I can’t believe another year is almost over! For childcare business leaders this is the time to planfor the upcoming year. How you close out the year will determine how well you begin the new year. Taking the time to prepare for the upcoming year will put you in a better position to achieve your goals for your life and business. This is the time to set yourself and your business up for success in the coming year.
I have put together a simple list that will help you end your business year the right way!
1. Prepare and conduct an end of the year performance review:
Look over your goals for the past year and make new ones for the coming year. This review should include assessing the goals you set for this year and how you did with them. Which ones did you meet or exceed and which ones may have to be revisited in the coming year.
2. Collect accounts receivable:
Having to collect payments definitely isn't a fun job but someone has to do it! Your bottom line depends on it. You do not want any late payments to roll into the new year. If you have families who are consistently late on payments, this is a great time to go over your payment policies and set the tone for enforcing them for the upcoming year.
3. Assess hiring needs for the coming year:
Will you need to hire more employees? What training is needed by current employees to keep them up to date and compliant with state regulations? What personal growth goals are you setting for each team member to make them more effective in their current position or grow them to the next level?
4. Show appreciation:
We all love a little recognition and pat on the back. Plan and set sometime aside to show your staff, children and parents how much you appreciate them. You could not have made it through the year without their support.
5. Take time to get organized:
For childcare businesses, a year’s worth of paperwork is no joke. It is time to purge and get rid of the trash. Be careful with this though, because you do not want to throw away important documents. For some federally funded programs you are required to keep records for up to six years. Any old, but important documents should be stored away. Invest in totes, organize and label them for storage and easy access if needed in the future.
6. Gather records for tax purposes:
If you have not been organized in keeping records for tax purposes, this is the time to get on track. While going through your files, gather and organize all the important documents you will need for tax preparation. If you are not sure, talk to your accountant. You also need to be aware of tax deadlines.