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Fourth Quarter Tasks for Kaufman Small Business Success

The fourth quarter is upon us, which means it's time to start wrapping up the year and getting ready for what's to come. For small businesses, this means taking stock of what you've accomplished, setting new goals, and preparing for the holiday rush. From the Kaufman Chamber of Commerce, here's a handy checklist to help you get organized and make sure you're ready for whatever the fourth quarter throws your way.


Evaluating 2022’s Goals


The first order of business is to take a look at how you did this year. Did you hit your targets? Are you on track to reach your goals? What went well and what could have gone better? An honest evaluation of your performance will help you set realistic goals for the coming year.


Creating 2023’s Goals


Once you've taken stock of your accomplishments, it's time to start setting new goals. What do you want to achieve in the coming year? Do you want to grow your customer base? Increase sales? Enter a new market? Outlining your goals for the year will help you develop a plan to make them a reality.


Marketing for the Holidays


Make sure you're prepared by planning your holiday marketing in advance. This includes creating special offers and promotions, developing targeted marketing campaigns, and stocking up on inventory. Keep in mind that customers start their holiday shopping early, so don't wait until December to start planning. By then it will be too late!


Here’s another tip: create a PDF gift guide filled with product images and sales info. You could even include some more targeted marketing by using this free tool to divide your larger gift guide into multiple PDFs that you can send to different social media groups to help spread the word.


Updating Your Social Media Profiles & Website


Your website and social media profiles are often the first impression potential customers will have of your business. Make sure they're up-to-date and reflect your brand identity clearly, especially during the holiday season. If you don't have a website or social media presence, now is the time to create one!


Replenishing Your Inventory


Next, if you sell physical products, now is the time to stock up on inventory so that you can meet customer demand during the busy holiday season. This includes both finished products as well as raw materials or components if you manufacture products yourself. Don't wait until the last minute—plan ahead so you can avoid any disruptions in your supply chain.


Assessing Your Accounting


The end of the year is also a good time to review your accounting practices. Are you keeping accurate records? Do you have all the necessary documentation? Are your financial statements up-to-date? Taking care of these administrative tasks now will save you a lot of headaches down the road.


Getting a Head Start on Tax Paperwork


If your small business is registered with the IRS, make sure all of your tax paperwork is in order. This includes filing any necessary forms and making any required tax payments. Staying on top of your taxes will help ensure smooth sailing come tax season.


Altering Your Business’s Structure


Has your business grown or changed over the course of the year? If so, you may need to update your business structure to reflect those changes. For example, if you've hired employees or increased sales significantly, you may need to register as an LLC or corporation instead of operating as a sole proprietor. Consult with an accountant or attorney to determine what changes need to be made.


The fourth quarter is an important time for small businesses. It's when we take stock of our accomplishments, set new goals, and prepare for the busy holiday season. By following this checklist, you can ensure that your small business is ready for whatever challenges lie ahead in the fourth quarter!

Access even more great resources to help your business grow and thrive in our community by joining the Kaufman Chamber of Commerce.
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