The start of a new year is the perfect time for small business owners to pause, reflect, and prepare for what lies ahead. As you close the books on 2025, one essential step in setting your business up for success is taking inventory.
For many businesses, inventory is a mandatory task. You must know what assets you have in order to (1) determine your cost of goods sold, (2) calculate profit and loss, and (3) prepare an accurate balance sheet. This process often requires the business owner—or trusted staff members—to physically count inventory.
Retail and wholesale businesses must count goods held for sale, while manufacturers must account for components and materials. Beyond physical assets, wise business owners take inventory in several other critical areas that support long-term business growth.
Personnel Inventory
The new year is an ideal time to assess your workforce and determine whether you have the right people in place to meet upcoming challenges.
Consider whether you plan to expand into new markets and whether your current team has the skills needed to support that growth. If you anticipate changes to operations due to new technology or the use of AI, ask whether current employees will need additional training—or whether new roles with different skill sets may be required.
Think ahead to employee transitions. If key team members may retire or leave this year, identify whether current employees could be developed and promoted into those roles, and which positions may require external hiring. Review certifications and training credentials, and create a plan for continuing education or re-certification where needed. Investing in your people is one of the most important investments you can make as a small business owner.
Digital Inventory
Your digital assets are valuable business resources and should be reviewed regularly. These assets include customer lists, business documents, websites, photos, videos, and social media accounts.
Ensure that all digital assets are secure, backed up, and compliant with applicable regulations. Public-facing assets such as your website should be ADA compliant so that all potential customers can access your information and interact with your business. Review license and subscription renewal dates and add them to your calendar to avoid disruptions.
Document who has access to digital accounts and what permissions they hold. At least two trusted employees should have access to critical systems to ensure continuity if an account manager leaves unexpectedly.
Financial Inventory
A financial review is essential to maintaining a healthy small business. Take time to examine outstanding accounts receivable—money owed to your business—and accounts payable—money your business owes.
Confirm that obligations are being paid on time to avoid late fees and interest and to take advantage of any early-payment discounts. Evaluate whether customers are paying on schedule and address overdue accounts promptly. Review your cash position to ensure you have sufficient funds to meet upcoming obligations. If a shortfall is likely, act early to establish a line of credit or strengthen your receivables collection process.
Intellectual Property Inventory
When small business owners hear the term intellectual property, they often think of patents or trademarks. While you may not hold formal registrations, you likely have important branding assets such as your business name, logo, website, and domain names.
Take time to confirm that these assets are protected and that any registrations or renewals are current. Review your business listings across online directories to ensure information is accurate and consistent. Conduct an internet search to verify that no one is improperly using your business name or branding. Protecting your intellectual property helps safeguard your reputation and credibility.
Marketing Inventory
Review your marketing materials, including brochures, business cards, and branded merchandise. If inventory is running low, this is an excellent time to evaluate whether updates or corrections are needed.
Order refreshed materials as appropriate, and discard outdated versions to reduce clutter and prevent employees from inadvertently using incorrect information. Clear, current marketing materials support consistent messaging and professional presentation.
Processes Inventory
Finally, assess your business processes to ensure your operations are efficient and aligned with your goals. Reviewing processes can uncover gaps, inefficiencies, and opportunities for improvement.
Evaluate core operational workflows, administrative tasks, inventory management, sales and marketing efforts, customer service procedures, technology systems, and decision-making processes. As you do, consider whether new tools or technologies on the market could improve efficiency or support future growth.
Taking these inventories requires an investment of time, but the benefits are significant. This process helps prepare your employees for the year ahead, simplifies tax preparation, protects your business assets, reduces clutter, and positions your company for success in 2026.
A thoughtful inventory is one of the best ways to start the new year with clarity, confidence, and purpose. It is time well spent—and a strong foundation for the year ahead.
To make this easy to use throughout the year, the checklist below can be copied and pasted into your Notes app, or you can email it to yourself using the icon at the bottom of this post.
New Year Small Business Inventory Checklist
Save this checklist to revisit throughout the year.
📦 Physical & Asset Inventory
☐ Count inventory held for sale (retail/wholesale)
☐ Count components and materials (manufacturing)
☐ Review furniture, fixtures, and equipment
☐ Update depreciated values for tax and accounting records
☐ Check office supply levels
👥 Personnel Inventory
☐ Review current staffing levels
☐ Identify skill gaps for business growth or expansion
☐ Assess training needs related to technology or AI
☐ Review employee certifications and renewal dates
☐ Identify potential retirements or role transitions
☐ Create a hiring or promotion plan if needed
💻 Digital Asset Inventory
☐ Review customer lists and business documents
☐ Confirm website and digital assets are backed up
☐ Check ADA compliance for public-facing platforms
☐ Review software licenses and subscription renewals
☐ Confirm who has access to each digital account
☐ Ensure at least two trusted users can access critical systems
💰 Financial Inventory
☐ Review accounts receivable
☐ Follow up on overdue customer payments
☐ Review accounts payable
☐ Schedule upcoming payments to avoid late fees
☐ Review cash flow and upcoming obligations
☐ Explore financing or credit options if needed
™️ Intellectual Property Inventory
☐ Review business name, logo, and branding assets
☐ Confirm domain names and renewals
☐ Check trademarks or copyrights (if applicable)
☐ Verify business listings across online directories
☐ Search for unauthorized use of business branding
📣 Marketing Inventory
☐ Count brochures, business cards, and printed materials
☐ Review messaging for accuracy and relevance
☐ Update marketing materials as needed
☐ Reorder materials with low stock
☐ Discard outdated or incorrect materials
⚙️ Process Inventory
☐ Review core operational processes
☐ Assess administrative workflows
☐ Evaluate inventory management systems
☐ Review sales and marketing processes
☐ Assess customer service procedures
☐ Evaluate technology and data management tools
☐ Identify inefficiencies and improvement opportunities
Susan's Reflections 
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