It’s hard to believe that 2018 is coming to a close! Many small business owners are already thoroughly immersed in Q4 prep; however, it is always possible they could accidentally forget to include something important on their to-do list. One forgotten item from the agenda could set your business back, or even have the potential to penalize it entirely next year.
Let’s try to keep that from happening to your company. If you haven’t already taken care of these 10 items, start adding them to your to-do list now to tackle before 2019 arrives:
1. Submit delayed filings or dissolutions if necessary
This only pertains to a select number of small business owners: those who want to start a small business or formally close one.
For those who want to incorporate or form a limited liability company (LLC), it’s a good idea to look into a delayed filing. Delayed filings allow you to file your paperwork now and set an “effective on” date, typically a month or so out into the future. Your business formation, by that date, should be fully approved and formed. However, this is not by any means a requirement. You may wait to file next year, but may have to wait longer than anticipated. January is a busy month for processing incorporation paperwork—you’re starting a business along with many other entrepreneurs!
Dissolutions, on the other hand, formally dissolve or close the business with the state. A business owner can’t put up a “closed” sign on their door and expect it to be inactive as a result. The business is still considered to be in existence with the state. Articles of dissolution must be filed with the Secretary of State. Doing this ensures that the business is officially closed and the company no longer has specific obligations (like paying taxes or state fees) to fulfill from there on out.
2. Meet with an accountant or bookkeeper
I am not a financial professional, and it would be impossible for me to give any entrepreneur financial advice. However, what I can do is recommend small business owners schedule in an appointment with an accountant or bookkeeper now.
Why have a meeting now instead of later? Meeting with a financial professional allows you to get all your ducks in a row. You can use this time to review financial statements, ask questions about deductions, and establish a timeline for your tax deadlines (you may pay taxes on a quarterly basis, for example). Meeting with a professional now will leave you better prepared to face both the new year and its tax season.
3. Revisit your inventory
What sold and what didn’t for your business in 2018? Take stock (literally) in what you have in and out of stock. If you don’t offer physical products for sale, check in with the services you do offer that sold versus those that didn’t. You may use this time to determine a strategy for 2019 that focuses more on items in demand, and cut those items that take up too much money or time.
4. Prepare to hire
If one of your New Year’s resolutions is to hire full-time employees, now is the time to get ready to bring on new team members.