30 Entrepreneurs Reveal How They are Closing the Year
#1- With gratitude
I am closing this year with gratitude. This past year has been full of good and bad surprises. I have made a lot of progress in my business. Accompanying that progress were some hard decisions. The past year has made me a firm believer in the phrase – everything happens for a reason. So, as this year comes to an end, I am grateful for all my struggles. I have become a much stronger person who is optimistic about the future. Whatever the future may hold, I will face it head-on with lots of gratitude.
Thanks to Adam Berry, AdamBerrySEO!
#2- Checking in with our internal processes
We've had a phenomenal year at QuillBot where we've exceeded all of our targets and forecasts, all while heavily scaling up our teams. As we close out 2022, we're checking in with our internal processes and procedures to ensure they're running smoothly and that they are ready for 2023 when we plan to nearly double our workforce. Scaling quickly is important but tricky, so it's worth taking the time now to check in, iterate where needed, and plan for another great year in 2023.
Thanks to Rohan Gupta, QuillBot!
Projects typically slow down at the end of the year, so I spend a lot of time planning for the next year and setting financial goals. The end of the year coincides with license and insurance renewals, and it is also an excellent time to review mileage records and conduct tool and equipment inventory counts. Work slows down, if not completely stops, at the end of the year, so I use this time to organize and plan for the following year.
Thanks to Josh Riutta, Mikku and Sons Roofing!
#4- Thank you party
At the end of every year in my office, there is a small thank party for the staff. Every year at the end of December I appreciate all my workers for the achievements they made during the whole year. Every person's contribution and hard work are important for the company to boost the company's growth and as an act of appreciation for their endeavor to the management, I give a small gift as an appreciation for their work. This small act can have a great impact on the workplace.
Thanks to Gretchen Boyd, Nychousecleaners!
As I close out the year, I'm extremely proud of what we've accomplished. We've built a strong team, established a reliable team, and launched our best blogs to motivate. We've also learned so much about where we need to focus our efforts going forward. We know that the most important thing for us is to continue to build on what we've done in 2022 and make sure that our team is well-trained and ready to take on new challenges in 2023 and beyond.
Thanks to Cherelle Johnson, Thatsister!
#6- Relaxing with my family
Instead of being stressed out over work, I'll relax with my family during the new year. I will complete my work by the end of the year before itself so that I will have the peace and time to enjoy my time with my family. The new year is very special, so it is important to ensure that the end year isn't too hectic. We should finish the work beforehand more efficiently. Spending time with loved ones always makes us happy. Thanks to that, I can find areas of improvement for the future.
Thanks to Agnes Zabawa, Insurance Navy!
#7- Holiday party for my team
I am planning on closing out the year by hosting a special holiday party for my team. This has been a year where everyone on our team has made significant contributions and worked hard to achieve our goals. It has also been a year where so much of the news cycle has been dominated by layoffs and phrases like quiet quitting which can cause even the best of teams to doubt themselves in the workplace. Our holiday party is meant to celebrate the contributions of everyone and get the team excited for the new year to come.
Thanks to Deborah Sweeney, MyCorporation!
#8- Backing up important information
The important process that I do at every year-end is backing up important information and accounting data. To start a new year I always make sure that the important accounting documents are readily backed up for the new year's. The backup data should contain all the accounting information, financial statements, transaction history, and what are the precious things the management needs. For this process, I always have a reliable backup system on the computer.
Thanks to Jim Snediker, Stock Mfg!
#9- Finalizing partnership deals
As I look to close out 2022, I have three things I am focused on as a business owner. First I am focused on finalizing partnerships deals with other businesses that are set to launch in 2023. Secondly, with the current economic climate, I am reassessing my packages to ensure that I am offering services to clients that will align with how consumers shop and what they want to spend in 2023. Lastly, I am celebrating the wins of 2022. It was a big year of growth for me and I am taking a pause to reflect, before entering the new year.
Thanks to Grace Thomas, Builtgracefully!
#10- Making a physical list of everything that’s gone right
I’m not simply going to make ‘resolutions’ for the things I’d like to change, but I make some time to congratulate myself on the areas in which I’ve grown and seen success. As humans, we’re driven to highlight the negatives and diminish the value of the positives, so it’s crucial to keep them top-of-mind. I like to make a physical list of everything that’s gone right over the last 12 months so I can reflect on it later. When it's complete, I do the same for my team and turn it into a congratulatory and thank-you year-end newsletter.
Thanks to Brian Dechesare, Breaking Into Wall Street!
#11- Focusing on growth and expansion
We are closing our year with a focus on growth and expansion. Basically, we’re setting ourselves up to hit the ground running in 2023 by laying a foundation to expand. We are content providers and we’re creating what’s necessary to move into different niches to diversify our portfolio. We expect 2023 to bring rapid growth to our company. We've made some great progress and are on track to close the year strong. I'm proud of my team and the hard work they've put in to make this happen.
Thanks to Carolyn Young, Step by Step Business!
#12- Tying up loose ends
We are already working on tying up loose ends before the end of the year.. That includes ensuring our bills are up-to-date, paying any outstanding contracts, and running our financial statements. We always ensure that we start a new year with a clean slate. On a lighter note, we are having a holiday party in New York City toward the end of the year to get our entire team together. We always place great importance on appreciating our team and bonding.
Thanks to Jared Weitz, United Capital Source!
#13- Understanding our affiliate program
Understanding our affiliate program is a valuable contributor to growth, we’re looking to promote it more in 2023. It’s easy to only focus on finding new customers, but this leads you away from utilizing current happy customers. By equipping more brand ambassadors to recruit through positive word of mouth marketing, our team will be able to focus on the best revenue streams. As referrals make us more profitable, we can add new tools and invest in the development of our employees.
Thanks to Jerry Han, PrizeRebel!
First, I read and took in as much information as possible to be a better entrepreneur and business person. Second, I continued to hone my team and their skillset so that they can do everything needed for success within the company. Third, I made sure that we had enough cash flow for next year's expenditures which included raising capital. Fourth, I focused on making sure our inventory was at an optimal level of availability of the right amount of stock to fulfill demand.
Thanks to Ciuca Valeriu, Currency-Convertor!
Each account is reconciled by the accounting team using a variety of documentation to ensure that the account reports the right year-end balance. To reconcile each account in the general ledger, accountants require a full set of receipts, vendor invoices, bank statements, and credit card transactions. Reconciling the cash account takes a long time because it frequently has the most transactions. Accountants must submit any necessary adjustment entries after reconciling the cash balance on the books to the balance on the bank statement.
Thanks to Corey Tyner, Buy Yo Dirt!
#16- Embracing and leveraging the holidays
I intend to close the year by embracing and leveraging the holidays. Since the holidays are quickly approaching, our teams are concentrating on retargeting clients who have provided favorable responses in the past and providing them with holiday-related ideas and objectives. People don't mind picking up original suggestions to make the most of the holidays, and my year-ending marketing initiatives are aimed at reaching the largest possible audience with a good life solution—holiday edition.
Thanks to Cynthia Hamilton, Oglf!
When closing off the year, I like to take some time to evaluate everything that has happened and consider whether I have met my business goals for the year. At the start of every year, I set myself business goals, and I make sure to write them down so that I know exactly what they are. Then, at the end of the year, I consider whether or not I have met these goals. This helps me start thinking about what I want my new goals to be for the upcoming year.
Thanks to Adrian Todd, Great Minds Think Hike!
#18- Reflecting on our accomplishments
As we close out the year, it's important to reflect on our accomplishments and set our sights on the future. For entrepreneurs, this is especially critical. We have to not only keep ourselves motivated but also inspire others to believe in our vision. Part of being a successful entrepreneur is being organized. This means having a clear plan and knowing what needs to be done and when. So take some time at the end of the year to get your ducks in a row. This will make it much easier to hit the ground running in the new year.
Thanks to Dwayne Kula, LEDLightingSupply!
#19- With a Christmas blow out
We always end our year with a Christmas “blow out”. This starts with Secret Santa and then we do something fun, together as a team, and then normally go to a nice restaurant nearby and have a company meal and drinks. In the last 16 months, we’ve grown from 4 employees to 35. We’ve decided on what we’re doing, we’re going to Flight Club in Birmingham, which isn’t a million miles away, to play social, interactive darts and for drinks, given how much we’ve grown, to keep life simple.
Thanks to Lucy Hurst, Sherbet Donkey Media!
#20- Extend interim contract
Extra assistance in January, when the actual closing occurs, can also be helpful. An interim finance expert can oversee the start-up of the new fiscal year as well as continue to handle the day-to-day accounting responsibilities so that the permanent staff can complete the yearly closing procedure and distribute the required reporting. My recommendation is to retain interim staff well into the month of January to ensure the new year gets off to the smoothest start possible.
Thanks to Cody Crawford, Low Offset!
#21- Reflecting, planning and celebrating
I'll be spending the end of 2022 reflecting on the past year and planning for the coming year. I'll figure out whether I've hit all my goals, which strategies worked, and what I could have done better and then create a plan for 2023. Reflecting on the past year is a great help when creating a plan for the upcoming year. It gives me a chance to double down on last year's successes and re-evaluate what approach I should take on the things that didn't go so well.
Thanks to Holger Sindbaek, Online Solitaire!
#22- Striving for work-life balance
Even though it's easy to get caught up in the daily grind of work, it's also impossible to ignore all of your friends, family, and home obligations. The time has come to put an end to this never-ending struggle and finally find a way to balance work and life. I won't have to put in a lot of effort. I become rigid with my schedule as a way of managing work and personal commitments.
Thanks to Jack Williams, Handyman Reviewed!
#23- Cleaning up my mind and space
I close my year by decluttering everything around. Outer order leads to inner calm. So I have to ensure my space isn’t overwhelmed with things I don’t need. I do a deep clean of my office and home, and then I move on to cleaning up my phone. I delete apps I don’t use, quit Facebook groups where I never take part in discussions, and unfollow people whose content doesn’t inspire me. The new year is always associated with a fresh start, and I love starting it without being distracted by something meaningless.
Thanks to Ivo Iv, Decor Home Ideas!
#24- Treating myself
At the end of each year, I indulge in something that will make me happy. I don’t have time to reward myself throughout the year, but when all the work is done, I treat myself with something I will truly enjoy – new gadgets, tickets to a concert, or a weekend getaway. Treating myself makes me feel cared for and contented; it boosts my self-command and motivates me for another amazing year. End of the year period is also a great opportunity to attract new customers and boost sales
Thanks to Dr. Tali Ditye, Mommyhood101!
#25- Retrospecting the year
Each year I make a list of 100 things I want to do or achieve in the next year. I write my wishes and aspirations for the following year regarding business, personal and mental goals. And at the end of the year, I sit down, reread it and cross out all of the things I have accomplished. In a constant rush, we often forget and underestimate all of the great things because of constant comparisons to others and the imposition of the overachievement culture.
Thanks to Charles Cridland, YourParkingSpace!
#26- Reviewing the year's goals
As the year comes to a close, we'll set aside some time to consider our financial situation, look over our goals, and assess how the year went regarding our budget and actual financial results. We will assess every mistake, setback, and opportunity our business lost throughout the year and consider what may be done differently to eliminate the constraints on our business by 2023. After that, we will make an implementation plan for the following year, focusing on the most feasible strategies. Setting lofty goals is commendable, if not preferred.
Thanks to Richard Mews, Sell With Richard!
#27- Developing a financial forecast
Forecasting has been one of my tried and tested techniques for sustaining your business through another year. At the end of this year, I take a look at the past financial data to project the financial performance level of the organization. This includes all the information about how much we will earn and subsequently spend in the next year helping me curve the expected throughout the next 12 months. We are actually closing this year with almost double the client numbers of the last.
Thanks to Isla Sibanda, privacyaustralia!
#28- Providing value to customers
The best way to end the business year on a high note is to provide value to customers. Now it doesn't necessarily have to be through discounts, but when you reward customers for engaging with your business through the year, it increases customer retention. As an owner of a co-working space, I try to provide value to all my members by holding regular networking events and personally asking each one of them how I can improve their customer experience.
Thanks to Lucas Seyhun, The Farm Soho!
#29- Increasing my customer base
I am confident that if I can continue to grow my business in these three areas, I will be successful in the coming year. To increase my customer base, I am focusing on two things: first, continuing to produce high-quality content that will attract new readers and potential customers; and second, expanding my reach by guest posting on other popular blogs and websites. To improve my product, I am constantly gathering feedback from my customers and using it to make changes and improvements.
Thanks to Omer Usanmaz, Qooper Mentoring & Learning Software!
#30- Setting goals
2022 is almost over so there’s no better time to take stock and start looking to 2023. Ending my 2022 by Setting goals, lining up opportunities, and creating a clear starting point that will ensure my motivation. The fact that less than half of small businesses like me have formal or recorded business plans may come as a surprise. There's no need for it to be lengthy or complicated. There's no need t spend so much time on this. Gearing my upgraded business plan for the next year is my next goal.
Thanks to Max Shak, nerdigital!