Spokane Valley Small Business Practices for the Fourth Quarter

It’s been quite a year but as the fourth quarter comes to a close, it's time to start wrapping up and preparing for the next one. For small businesses, this often means taking stock of what has been accomplished, setting new goals, and planning for the future. From the Greater Spokane Valley Chamber of Commerce, here are some things to keep in mind as you finish up the fourth quarter.

Evaluate Goals from the Year

The first step is to take a look back at the goals you set for your business at the beginning of the year. How well have you been able to achieve them? What obstacle got in your way? What went well? Answering these questions will help you fine-tune your goals for next year.

Outline New Goals

Next, start thinking about what you want to accomplish in the coming year. What growth do you want to see? What new products or services do you want to introduce? What can you do to improve your customer experience? Once you have a good idea of your goals, you can start putting together a plan to achieve them.

Plan for Holiday Marketing

If you haven't already started planning your holiday marketing, now is definitely the time! The holidays are a critical time for businesses, so it's important to have a solid plan in place. Decide what promotions you're going to run, what discounts you're going to offer, and how you're going to reach your target audience. The more prepared you are, the better chance you'll have of driving sales during this crucial time.

Update Your Social Media Profiles and Website

As we move into a new year, it's important to make sure that your website and social media profiles are up-to-date, as well as seasonally appropriate. This includes ensuring that your contact information is current, your bios are accurate, and your pictures are professional. Taking care of these small details will give your business a polished look that will inspire confidence in potential customers.

Assess Your Inventory and Supply Chain

Now is also a good time to assess your inventory levels and make sure that your supply chain is running smoothly. This will help ensure that you're able to meet customer demand and avoid any disruptions in service.

Review Your Accounting Practices

It's also important to take a look at your accounting practices and make sure that everything is in order. This includes reviewing your financial statements, updating your records, and reconciling any discrepancies. Taking care of these items now will save you a lot of headaches come tax season.

Prepare for Tax Filing Season

As the end of the year approaches, it's also time to start thinking about tax season. If you haven't already done so, now is the time to start gathering all of the necessary documents and information. Next, take pictures of all your tax documents and convert them to PDFs. This will help with organization and make the filing process go as smoothly as possible when tax season rolls around.

Reevaluate Your Organizational Structure

Finally, as you wrap up the fourth quarter, it's also a good time to take a step back and reevaluate your business structure. Are there any changes that need to be made? Are there any areas that can be streamlined? Now is the time to make those changes so that you can start off the new year with a refreshed business model.

The fourth quarter is an important time for small business owners. It's a time to reflect on the past year, set new goals for next year, and get organized for the future. By following these tips, you can ensure that your business ends the year on a strong note and starts 2023 ready for success!

If you’re ready to grow your business with the help of great local resources and partnerships, join the Greater Spokane Valley Chamber of Commerce.