It’s the 4th quarter!!! It's time to plan for the next year and get ready to wrap up this year, so here are 5 things to do in the 4th Quarter.
Review Business Progress To Date
Reviewing your business progress is important because as the business owner you should want to know how well your business performed. When evaluating your progress, compare your previous year's performance to your current year's performance. You want to know if you reached your target sales for the year, if your sales increased from the marketing strategies you've implemented, if you need to add more employees, if you need to cut costs, how to become more efficient, if you need to introduce a new product or service, etc. You want to know what works for your business and what doesn’t, so you can make the necessary business decisions to keep the operations of your business improving year-to-year.
Review Expenses for Tax Deductions
The end of the year is the time to review your expenses and make sure they are all accounted for. Tax deductions are like gold for business owners because it helps lower tax liability and helps save on taxes. Make sure you have accounted for and account for business expenses until the end of the year, so you can claim eligible expenses on your tax return.
Listen!! If you have unpaid invoices from clients that received products and/or services, then COLLECT your money honey!! Your business depends on those funds and you want to close out any invoices, so you don’t have to carry over unpaid invoices into next year.
Complete Next Year's Budge
All businesses should have a budget. Why? A budget helps you plan where your money is going and not your money telling you "Hey, this is where I'm going!" You are able to be more profitable when you establish a budget and develop a habit of planning. Be proactive by adopting a budget and setting a budget for your business.
Establish New Sales Targets
Setting new sales goals will help you to implement strategies to grow your business. As a business owner, you want evaluate your current strategies or seek new strategies to assist with reaching your new sales targets. This can be from increasing your price, to implementing a new product, to new advertising on new marketing platforms, opening a new location, and so forth. Each year you want to evaluate how your business can grow from where it's at now, so set new sales targets for next year so your business can continue to grow.
As you review your business progress, review expenses, collect reciepts, set a new budget, set new sales targets, or do any other year end reviews, be proactive by setting time aside to plan for your business' success. Year to year you want to see all that was accomplished, so you can celebrate your wins!
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