End-of-Year Best Practices for Small Business Owners

Can you believe we are at the tail end of 2024? At the Oswego Area Chamber of Commerce, we are working on end-of-year activities: Shop Small/Shop Local promotions, Christmas activities, and planning for 2025.

Many of you dread this time of year – the weather is getting colder, the days are shorter, and tax season is approaching. Here are some best practices to help get you through the end of the year:

• Pay attention to your estimated taxes. Avoiding paying estimated taxes can cost you a penalty in the end. Talk with your accountant to plan for this year and for 2025.
  
• Consider your retirement plan – setting one up can provide some tax advantages. Contributions may be tax deductible, which means you are saving money now and are also building for your future.
  
• Review your deductions. Are there items you should stock up on now? Is there anything you currently lease that you’d be better off purchasing?
  
• Make a plan to pay down debt to help save on interest costs.
  
• Many times business expenses inadvertently end up in personal accounts. Have separate business and personal accounts!
  
• Set yourself up for success next year, but consider how you can further support your staff. Are there educational or leadership opportunities that will help your staff and build your team? Can you provide new benefits to relieve workers’ worries or make them feel valued? Investing in your employees will help keep them.
  
• Review your business strategy and goals. Where do you want to grow or improve? Are there opportunities you are missing out on? Reflect on who your “ideal customer” is. Have your customers’ behaviors changed?
  

There is still time to evaluate. Great planning, thinking ahead, and reevaluating lead to success down the road.

The Chamber is here to help. We can refer accountants, lawyers, etc. to advise you, and we offer seminars throughout the year for your benefit. Call us today.

Oswego Area Chamber of Commerce : 25 E Jackson St : Oswego, IL 60543 : 630.554.3505 http://www.oswegochamber.org/