Year end planning

Are you ready for some football?

 

When I hear this famous line as the football season gets underway I echo it in my mind as “Are you ready for 2013?” While it is only October, it is a great time to start preparing for your next business year. Some of the areas you may want to address before the end of 2012 are:

  • What are your 2013 goals for your business and yourself for next year? Have you thought them out and written them down so you can keep them in focus? Do you goals include both business and personal goals?
  • Have  you started preparing next year’s budget along with the action items that will make a difference in your operation? What changes from this year’s performance would you like to see next year? Do you have collaboration from your team to meet the goals?
  • What tax planning have you done for this year end? Do you have a good idea of the taxes you will be faced with next April or is it always a surprise? Inventory and bad debt write off can help you reduce your tax burden. Retirement plans have one of the best ways to put away significant pre-tax dollars. You will need to establish your retirement plan prior to year end to take advantage of it next year. What expenses should you make now to reduce the tax burden?
  • Is  your team capable to reach your 2013 goals? What education and training would make them more capable? Do you need others on your team to make things happen?
  • What investments should you make in your business today that will pay off next year?

 

As the summer comes to an end and we put away the warm weather toys, now is a great time to get re-energized about your business and your personal goals.  Let me know if I can help you do so.

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