Countdown to the New Year: your small business checklist to kick off a year of success

Three. Two. One… Happy New Year!

Well, nearly. We’re still a few weeks away from getting to hear the clock chime midnight, which means there’s plenty of time to get your business in tip-top shape, ready for a successful year.

As we begin the countdown, passing Black Friday, the holiday shopping season, and the Boxing Day sales, now is the time to reflect, strategise, and prepare for an exciting year ahead.

Small business checklist to kick off a year of success

To help you plan for an incredible 2025, we’ve put together a small business checklist of things you might like to do before 31 December.

✔️ Get some rest

Feeling burnt out? If so, you’re not alone – 4 in 5 business leaders say they’ve been feeling the exhaustion that comes with burnout. Take some time to rest, recover, and recoup. Consider engaging in lost hobbies, spending time with loved ones, and learning new recipes so that you can jump into 2025 full of energy.

✔️ Reflect on 2024

Reflect over the past year – what went well, what went poorly? Which marketing plans didn’t pan out? Did they fail because not enough effort was put into them, or because the strategy wasn’t quite on the money? Which sales strategies excelled, were they successful because of a specific hard working team member, or did clients sign due to an exciting new product feature that you may want to shout about more on social media? Use what happened in the past to shape what happens in the future.

✔️ Create a budget

A little under 30% of business owners underbudgeted when putting together their financial forecast. An inaccurate (or worse, non-existent) company budget can have a negative ripple effect across the entire business as the year unfolds, from delaying supplier payments which can impact delivery timelines, to causing missed payments which can impact a business’ credit score, to impacting cash flow.

Take some time during these final weeks of 2024 to craft an accurate financial forecast. Start with reviewing the last year’s incomings and outgoings. Will anything change in the upcoming year? Have you signed any new client deals that will add to your revenue, and if so, how much will those deals cost? An accurate budget helps form the financial foundation for a strong year.

Extra tip: An emergency fund can be a business’ saving grace. It can help prevent missed payments, facilitate growth by funding unexpected opportunities, and provides a financial security net during downturns. If you don’t currently have a company emergency fund, consider adding the creation of one into your company budget this year. A small monthly contribution can add up over the year.

✔️ Set business goals

Goal-setters are 43% more likely to achieve their goals and setting challenging goals leads to a 90% improvement in performance. While setting New Year’s resolutions may feel a little cliché, setting “2025 Business Goals” could be the catalyst you need to help drive strong growth across the year.

Consider setting a financial goal, for instance, “we want to see a 10% increase in sales across 2025”, or “we will earn £100,000 this year by bringing in £25,000 in revenue per quarter”.

If you’d like to, you could consider setting three different financial business goals:

• Good: The amount of money your business needs to keep running as is

• Great: A fantastic, but highly achievable goal, such as an increased amount when compared to the last year

• Dream: A goal that would revolutionise your business, something to work towards

✔️ Make a rough plan  

Once you have your goals in mind, break those goals down into a business plan consisting of projects and tasks. For instance, to achieve your goal of 10% growth, you might consider updating a possibly outdated brand.

In this case, the rebrand would be a project that comes under the umbrella of this goal, and you could list tasks that will help you build towards a completed project, such as rewriting and redesigning the website, recreating social media design templates, and updating the company logo. Then, spread these tasks and projects across the year, splitting them by quarter or month. This can help you feel more prepared as you enter 2025, and can even help you reprioritise and clear out any unhelpful, lingering tasks.

Find business finance with Funding Options by Tide

Need some financial support to power your New Year plans? Whether you’re looking for working capital finance, a bridging loan to support property development goals, or invoice finance, we help eligible businesses find funding by connecting them to our network of over 120 lenders offering between £1,000 and £20M.

While submitting a full application would likely impact your personal or business credit score, checking if you’re eligible through our quoting service won’t affect your score. The initial check is completely free – just click the link below and submit your information to find out if we can help you find and apply for business finance.

Find business finance.

Please note that the information above is not intended to be financial advice. You should seek independent financial advice before making any decisions about your financial future.

It’s important to remember that all loans and credit agreements come with risks. These risks include non-payment and late-payment of the agreed repayment plan, which could affect your business credit score and impact your ability to find future funding. Always read the terms and conditions of every loan or credit agreement before you proceed. Contact us for support if you ever face difficulties making your repayments.

Funding Options, now part of Tide, helps UK firms access business finance, working directly with businesses and their trusted advisors. Funding Options are a credit broker and do not provide loans directly. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. Funding Options can introduce applicants to a number of providers based on the applicants' circumstances and creditworthiness. Funding Options will receive a commission or finder’s fee for effecting such finance introductions.