Now is the time for a year-end review, to have an honest look at what worked, what didn’t, and how to improve for next year.
As the calendar year winds down, business owners have an important opportunity to pause and reflect. Not just on revenue or growth metrics, but on how you ran your business. Did your actions align with your intentions? Did your decisions help—or hinder—your progress?
Revisit Your Expectations
Take a look back at your goals from the start of the year:
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Did you plan to grow your client base? Improve processes? Reduce costs?
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Did you aim to handle more tasks in-house to save money?
Now ask: Did you actually achieve those goals—or just get buried in the day-to-day?
How Did You Perform?
Self-assessment can be tough, but it’s key to improvement. Consider:
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Did you end up spending too much time on tasks like bookkeeping, taking you away from revenue-generating work?
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Did you save money on DIY accounting—or are you now paying more to fix errors or catch up before tax season?
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Did you consistently review your financials, or did you make decisions based on gut instinct?
Identify Gaps—and Opportunities
Some common pain points we hear from small business owners:
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Cash flow surprises due to unreliable or outdated financials
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Tax-time stress from not keeping up with record-keeping
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Missed deductions or penalties because of skipped tax planning
Do a Year-End Review and Create a New Year Plan
Here are some ways that might help you make next year better:
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Outsource what slows you down—especially financial tasks
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Schedule quarterly reviews of your financials to stay on track
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Talk to your accountant before making big purchases or tax-related decisions
The year-end review isn’t about assigning blame or criticizing yourself, it’s about learning and adjusting. If you’ve realized you need stronger support, reach out to Compass CPA. We’ll help you focus on what you do best by doing what we do best.
