4 End-of-Year Tips to Set Up Your Business for Success in 2025
As the year winds down, it's easy to get caught up in the festivities and end-of-year rush. But now is a critical time to prepare for the new year and set yourself up for success. Here are four essential end-of-year tips to help you hit the ground running in 2025:
1️⃣ Calculate (and Forecast) Expenses
Understanding your expenses is crucial for making informed decisions, pricing your offers accurately, and managing your cash flow. Take the time to review and forecast your expenses for the coming year.
Le Chéile can help: We offer accounting software clean-ups, audits, and custom-built P&L and forecasting tools that are visually friendly and tailored to your needs. Let us help you get your finances in order so you can focus on growing your business.
2️⃣ Contract Extensions
Now is a great time to review and negotiate contract terms with your clients. Whether you're looking to discuss upsells, extensions, or continuations, use the end of the year as an opportunity to secure your revenue for Q1.
Timing is key: Early to mid-November is perfect for these conversations. Your clients will likely be more receptive before the holiday rush, and you'll have a clearer picture of your revenue for the upcoming year. If clients want to add services or need to scale back, you'll have time to adjust your staffing and payroll accordingly.
3️⃣ Pay Quarterly Taxes
Avoid future headaches by staying on top of your tax obligations. Paying quarterly taxes not only helps you avoid penalties but also makes your end-of-year tax filing smoother.
- Upcoming deadline: The next estimated quarterly tax payment is due on January 16, 2025. Plan ahead to ensure you're in good standing with the IRS and avoid any last-minute stress.
4️⃣ Identify 2025 Goals
This step is arguably the most important. Setting clear, specific goals for 2025 will guide your short-term strategy and help you measure progress throughout the year.
Be specific:
Instead of vague goals like "I want to 2X revenue," set actionable targets such as "We will onboard 3 new clients in Q1 with a total contract value of $X." Specific goals will give you a clear direction and make it easier to track your success.
Ready to get started?
If you need help with any of these steps or want to discuss how to set your business up for success in 2024, don’t hesitate to reach out. Let's make sure you're well-prepared to tackle the new year with confidence and clarity.