Fall Clean-up for Businesses

Andy Kocemba

The coming of fall should bring more to mind than crisp air and pumpkin spice flavored everything.  For all its beauty and excitement, fall brings a lot of work.  Raking leaves and winterizing the house have become expected tasks as the year end approaches, but do you ever think of fall clean-up pertaining to your business?

Fall is a perfect time of year to get a jump on those tasks that will bring the current business year to a strong close and put your company in a strong position going into the next year.  Here are three items you can tackle today to make sure your business enters 2021 in full stride.

Evaluate the Here and Now:  Here’s where you take an honest look at the current state of your business.  A good place to start is by getting your financials in order.  Are your expenses well documented, or do you have a shoebox of receipts to go through?  Clean financials will be your guide as you close out the year.  Is this a good time to buy some new equipment you have needed?  Have you properly funded savings accounts?  Do you need to step on the gas to achieve your sales goals?  By taking an honest look at your business you can avoid letting December 31st sneak up on you. 

Plan for coming year:  Take some time to really think about where you want your business to go in the coming years.  Set goals, establish a timeline by which you want to reach them, and plot the action steps to get you there.  Don’t be afraid to think big, but make sure your goals align with where you really want to go, not just what outsiders tell you your business should achieve. 

Tax Preparation:  If you haven’t done so already, now is a great time to draw in a tax planning professional.  You are an expert in your industry, but your CPA/tax planner is an expert in current tax law.  They will keep you up to date and make sure you are taking full advantage of write-offs.  If they have any new advice, you will still have time to implement changes prior to year-end. 

Whether year-end planning, setting goals for the future, or simply getting your taxes in line, the real key to all of this is simply giving yourself plenty of time.  If you stay diligent and get your planning and prep work done, you can relax and enjoy the end of the year with your family and friends knowing your business is in order. 

Takeaways:

  1. Start by getting your financials in order
  2. Set goals for where you want your business to be in the future
  3. Use a tax planning professional