The start of a new year is the perfect time to realign, strategize, and set small business goals for new year and new success!
Whether you’re wrapping up 2024 or preparing for what’s ahead, January provides a unique opportunity to reflect on your New Year’s resolutions for your business and make a plan for impactful changes.
This blog will guide you through the essential steps to close out last year’s books, implement new systems, and set intentional goals for 2025.
Let’s get started!
1. Wrap Up 2024’s Financials
Before diving into 2025, it’s essential to properly close out your financials for 2024. This will provide the foundation for setting meaningful goals in the new year. Here’s what to prioritize:
- Update your bookkeeping records:
Ensure that all 2024 transactions are recorded accurately. Whether you’re using QuickBooks or spreadsheets, check your profit and loss (P&L) statement and ensure all expenses are categorized correctly. - Prepare for 1099s and taxes:
January 31 is the deadline for issuing 1099s. To stay compliant, ensure all contractors and vendors are properly tracked and that you have up-to-date W9 forms on file. - Hire a bookkeeper if needed:
If your books are behind or disorganized, it might be time to bring in a bookkeeping professional. Getting expert help allows you to focus on high-level business strategy while ensuring your financials are in good hands.
📊 Need a simple way to get organized? Check out Jamie Trull’s Profit & Loss Template and Dashboard for easy financial tracking.
2. Implement New Systems to Boost Efficiency in 2025
January is the perfect time to introduce new tools and systems to improve efficiency. Consider integrating project management tools to monitor and visualize progress toward your goals.
Here are some areas to consider:
- Upgrade your accounting software:
If your current bookkeeping system isn’t working well, switching early in the year will help keep your records clean and organized. Avoid mid-year transitions that can complicate reporting. - Open or switch business bank accounts:
Make sure you have a dedicated business bank account. If your current bank doesn’t meet your needs, now is the time to switch to a new provider without disrupting your finances mid-year. - Evaluate payroll providers:
If payroll was a pain point in 2024, the beginning of the year is the easiest time to make a switch. Starting fresh helps avoid tax reporting headaches and makes for a smooth transition.
🛠️ For tools to simplify your operations, download the Inventory Management Worksheet to track your business stock with ease.
3. Set Intentional Goals and Create an Action Plan
Many business owners make the mistake of setting vague or vanity goals at the start of the year, such as revenue milestones that lack a clear path. Here’s how to set more effective goals:
- Prioritize profit, not just revenue:
A million-dollar business isn’t impressive if it costs $1.1 million to run. Set profit goals to ensure you’re building sustainable growth, not just chasing top-line numbers. - Break down your goals by quarter:
Map out what needs to happen each quarter to stay on track. If your business experiences seasonality, allocate specific revenue and profit targets to each quarter based on historical trends. - Use SMART goals to stay on track:
Create specific, measurable, actionable, realistic, and time-bound (SMART) goals to keep yourself accountable throughout the year.
🚀 Start 2025 strong by downloading Jamie’s annual planning guide to create a roadmap for success.
4. Monitor and Adjust Your Goals Throughout the Year
It’s not enough to set goals in January and forget about them. Regularly reviewing your progress ensures you stay on track and allows for course corrections. Make time for quarterly or monthly reviews of your P&L and other key reports. This way, you’ll have real-time insights and can adjust your strategy as needed.
5. Overcoming Challenges
Setting business goals can be daunting, but with the right strategies, you can overcome these challenges and achieve success. Start by setting SMART goals that are specific, measurable, achievable, relevant, and time-bound.
Prioritize your goals to focus on the most critical objectives and break down larger goals into smaller, manageable tasks. Regular feedback and coaching can help keep your team on track, while celebrating successes and learning from failures fosters a positive and resilient work culture.
By employing these strategies, you can navigate the complexities of goal setting and steer your organization towards its desired outcomes.
Make 2025 Your Best Year Yet!
By taking the time to reflect on 2024 and plan thoughtfully for 2025, you’ll position yourself to build a thriving business. From closing out last year’s books to introducing new systems and setting intentional profit goals, the steps you take now will help you achieve your long-term business vision.
🎯 Ready to get started? Download the annual planning guide and set yourself up for success.
By planning intentionally and working smarter, not harder, you’ll be prepared to meet your goals efficiently and avoid burnout. Here’s to a successful 2025!
📽️ Watch the Full Video: How to Start the Year Strong for Your Business
This is a direct transcript of the video and has not been edited for content. Minor formatting adjustments have been made for readability.
Hello, hello everyone! Jamie Trull here, your favorite CPA and profit strategist, and it’s the New Year, y’all! When this is coming out, we are in 2025. I have my stylish champagne sweater on to celebrate the New Year, and I hope that the new year is starting off great for you.
I do know that the new year brings with it some new challenges, new excitement, and new energy—all of the things! So, what I wanted to do in this first video of 2025 is to really talk about the financial impact of the new year, especially when it comes to your small business.
1. The Challenge of Managing Two Years at Once
The specific challenge with the new year is that we’re doing multiple things at once. At the end of the previous year, we focus entirely on closing things out. But, when we enter a new year, we have to juggle both the past and the future.
You’re still wrapping up 2024—closing out the books and preparing for taxes—while also trying to hit the ground running for 2025. This time of year is exciting because it’s all about planning and dreaming, but it can also be overwhelming since both years require your attention.
2. Closing Out 2024
One of the first tasks for January is to tie up loose ends for 2024. Here are a few things to focus on:
- Review and update your bookkeeping:
If you haven’t touched your QuickBooks since last February (no shame!), it’s time to get caught up. January is the perfect time to organize your financial records to ensure everything is ready for tax season. - File 1099s:
If you worked with contractors or vendors in 2024, 1099 forms are due by January 31. Review your records to confirm who needs a 1099 and avoid last-minute stress. - Get professional help if needed:
If your books are a mess, hire a bookkeeper. Many bookkeepers prefer to take over your books directly rather than fix mistakes, so don’t stress if you feel behind—it’s common!
3. Implementing New Systems for 2025
The start of a new year is also the best time to introduce new systems or replace outdated ones. Consider the following:
- Switching payroll providers:
It’s easier to switch systems in January than mid-year. A new payroll system will keep things cleaner and minimize complications. - Opening a new business bank account:
If your current bank isn’t meeting your needs, this is the best time to move your accounts. Starting fresh ensures all transactions align correctly for tax purposes. - Upgrading software or bookkeeping tools:
If you’ve been relying on spreadsheets or outdated software, this is the moment to level up. Your future self will thank you for investing in better tools.
4. Planning for the Year Ahead
Once you’ve wrapped up last year and implemented new systems, it’s time to set intentional goals for 2025.
Avoid Vanity Metrics
Many business owners set goals based only on revenue—for example, hitting a million dollars in revenue. But it’s not about how much money you bring in if you don’t make any profit!
A million-dollar business means little if it costs $1.1 million to run. Instead of setting vanity goals, focus on profit goals and build a plan around how to achieve them.
Get Specific with Your Goals
Think beyond top-line numbers. Ask yourself:
- How many units or services do I need to sell?
- At what price points?
- When do I need to hit these targets—by which quarter or month?
If your business is seasonal, account for that. Knowing how much revenue needs to come in during Q1 versus Q3 will give you clarity and help you make adjustments if you fall off track.
5. Working Smarter, Not Harder
Spending time now to plan your year will help you work smarter, not harder. Without a plan, you may waste energy chasing the wrong goals or get stuck in a cycle of firefighting problems all year long.
Use Cash Flow Forecasts
Planning for cash flow ensures you have the funds to make strategic investments and avoid cash crunches throughout the year. Make time to think about where you want to invest back into your business for growth.
Conclusion: Start 2025 Strong
I get so excited about planning at the start of the year because it really sets the tone for what’s to come. I encourage you to download my annual planning guide—it’s totally free and will help you reflect on last year and map out a clear path for 2025.
📥 Get the annual planning guide here: annual planning guide
This guide is specifically designed for small businesses, and it’s packed with tools to review 2024 and set actionable goals for 2025.
