The End Is At hand! Are You Ready?

Linda LaitalaBusiness, Employees, MarketingLeave a Comment

Sounds ominous.  This is the time to wrap up 2015 and plan for 2016!  Have you been so busy
dealing with the day to day activity of your business that you’ve given little consideration to the annual taxes, budget, goals, etc. for 2016?  Don’t feel like the Lone Ranger, many are in the same boat.    Are you considering a new pricing schedule?  Different marketing approach?  New tools?  Now is the time to buckle down, do the research and call your CPA to discuss the advantages of purchasing this year versus next.
It’s easy to get overwhelmed and lose focus.  Here’s a check list of “To Do’s”, so when the end [of the year] comes, you will be ready.
Get your bookkeeping caught up and correct.  It’s impossible to plan for tomorrow when you don’t have a clear picture of today.  How much revenue have you taken in?  How much in expenses have you paid out?  Do the numbers look right? By getting caught up you’ll be prepared for tax season and you’ll be in a better position to make sound decisions for the end of this year and next year as well.Revisit your pricing.  Once you understand your financial picture, it’s time to get honest about how your business is faring.  Are you thriving or just treading water?  Make sure you are being adequately compensated for your time, experience and costs (including taxes, retirement plans, and health insurance).
Do some year-end tax planning.  The majority of people think about taxes just once a year.  They may lose the opportunity to take advantage of their tax situation.  Set up a meeting with your accountant BEFORE the year ends so you can consider opportune changes that will improve your situation.
Update your website and social media profiles.  Too many businesses think that putting up a website is all they need to do.  It’s not.  Make sure any information about your company is correct and compelling to potential customers.
Grow your own business!  Throughout the year you help your clients prosper.  Don’t let your own business languish while helping everyone else move ahead.
Create next year’s budget, goals and business plan.  Get a handle on where you want to take your business.  Focus, plan your strategy and start working your plan.People who succeed in business focus on what they do well.  Click here to hear Warren Buffett’s Top 10 Rules for Success. 

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