When you began planning to have a successful 2016 did you realize there were things you could have and should have taken care of when closing out the previous year? Having a clean slate, knowing what your marketing efforts produced and taking advantage of tax benefits before the year closes out is a great way to wrap up the year and prepare for 2017. So, before the clock strikes midnight, use this checklist to clear out the old and make room for the new.

Download metrics

Run detailed reports from google analytics, apps connected to your Point of Sale System for marketing and any other automated systems you are currently using. This will help you identify goals and spot trends you’d like to capitalize on in the coming year.

Make charitable contributions

With a new administration coming in, tax code is sure to change. If you currently have an organization you contribute to then maximize that gift in 2016 to ensure you receive expected benefits. A local or state tax benefit can be changed quickly, so check with your CPA.

Pay 2017 expenses in advance

If you find you have some extra cash and run your books on a cash basis, then pay out expected 2017 expenses in advance in order to decrease your tax liability for 2016 and start 2017 off ahead of the game! Things like rent, travel and conference fees are a great options to pay ahead.

Review subscriptions

The meaning of subscription has changed drastically. A term that used to only apply to our news, now encompasses a variety of services. Many small businesses use monthly online services to manage social media, track employee hours or store data in the cloud. It’s wise to review these once a year and see what you are using regularly, what you might be able to cut or what could be consolidated into one platform.

Plan your first campaign of 2017

Even if you only outline an idea, set the groundwork for your first marketing push of the year. Go a step further and create a simple annual calendar to record deadlines and promotional times so that employees can plan ahead.

Schedule a celebration for employees

The holiday season is usually not the ideal time for small businesses, especially retail, to take a break. But recognizing employees and letting loose a little as a team is really important, so schedule a date later in January to hold an employee celebration. This gives you all something to look forward to once the hectic season is over.

Update security features

Security is ranked high when it comes to customer loyalty. One breach can take down your business. Make sure all software is up to date and if you haven’t switched to an EMV system for credit card processing, do it! This is one of the easiest and most cost effective ways to upgrade your security and protect customers’ information.

Review vendor relationships

Take a look at the vendors you use to see if there are changes that make sense. Could you negotiate a better deal, change volume or increase engagement to make the relationship work better for you?

Do a complete inventory analysis

If you are using a POS that gives you constant updates on your inventory, then you are already in good shape. But if you haven’t instituted an inventory management system then it is costing you money. The cost of storage, finance charges on money borrowed to purchase inventory and lost revenue when surplus has to be discounted can cost your business up to 30%.

Reach out to your best customers

We all need a reality check once in a while. Your most loyal customers can be a great source for that because, since they love your product or brand, they are invested in your success. Take a few of your best customers for coffee and ask what they like about and what they would improve upon in your business. Reward them with a gift certificate or a special gift you know they would appreciate.

If you are ready to learn how a POS system can fuel your future success, then contact a Marketing 360 Payments representative for an appointment. We’ll help you maximize the capability of your POS system and get ready for 2017. We are ready to make your business richer!