Reflect on the progress you’ve made over the last year. Which of your 2024 goals did you achieve, and how did this improve your business? If there were objectives you didn’t meet, what held you back?

When setting new targets, try to make them clearly defined with specific objectives. This could help improve decision making and lead to more successful outcomes.¹ And rather than focusing purely on one area of your business (like revenue), try to include goals that are more holistic too (for example, around management or personal growth).

Take a moment too to celebrate your successes, no matter how small. Acknowledge your team’s hard work as well, as giving recognition where it’s due can help keep motivation and momentum high.²

It’s not the most glamorous of tasks, but backing up, securing and properly managing company data now could help to avoid a headache if you’re asked to retrieve a particular document later on. Make back-ups of all important files, from financial records to employee data – and include emails too, as these can be deleted automatically depending on your email tool.³

42% of European businesses have bought cloud computing services, with storage capabilities a key motivation.⁴ Cloud-based storage often costs less than servers and gives you and your employees remote access for increased collaboration, so they could be a good option if you haven’t already invested.⁵

Having a clear view of your finances allows you to make strategic, informed decisions about the year ahead and better protects you against market shifts.

There are two main methods of financial forecasting. Qualitative, which is making forecasts based on opinions; and quantitative, which uses exact numbers and information.⁶ They both have advantages and disadvantages so it’s important to do your research, but for younger businesses without a wealth of data to fall back on, qualitative forecasting could be the best option.⁷

Your people are the heart of your business, so take some time to assess how to get the best out of them this year. Look into whether they’d benefit from upskilling or if certain individuals are on track for a promotion. Doing so could increase loyalty and retention – two key drivers of long-term business success.⁸

On the resource front, the start of the year is an ideal time to review your staffing needs. Consider if there are any expertise gaps that need filling, or if extra people are required in a particular function.⁹

Getting on top of your calendar will help you plan your time more effectively and prevent you from missing out on any key events. Start by making a note of any renewal dates for licences and fees to avoid any surprises and unwanted costs.10 Next, plot out important events relevant to your industry – for example, if you’re an e-commerce business, make sure events like Black Friday, Singles Day and Chinese New Year are in the calendar so you can prepare in advance.¹¹

Day-to-day calendar organisation is just as important to run your business efficiently, so consider using online tools like Clockwise to streamline scheduling, or Toggl to track your time better.

The new year is a good opportunity to evaluate any current investments in technology, equipment, and software. Check that all your vendor contact information is up to date and assess whether you’d benefit from any upgrades or new tools^.12

Make sure any new investment decisions are weighed against your goals for the year – and that they’re in budget. You may also want to consider which areas of your business could be outsourced to free your team up for other business priorities – something that around 90% of small businesses are already doing to drive efficiency.¹³

Submitting taxes can be a complex and time-consuming process – which is why year-round organisation is key. As soon as you can, collate all your important documents, from balance sheets and income statements to receipts and invoices, making sure you know what forms to submit and when.¹⁴ Try to maintain this level of organisation all year-long.

Identify any problems or inefficiencies in your supply chain and plan improvements around your wider business goals. Perhaps one of your objectives is to operate more sustainably – in which case, you could investigate the environmental impact of your suppliers or consider switching to companies closer by to potentially cut your emissions.¹⁵

Plan your marketing spend. This will depend heavily on the requirements of your business and the sector it is operating in. As a broad rule of thumb, some experts suggest that your budget should be between 5% and 20% of your revenue.¹⁶ This may or may not be appropriate for your business, but whatever resources you have at your disposal it’s worth pulling together insights on last year’s efforts – how did each of your campaigns perform? Which social media channels and posts drove the most returns on investment?

Use your budget and this knowledge to develop a comprehensive marketing strategy for 2025 with clear KPIs, audience targeting, a measurement plan, and personalisation where possible.¹⁷

Conducting an audit of your website can help convert temporary visitors into repeat customers. Look at how different pages are performing in terms of page speed, bounce rates and mobile responsiveness, and check that the content you’ve published is still correct and aligns to your latest brand messaging.¹⁸

You could also look for ways to improve imagery and descriptions, check all content is SEO-optimised, and employ tools such as Google Analytics to drill into the data and gather useful insights around user behaviour, conversion tracking and shopping cart abandonment rates.