It’s hard to believe that we are just weeks away from 2019! If your business’ fiscal year matches the calendar year, this means that your Fourth Quarter is almost over. This is a great time to review the year that has passed and make plans for the new one.
The end of the year is always a great time to sit down and look back. Consider all the aspects of your business – financial, creative, staffing, advisors – and decide what worked well and what needs to change. There’s always room for improvement and growth, personally and professionally. This is also the ideal time to take a look at your expenses for the year. Where can you cut out costs or look for savings? Will you be able to afford to hire new staff next year? Are there any new equipment or training costs that you should budget for? If you’re not sure where to start, book some time now with your accountant or bookkeeper before the busy tax season starts.
Now is the time to start plotting out the year ahead. Keep rolling on the momentum of this year’s accomplishments and set your goals for the months ahead. Do you want a bigger office? A new work truck? Do you need to improve your marketing plan to attract more customers? This is the time to create budgets and deadlines and schedules … and stick to them!
If this is your downtime, get busy to make the new year easier! Start sorting and filing all of your receipts for your bookkeeper or accountant. Book your appointments for consultations, tax preparation and more before schedules fill up. Back up your important files and your calendar so you can look back frequently and compare. Clean up your contact list and make sure to touch base with clients or colleagues who might not have heard from you in a while.
You and your staff have worked hard all year long. If you’re a retail or holiday/seasonal business, you’re likely in your busiest quarter! Even still, it’s important to celebrate the accomplishments you’ve made. It could be a simple as coffee and doughnuts for the staff on a Friday to holiday bonuses. An employee who feels valued and appreciated will always work harder. Even a simple “thank you” can go a long way.
If this is too much to process, especially if it’s your busy season, we can help! Give Keenans Accounting Service a call at 705-526-7628. We keep a keen eye on your books so you don’t have to!