As the year wraps up, it’s worth taking stock of your major contracts to ensure they’re still working for your business. Many agreements automatically renew or require notice before a specific date, which can easily be missed once things quieten down over the holidays.
Now is the time to check your major supplier, client and lease agreements.
Check expiry dates and renewal or termination notice periods.
Review pricing, deliverables and performance to ensure they still align with your current needs.
Flag any agreements that may need to be renegotiated early in the new year
A brief review now helps you avoid unwanted rollovers, plan for any upcoming changes, and start the new year with clear commercial footing.
The Christmas period often comes with a mix of leave requests, bonuses and celebrations. It’s also a good time to check that your HR and payroll processes are up to date.
Make sure annual leave balances are correct and policies are clear
Check that employment contracts reflect current roles and pay rates
Remind staff that workplace policies still apply at end-of-year events
Christmas parties are a great way to recognise your team’s efforts, but they can also expose the business to risk if things get out of hand. Employers still have a duty of care at work-related functions, even when they’re offsite or after hours.
Taking care of these details keeps things smooth for your team and protects your business if issues arise while you’re away.
December and January can be quiet months for cash flow, particularly if clients close for the holidays. Reviewing your finances now can help prevent a January scramble.
Follow up overdue invoices early
Confirm any large payments expected before Christmas
Consider deferring non-essential spending until cash flow stabilises
Planning ahead gives you a clear view of your runway into the new year.
The end of the year is a great time to make sure your business is protected.
Review your insurance policies to confirm they reflect current operations
Check that new assets or staff are included in your cover
Update cybersecurity measures, especially if staff work remotely over the holidays
These quick checks can prevent major headaches if something unexpected happens while your team is away.
Once the essentials are covered, take time to reflect on what worked this year and what didn’t.
Are your structures and systems still fit for purpose?
Could automation or external support help free up your time?
Are there any upcoming regulatory changes your business should prepare for?
This is also the perfect time to tidy up loose ends, simplify processes and set clear goals for the new year.
At Frank Law, we help business owners get clarity before they get busy. Our team can review your contracts, employment frameworks and governance settings so you can head into the new year with confidence.
No surprises, no jargon - just clear, practical advice designed for Australian SMEs.
If you’d like help with your end-of-year business tune-up, now’s the ideal time to get started.