Best Business Practices Before The Year Ends
The year-end is around the corner and the last thing you want is a bad business practice holding you from a profitable wrap-up. There are tons of things that you probably need to do at the moment; at home as well as in office and before you lose your mind over both the situations, here are 5 best business practices before the year comes to an end.
- Performance reviews
All your employees look forward to year-end reviews of their performances. This is what gives them their appraisal and bonus pay-check and they are highly dependent on them for celebrations back home. If your company has a bonus associated with the performance review then it should be paid on the last working day before the holidays and not along with the salary. If this is not followed then your employees might consider the bonus as part of their salary which could mean trouble for you in the future. Always ensure fairness in the reviewing system. Never allow the same bonus for everyone or else the employees who have been working hard could be disappointed because their hard work is not recognized.
For the bonuses to be paid, it is a wise idea to keep aside a sum of money beforehand so that the payments can be made seamlessly, irrespective of the financial status of the company. This but can be taken care of by automated trading systems that work on their own and generate everyday profits for you.
- Cybersecurity is important
The year-end is the perfect time to enhance your company’s cybersecurity. Did you know that small businesses often run the risk of cyber attacks because they do not have enough staff to take care of their online systems? Having a password manager in place can help a good deal. You can keep password fatigue at bay. If you have old accounts that may give away sensitive information then delete them right away. Keep an eye out for scams during year ends because they are very common during this phase.
- ACA reporting
ACA or Affordable Care Act is an important but confusing part of paperwork during year end. If you have employees who are yet to submit their documents, try and speed up the process before the year ends. You should also keep a track of the number of hours that your employees are working to make sure they are well-rested.