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

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 organization 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 analyze 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

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.

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

Review your income statement to measure your profitability for the year

Ensure vendor and contract payments are up to date

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

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

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

Verify that your payroll reflects the most current lawful rates

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

Category #2: Business

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.

Evaluate vendor contracts and terms of trade

Review and update your business' disaster recovery plan

Ensure your documented policies and processes are up to date

Consider whether you may need more licenses for your software

Evaluate your cybersecurity measures - are they strong enough?

Organize your files and email inbox

Update your business calendar for the new year

Evaluate your staffing needs for the year ahead

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

Consider whether your current technology is meeting your needs

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

Category #3: Employees and Customers

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.

Update current and past employee information

Conduct performance reviews with your team

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

Send a customer feedback form to evaluate your performance this year

Category #4: Customer and Business Assets

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 organization's needs.

Update customer asset records with the latest information

Evaluate your work vehicles

Review your equipment leases

Take stock of your inventory and update records

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.