Business Owners in Hong Kong Should Not Forget to Do a Few Things Before Year-End
When you own a business in Hong Kong, there is a tendency that you have been working as your own company’s developer, manager, marketer, business generator, administrative assistant, and HR manager. Given that you are doing all of these, it is usually difficult to sit back and analyze what the big picture is showing. December can be a slow month compared to the others for some businesses, and it could be an ideal time to reflect and make plans ahead of time. Being a business owner in Hong Kong means that you should take note of healthy year-end practices.
If Necessary, Submit Delayed Filings or Any Dissolutions
This is particularly for those who want to start a small business or shut it down formally. For a business owner in Hong Kong who plans to form or incorporate a company with limited liability, it is ideal to check out delayed filings. These allow you to paperwork now and set an effective date, normally a month or more in the future. The information you provided on that date should have received full approval before it is formed. Although, this is not a requirement at all. There is an option to file the following year but you might have to wait a while because January gets busy because of processing any incorporation paperwork. You are going to start a business at the same time as other entrepreneurs.
Dissolutions are for dissolving or closing a business formally. Anyone who owns a business cannot just hang a “closed” sign on the door and then expect it to become inactive. The state or city still considers that the business is existing. The dissolution articles should be formally filed with the respective Secretary. By doing this, you are making sure that the business has been officially closed and the company is no longer responsible for certain obligations to fulfill them.
Show Customers Gratitude
Studies have shown that it is a lot easier to gain new business or a referral from your existing client compared to finding a new one. Even if a lot of people are aware of this case, there are business owners who still ignore their clients. This occurs typically due to the fact that owners devote more resources to draw new clients in. This is a huge mistake because even if business generation is essential, make sure that you are targeting existing clients and find a way to thank them. This could mean treating them for lunch, dinner or coffee, sending a small gift or card.
A general email blast to clients is better than doing nothing. Although, it is always best to personalize the messages that you send clients. Make sure your customers know they are special and valuable to the company.
Set a Meeting with An Accountant or Bookkeeper
It’s advisable for a small business owner in Hong Kong to schedule a meeting with your accountant or bookkeeper ASAP. This ensures your things to be in order before the year closes. You can review financial statements, ask questions regarding deductions, and make a timeline for any tax deadlines. Meeting a financial professional now is going to leave you a lot more prepared to face the new year and tax season.
Manage the Holiday Bonuses and Performance Review When the Year Ends
Holiday bonuses should be a way to uplift the morale and maintain the happiness employees have with your company. Having said that, business should not give bonuses without consideration. They must review their employees’ performance for the current year. If they don’t do this, employees will expect that it is part of their salary. In addition, bonuses should be because of performance and differentiation between employees should be there.
If employees are receiving the same amount of bonus, the employees who performed higher could become disappointed because the process is not fair.
Holiday bonuses should be based on the performance of the prior year, together with the available revenue.
Review Your Policies Critically
Throughout the year, there is often no time to review policies like practice management, billing, personnel, accounting, consultations, and operations. When the year ends, it is ideal to look at the way things went and analyze what you can improve. A good way to do it is to start changing your policy in terms of consultations. You can also implement and practice a management system that encompasses billing and accounting.
Review the Cybersecurity of Your Business
The current year is an awesome way to review and make an improvement in the cybersecurity of the company. It is necessary to clean up any digital footprint when you delete old accounts which reveal sensitive information to the public. When the year ends, businesses should always be aware of any scams like tax fraud and phishing emails. When the year ends, there is a very common time when cybercrimes happen because small businesses are usually understaffed. Moreover, tired employees have the tendency to be less suspicious about emails they receive.
You Should be Ready to Hire
If part of your new year’s resolution is to hire new full-time employees, this is the time to bring in some new team members in the company. This might be a good move for your company because new bringing in new talents might be a fresh start.
Make sure that you are taking note of these tips because you do not want to have a problem. Being a business owner in Hong Kong is lucrative. This is because the country opens a lot of opportunities for aspiring entrepreneurs like you.
