What Small Business Must Do In December

We wish it was about letting our employees and ourselves find time for online shopping (yep, it’s a Covid Christmas this year — forget the Mall). It’s not about wearing red and green to the office and bringing in cookies to share. Or if you work from home as so many of us are doing, it’s not about wearing our comfy ugly Christmas sweater or Santa Socks.

What it is about is getting ready for 2021. Sort of a Christmas list, for business.

The List

Prepare the 2021 budget. Include your monthly revenues and expenses, and a projection of how much you need to bring in next year to remain solvent or hit revenue goals. If the numbers don’t add up, it may be time to shop for additional financing.

Double check SBA Coronavirus Relief Options. Be sure you have asked for or received all the help you can get from the SBA.

Take inventory. Calculate your ending inventory to avoid any surprises starting 2021.

Organize files. Lack of organization can hurt your business, and this is the best time of year to clean up your files so any mistakes from 2020 can be rectified now and not carried over into the new year.

Prepare for Tax Season. Start by understanding your tax filing deadline, then gather and analyze your records looking for tax deductions and credits. Set aside estimated tax payments or determine whether you need a filing extension.

Or, simply let DL MoneyMatters do handle most of this list for you (highly recommended)!

Finally, promise to put 2020 behind you emotionally and get energized for 2021. Do something kind for your employees and for yourself. Get together and set outrageous goals for the coming year. Then take some time off to spend with close family and to celebrate what Christmas is really all about—love, mercy, compassion, and the call for us to share our time, our attention, and resources with others, especially those who need it most.

Merry Christmas!