Ever wonder what every successful small business owner has in common? Proactivity.
When you’re proactive instead of reactive, you’re always on top of things. Sometimes you’re even ahead of schedule! If right now that sounds like a pipe dream, don’t panic. There’s still time to get proactive before the year is over. Once you get things in order, you’ll be ready to begin your new year with profit.
Take these steps and you’ll be off to a great start:
- Get all your financial records in order. You should have statistics and reports from days you’ve set aside to look at and analyze your business finances. I call these your CFO days. If your records are a mess, it’ll be difficult to gain any information from them. Organizing them will also make you feel more productive and comfortable moving forward.
- Review your financial records and reflect. There’s a lot of knowledge you can gain from looking at a full year’s worth of records. Ask yourself these questions:
- What have you accomplished?
- What have you spent money on?
- Where have you made an investment?
- Is there a visible return on investment in your top line?
- Contact your tax preparer. Your tax preparer is about to get very busy so you’ll want to get in contact with them as soon as possible. Now that you have your records in order, you can also use them to strategize on your tax liability. Take note of ways you might be able to mitigate the amount of taxes you’ll pay. If you aren’t sure, you can ask your tax preparer at your meeting.
- Contact people that you work with on a monthly basis. These relationships are critical to your finances and your business overall. You’ll want to make sure you are on the same page and that they have all of the paperwork they need to file their own taxes.
With Mitchell Consulting’s virtual CFO services, it’s our top priority to be proactive with your business finances. We do this planning for financial growth and by setting aside money for taxes throughout the year. Learn more about what we have to offer you in 2022.