As 2011 winds downs, it is a good time to take a look at your year’s activities and make an appraisal on how you have done and prepare for the New Year.  A checklist can come handy to those who are not sure of how to go about it.

Gather your documents – It’s time to locate and organize all the financial documents for tax preparation. You will need to file your receipts related to business expenses-so that these can be used for tax deductions. Organizing these documents now will save you, or your Accountant, time when preparing your taxes.

See how you have done – Check your balance sheet and income statement to evaluate your profits and losses of the current year as against the previous year.  This will help you create a strategic plan to boost profit in the coming year. Also make sure you have considered your retirement plans and made appropriate contributions.

Review your strategic business plans – Before you lay out plans for the New Year, it is important to review your business plans for the year 2011. This is important because it will help you to make new goals and objectives for the coming year. Write down the goals you achieved and also the ones you could not complete. If you have not met your target for this year, write down your thoughts on how to achieve your strategic goals the next year.

Update your business plan – If you are unable to complete a task or meet a deadline in 2011, then remove it promptly from the to-do list. Instead of running away from these issues create a strong and solid plan of action to resolve these issues. You should not hesitate to re-evaluate your goals and change your business plan according to the changes in the economy and circumstances.

Reduce expenses ­– make a list of things that you can do without. This will curtail unwanted expenditures. Cut back on your utility bills and also get rid of unnecessary expenses. Also get rid of the old phones, computers and printers that cannot be repaired.  Get rid of the clutter to create more office space. If any equipment cannot be upgraded, donate it, recycle it or hold a sale.

Evaluate the web presence of your business – Update the information on your website and social media channels promptly.  Social media are not only for networking but also are used as marketing and advertising tools. Therefore ensure that the information in the social networking pages is accurate and these pages are functional. Schedule a regular time to maintain your online presence and leverage the latest technologies such as cloud computing to propel your business forward.  Keep aside funds for better branding – Branding and marketing go hand in hand. Online advertising also plays a vital role in increasing the visibility of your business. If you are unable to do it on your own, get the expertise of an experienced person. 

Save your plans – Create a file for 2012 to organize new projects plans, tax plans and business plans for the next year. Early start will give you an edge over other entrepreneurs.  Having these documents organized will also save you time when you renew your efforts to plan to coming years.

By failing to prepare, you are preparing to fail.

- Benjamin Franklin

Destiny is not a matter of chance; but a matter of choice. It is not a thing to be waited for, It is a thing to be achieved.

- Williams Jennings Bryan, lawyer, orator, three time candidate for president (1860-1925).

Those who plan do better than those who do not plan even thou they rarely stick to their plan.

- Winston Churchill, British Prime Minister

Have a plan. Follow the plan, and you'll be surprised how successful you can be. Most people don't have a plan. That's why it's is easy to beat most folks.

- Paul "Bear" Bryant, football coach, University of Alabama's Crimson Tide.