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Preparing For 2020: The Ultimate End-Of-Year Business Checklist

7th Nov 2019

The holidays can be a busy time for field service businesses. On top of keeping your operations running and juggling family time, you also need to prepare for the new year.

There are a range of things you can review and adjust in December to prepare your organisation for the upcoming year. A great way to start this process is to examine how your business has performed financially and strategically over the past year.

Insights from such a review will enable you to create more aligned goals which will help you and your team hit the ground running come January.

To help you analyse your financial and strategic performance and prepare for 2020, we've put together the ultimate year-end checklist, broken down into five categories.

Category #1: Finances

Cartoon male and female accountants reviewing finances for the end of the year

Strong cash flow can enable you to grow to new heights, so making sure your financials are in the clear for the new year is a must. Here are some annual tasks to complete by the year's end.

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Review your balance sheet and Profit & Loss report to review what needs improvement

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Review your income statement to measure your profitability for the year

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Ensure supplier and contract payments are up to date

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Track down any payments owing, work in progress or stock orders

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Review the conditions and interest rates on your loans - are they the best value?

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Review insurance policies. Are you getting the best coverage for the rates you're paying?

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Verify that your payroll reflects the most current lawful rates

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Schedule a meeting with your bookkeeper, accountant or financial advisor for the new year

Category #2: Business

Corporate male officer reviewing the performance of his organisation for the previous year

In addition to finances, there are some general business tasks that you should complete as the year draws to a close. These are important because they will contribute to your overall strategy and performance, helping you keep operations running efficiently.

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Evaluate supplier contracts and terms of trade

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Review and update your business' disaster recovery plan

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Ensure your documented policies and processes are up to date

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Consider whether you may need more licenses for your software

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Evaluate your cybersecurity measures - are they strong enough?

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Organise your files and email inbox

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Update your business calendar for the new year

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Evaluate your staffing needs for the year ahead

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Review your business website to make sure information is up to date?

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Consider whether your current technology is meeting your needs

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Don’t forget to celebrate your business accomplishments for the year with your team!

Category #3: Employees and Customers

Field staff and happy customer shaking hands

Your employees and customers are the foundation of your business. Without them, you're neither operating nor making any money. At the end of the year, it's important to check in with your employees and your customers, update records and ask for any feedback.

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Update current and past employee information

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Conduct performance reviews with your team

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Review your customer list and make sure all contact information is up to date

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Send a customer feedback form to evaluate your performance this year

Category #4: Customer and Business Assets

End-of-year business checklist with completed items and a pen and stamp next to it

The end of the year is a great time to update customer asset records to ensure your team will be operating with the most recent information in the new year. It's also a valuable time for evaluating your own business assets to ensure they are meeting your organisation's needs.

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Update customer asset records with the latest information

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Evaluate your work vehicles

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Review your equipment leases

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Take stock of your inventory and update records

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Review your real estate leases

These tasks are a great starting point to prepare your business for 2020. You can use this checklist to wrap up any outstanding issues and also touch base with your team and customers before the new year.

simPRO has a range of tools available for end-of-year business reviewing and reporting. Learn more on our website.

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