As we quickly approach the end of 2018, there’s still time left to wrap up the year on the right foot. Planning ahead is always the best solution when it comes to your small business. These quick tips can help you tie up loose ends. Get a head start in 2019 and begin the New Year on a positive foot with an effective financial plan.
Catch Up on the Bookkeeping
Bookkeeping is crucial to your business success. You can’t make any financial decisions if you don’t know where you stand. And, bookkeeping is a major part of your tax planning. It’s important to understand how much you’ve taken in and how much you’ve spent, especially as the year comes to a close.
If you do not work with a financial consultant
, you may want to start. Until then, there are plenty of apps that can do most of the automated work for you. They can easily track your expenses and provide detailed reports of the highs and lows of your finances. The quicker you get caught up on tracking, the easier things will be when tax season rolls around. You’ll also be in a better position to make decisions and meet your financial goals.
Revisit Your Pricing
While most businesses fail to weigh in each year on the prices of their products and services, this is a major mistake. Is your business model really working for you? Or, are you setting yourself up for failure? So many businesses make the mistake of undercharging clients. It would be of big benefit to taking a look at your competitors. You should also analyze your time, experience, and the costs of your business when taking pricing into account. The start of the year is a great time to bump up your prices if you can.
Plan for Taxes
The major mistake most businesses make is planning for taxes only once a year. This can cause you to miss the opportunity to make changes that can help your tax situation. If you set up a meeting with an accountant before the tax year comes to a close, you can make changes that can help you while you still have time. If you will have to pay extra when the yearly tax deadlines approach, you can create a financial management strategy to lower the impact. And, if you have a surplus, you can do that extra spending to that updated office equipment.
Update Your Online Assets
While most of the year is spent helping your clients prosper, it’s important to take some time to help your business grow. It’s an awful lot like the importance of self-care in your quest to improve your health. In today’s business world, your online assets
are the most important part of your business. As more and more mobile users turn to the internet to choose who they will and won’t do business with, you need to make sure your website, content, and social profiles are up to date.
Dedicate some time before the new year to revamp, overhaul, and touch up your online presence. If you can’t take a day off from your normal tasks, spend a couple of hours each night while you are home. If that’s still not possible, hire someone. The only way your business will continue to grow in today’s business world is if you are in line with the latest industry standards online.
Plan Your Holiday Schedule
Most clients expect that businesses will take time off at the end of the year. Between the holidays and time accrued, you might have a quiet holiday season. Even though you may assume your clients know that you will be taking time off, don’t take that information for granted. Give them ample notice of your plans and set the expectations for your availability. As always, planning ahead is the best idea. Make sure you have a smooth and stress-free vacation. This will set you up to be refreshed and ready to pump up your business in 2019.
2018 flew by, didn’t it? If you’re getting overwhelmed with the fact that the end of the year is already here and you haven’t planned, take some time to relax. These helpful tips can change the way you end out the year. Here’s to a smooth transition from 2018 and all the success in the New Year! May 2019 be filled with immense growth for your business and beyond.