Year-End Strategies: Setting Up Your Business for Success in 2024

As the final quarter of the year unfolds, businesses are presented with a crucial opportunity to lay the groundwork for success in 2024. Q4 is not just about closing out the year; it’s about strategic positioning for the future. Let’s delve into essential activities that can propel your business forward into 2024.

  1. Financial Review and Reconciliation

    Before you can chart a course for the new year, you must understand where you stand financially. Conducting a thorough financial review and reconciliation helps identify the year’s successes and pain points. Examine your P&L statements, balance sheets, and cash flow statements. Ensure all financial transactions are accurately recorded and reconciled.

  2. Tax Planning and Optimization

    Year-end is critical for tax strategy. Consult with tax professionals to explore all opportunities for tax credits and deductions. Consider making charitable donations or purchasing necessary equipment to take advantage of tax breaks. Look at any changes in tax laws that could impact your business in 2024 and adjust your strategies accordingly.

  3. Budgeting and Forecasting

    Use the insights gained from your financial review to create a detailed budget for 2024. Consider market trends, economic forecasts, and your business goals when setting your budget. This activity should also include cash flow forecasting, which is pivotal for maintaining operational liquidity.

  4. Inventory Management

    For product-based businesses, Q4 is the time to assess inventory. Clear out old or outdated stock with year-end promotions and plan for inventory needs in the new year. Good inventory management can free up cash and storage space while ensuring you’re ready to meet customer demand.

  5. Strategic Planning Sessions

    Hold a strategic planning session with key team members. Review your business plan and revisit your long-term goals. Are your current strategies driving you toward those goals, or do adjustments need to be made? Lay out the initiatives and objectives for 2024, ensuring they are aligned with your overall vision.

  6. Employee Assessments and Development Plans

    Your employees are your greatest asset. End-of-year assessments allow you to provide feedback, set new goals, and discuss career progression. Invest in employee development plans to build a stronger team ready to tackle the challenges of 2024.

  7. Technology Upgrades and Security Checks

    As digital transformation continues to accelerate, assess your technology stack. Plan for any upgrades or implementations that can increase efficiency. Additionally, review your cybersecurity measures to protect your business from the growing threat of digital attacks.

  8. Customer Engagement and Feedback

    Engage with your customers to thank them for their business and to solicit feedback. Understanding their experience can reveal improvements or innovations for the upcoming year. Consider offering Q4 promotions to boost end-of-year sales and encourage customer loyalty.

  9. Vendor and Supply Chain Review

    Examine your supply chain for any potential disruptions or areas for cost savings. Strong relationships with vendors can lead to better terms and services, which will be crucial in navigating the uncertainties of 2024.

  10. Legal and Compliance Audit

    Ensure that your business remains compliant with all relevant laws and regulations. An end-of-year legal audit can help you avoid costly fines and legal troubles that could derail your 2024 plans.


By engaging in these Q4 activities, you’re not just closing out the current year; you’re stepping into 2024 with a clear vision and a strong foundation. Remember, the actions you take now can significantly influence your trajectory for the next year and beyond. Here’s to a prosperous and successful 2024!

Wishing you forward momentum,

The Figure Financial Team


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Frequently Asked Questions


Is the IRS cancelling the ERC program early?

The IRS released updated guidance on the Employee Retention Credit program on September 14, 2023. The news release below explains that the IRS has placed an immediate moratorium through the end of the year on the processing of new ERC claims in effort to curb fraudulent applications by bad actors. While a moratorium may sound alarming, this intentional pause is a common practice used by the IRS.

This is a developing situation, and we will continue to provide updates as new information is released. This what we know so far:

  • This news confirms that the ERC is still a valid and valuable tax incentive for qualified businesses – this is not a cancellation of the program.
  • The IRS moratorium will delay taxpayers from receiving their ERC funds, but it does not prevent taxpayers from continuing to file for the credit.
  • The IRS may ask for more information to process future ERC claims, which we are prepared to provide as it is already part of our normal substantiation process.
  • We will only release a credit for your business if we are confident you meet the IRS requirements. The positions we take are in line with the updated guidance that the IRS has provided.
  • A large portion of the businesses we evaluate for ERC do not meet IRS eligibility requirements. If we filed a credit on your behalf, it is because we are confident you qualify. You should not be concerned about the credits you have claimed. The positions we have taken continue to be in line with the updated guidance that the IRS has provided.
  • The IRS is taking steps to help taxpayers remediate any inappropriately claimed credits in good faith. The IRS encourages taxpayers to evaluate their eligibility for the credit. If you know anyone concerned with a credit they claimed individually or through a company other than ERC Pros, we can offer assistance through our ERC Substantiation Services.

On January 31, 2024, the House passed the Tax Relief for American Families and Workers Act of 2024, which proposed an end to the ERC program effective January 31, 2024. This is now pending approval from the Senate. Please note that we will not be processing any new ERC claims until a final vote is reached. Our team of attorneys and CPAs is closely monitoring the situation. For more information about this new legislation, read this Tax Update from our legal team on our blog.

Who can withdraw an ERC claim?

Employers for whom all of the following is true:

  • The claim was made on an amended employment return (Forms 941-X, 943-X, 944-X, CT-1X);
  • The amended employment return only added the claim for the ERC – no other adjustments were made;
  • The employer seeks to withdraw the entire amount of the ERC claim; and
  • The IRS had not paid the claim, or the check for the refund has not been cashed or deposited.
Who cannot withdraw an ERC claim?

Employers who have already cashed their refund checks or who claimed the ERC on their original employment tax return.

Why did the IRS create this withdrawal option?

The IRS created the withdrawal option to help small business owners and others who were pressured or misled by ERC marketers or promoters into filing ineligible claims.

Why is this so important?

Claims that are withdrawn will be treated as if they were never filed. The IRS will not impose penalties or interest, which can save you a lot of money.

How does an employer withdraw an ERC claim?
A: Review the instructions carefully at: Withdraw an Employee Retention Credit (ERC) claim | Internal Revenue Service ( Section A: You haven’t received a refund and haven’t been notified your claim is under audit.
  • Make a copy of the adjusted return with the claim you wish to withdraw.
  • In the left margin of the first page, write “Withdrawn.”
  • In the right margin of the first page:
  • Have an authorized person sign and date it.
  • Write their name and title next to their signature.
  • Fax the signed copy of your return using your computer or mobile device to the IRS’s ERC claim withdrawal fax line at 855-738-7609. This is your withdrawal request. Keep your copy with your tax records. **If you can’t fax your withdrawal request, you can mail it to the address in the instructions for the adjusted return that applies to your business or organization. Before doing so you should make a copy of the signed and dated first page to keep for your records. It will take longer for the IRS to receive your request if you mail it. Mail your package via certified mail to track and confirm delivery.
Section B: You haven’t received a refund and you’ve been notified your claim is under audit. If you’ve been notified that the IRS is auditing the adjusted employment tax return that includes your ERC claim, prepare your withdrawal request using the steps in Section A, but don’t submit to the withdrawal fax line or mail it using the address below. Instead:
  • If you’ve been assigned an examiner, communicate with your examiner about how to submit your withdrawal request directly to them.
  • If you haven’t been assigned an examiner, respond to your audit notice with your withdrawal request, using the instructions in the notice for responding.
Section C: You received a refund check but haven’t cashed or deposited it.
  • Prepare the claim withdrawal request using the steps in Section A, but don’t fax the request.
  • Write “Void” in the endorsement section on the back of the refund check.
  • Include a note that says, “ERC Withdrawal” and briefly explain the reason for returning the refund check.
  • Make copies for your tax records of the front and back of the voided check, the explanation notes and the signed and dated withdrawal request page.
  • Don’t staple, bend, or paper clip the voided check; include it with your claim withdrawal request and mail it to the IRS at:

Cincinnati Refund Inquiry Unit

PO Box 145500

Mail Stop 536G

Cincinnati, OH 45250

**Mail your package via certified mail to track and confirm delivery.

What happens after submitting the withdraw request?

The IRS will send you a letter telling you whether your withdrawal request was accepted or rejected. Your approved request is not effective until you have your acceptance letter from the IRS. If your withdrawal is accepted, you may need to amend your income tax returns if you already included the claim for the ERC in the filing. If you need help, seek out a trusted tax professional.


Figure Financial, Inc.

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