As
we move into the fall season and the final quarter of the year, it’s a perfect
time to commit to a project in your business that will help you reach the year’s
end in better shape. Here are five
ideas:
1. Back-to-School Time
If
payroll expenses are one of the higher costs in your business, then it makes
sense to boost your team’s productivity and maybe also your own. Fall is back-to-school time anyway, so it’s
a natural time of the year to take on a course, read a business book, or hire
an organizer to help you get more from your workspace.
If
you spend a lot of time doing email, consider taking a course on Microsoft Outlook®
or even Windows; learning a few new keystrokes could save you tons of
time. If you need more time, look for a
book or course on time management. Look
for classes at your local community college or adult education center.
2. A Garage Sale for Your Business
Do
you have inventory in your business? If
so, take a look at which items are slower-moving and clear them out in a big
sale. We can help you figure out what’s
moving slowly, and you might even save on taxes too.
3. Celebrate Your Results
Take
a checkpoint to see how your revenue and income are running compared to last
year at this time. Is it time for a
celebration, or is it time to hunker down and bring in some more sales before
winter? With one more quarter to go, you
have time to make any strategy corrections you need to at this time. Let us know if we can pull a report that
shows your year-on-year financial comparison.
4. Get Ready for Year’s End
Avoid
the time pressure of year’s end by getting ready early. Review your balance sheet to make sure your
account balances are correct for all transactions entered to date. You will be ahead of the game by getting the
bulk of the year reviewed and out of the way early.
Also
make sure you have the required documentation you need from vendors and
customers. One example is contract labor
that you will need to issue a 1099 for; make sure you have a W-9 on file for
them. If we can help you get ready for
year-end, let us know.
5. Margin Mastery
If
your business has multiple products and services, there may be some that are
far more profitable than others.
Breaking these numbers out to calculate your profit margins or
contribution margins by product or service line can help you see the areas that
are adding the most income to your bottom line. Correspondingly, you can determine if you have
any items that are losing money; knowing will help you take the right action in
your business.
Refresh
your financials this fall with your favorite idea of these five, or come up
with your own fall project to rejuvenate your business.
