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  It’s been a busy and challenging year for the Nigerian economy. Companies large and small have had their share of wins and struggles. And as we approach the final days of the annual grind, it’s time to reflect on what’s gone on and plan for the future ahead. To tick these boxes, you’ll need to know things business owners must do before the end of the year.
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This article covers the most important things business owners must do as a forward-looking business this end-of-year. Here’s hoping that you examine the things we suggest you should do, and prepare your business for the coming months. What follows is a discussion of 3 general concerns you need to sort out as a business owner before the year runs out.

Go Over Your Performance this Year

Even without some sort of review, you may have an idea where your business is at, in terms of its finances, growth, and position in the market. But “an idea” isn’t enough material on which to base your future moves. If you’re going to establish exactly how well your business has performed in the past year, you’ll have to do a thorough check on your records, personnel, and resources. This means, among other things, that you’ll run through your financial records to glean clues about a range of things: the sales you’ve recorded, your level of profitability, cash flow, leakages and waste, etc. These insights will help you form a more complete picture of how your business is faring. It’s also a good idea to ascertain the performance of your staff in the period under review. Ideally, you’ll have metrics that make such assessments easier. Also, talk with your team members to learn what the drawbacks to doing a better job have been, and how those impediments can be addressed. In addition, you should look through the records you have of your resources and how they’ve been utilized throughout the year. Did they generate satisfactory results? Have your production and distribution processes made the best of those resources? These are questions you’ll want to get answers to.
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Plan for the Coming Year

When you have gained a good view of your business’s achievements and slip-ups in the previous period, you’ll be in a better position to plan for the future. That’s because you’ll know what’s working and what needs fixing. Typically, you will have general aims for the coming business year; these will be longer-term, things you’ll hope to have accomplished by year’s end. Make sure to break those down into shorter-term steps, which you can deal with daily and weekly. As you cross these steps off your to-do list, you’ll get closer to achieving the longer-term goals. Things you may plan to do in the coming year include growing sales and profit by specific percentages; opening branches in 3 new locations; or adding 2 fresh brands to your product line. Whatever they are, ensure that they are realistic, actionable, measurable, and lead to the overall progress of your enterprise.

Begin Making Moves

Don’t wait for the New Year to start before taking action that’ll make it a good one for your business. If you have the funds to do so, we suggest stocking up on inventory and other supplies now. This gives you at least two advantages. First, you enter into the New Year with your stock of goods for the early weeks of the year already sorted out. Also, you may be able to factor in this cost in your tax filing for the preceding financial year, and, perhaps, reduce the company income tax you will eventually have to pay. Staying on finance, you could make your financial record keeping more efficient. This might mean adopting new record-keeping methods and hiring a professional to help. The clarity you’ll gain from working with a proper bookkeeper will make the investment worth it.
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Also, look into ways to cut waste. You can begin by cancelling subscriptions you no longer need, reining in expenses on frivolous items, and cultivating a consciousness around the use of utilities at your business. These low-hanging fruits could inspire you to pursue even more substantial cost savings in the months to come.

Final Words

As the year draws to a close, there’s a temptation to wind down and drift into the next one without proper preparation. Don’t give in to that urge but take note of these 3 things business owners must do to succeed. Planning for the New Year might take some effort. But if you do it right, it’ll yield fruits you’ll be proud of.
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This article was first published on 5th December 2024
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ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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