance, small business, and investing. You can read more of my writing at Planting Money Seeds.