With school back in session, now is a fantastic time for business owners to review some year-end “big-picture” strategies to help finish this year strong and also carry that momentum beyond December 31st.
Financially speaking, here are 5 tips to consider:
One: Review and inventory where your money is currently held. Life is constantly changing and so too can your needs. Review that account for the fees and confirm the transactions of what’s been added or withdrawn. Is the account still the best fit now from when you first opened it?
Two: Evaluate your cash inflow and cash outflow. Does this year look similar or different from last year? Can you plan to take any expenses before year-end? Make a household budget and also one for the business, and establish some goals. Successful businesses are always looking for ways to improve, be it expenses or revenues.
Three: Are you planning for your retirement? Identity what your goals now and for the future. Do you know what you will need for income when you retire or sell your business? As business owners and life-long learners, we strive to protect ourselves with the goal of growing an asset that will generate future income which our family will someday depend upon.
Four: Use your “back- to-school” energy and strengthen your networks. Our kids reconnect with their friends, and we also might consider reconnecting with our community personally and professionally. Set your goals for working your “center of influences.” If you give or receive business referrals from a particular client or industry, dedicate some time to nurture those relationships. Break bread together and meet over a meal. The more you learn of others’ businesses the more you can glean insight into your own.
Five: Plan for your next break. This can be a very counterintuitive suggestion. In many businesses, if “I’m out of the office, I won’t make a paycheck.” While this may be true in a literal sense, consider the value of taking necessary breaks, refocusing, and recharging. You may find that this process may pay dividends down the line.
Plan smart with a “back-to-school” attitude so you can dream big!
We’re there when life happens, how can we assist you today?