Small-business Q&A: Act now to get your business off to a strong 2018

Q: Any tips to end 2017 on the right note and make sure I get things off to a good start in 2018?

A: Start with your budget. Did you stick to your projections? Were both revenues and expenses as you predicted they would be? If you spent more than you thought you would, drill down and analyze where the money went.

Then, unless you think you'll have an increase in revenue to compensate, look for areas where you can reduce spending as you prepare your budget for 2018.

If you are hoping to increase your revenue by introducing new products or services, or by selling more of what you already produce, or by attracting new customers, consider what this would take. More employees? More inventory? More marketing?

Now is the time to lay out specific plans and figure out how your budget will support them. You may need to get a loan or a line of credit. Experts at the University of Houston C.T. Bauer College Small Business Development Center can provide free advice, help you put together a loan application and refer you to lenders if you meet eligibility requirements.

If you're looking to pump up your marketing efforts, now's a good time to evaluate how any 2017 marketing campaigns paid off. If you didn't measure the effectiveness of last year's marketing efforts, be sure to include an analysis of ROI in your plans for 2018.

Tactics like print ads or direct mail can be costly, while digital methods like social media can be time-consuming, so think about who you want to reach and the best way to do it, and whether you want to spend money versus time.

Tax time will come around before you know it, so take some time now to gather your documentation and tax records to get ready for filing - and think about planning for the upcoming year. Put in a call to your accountant before his or her busy season starts to make sure your current strategy will serve you well going forward.

Don't forget to include your employees in your end of the year wrap-up and New Year's planning. If they've been a part of what's gone well, tell them. If you need help with improvements, enlist them in your efforts.

If you do not currently use written employee evaluations, consider implementing them. It's always good to document expectations as well as achievements.

Finally, if you haven't thanked your customers for their business this past year, it's never too late to tell them how much you value them.