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"Wrap" up the year the right way...
While the last presents are being bought and the final bows
and wrapping paper adorn their boxes, it is also time to wrap up 2009. It hasn't been a banner year for many
companies but there are some things you can do to make the most of 2009's
misery and make sure you are prepared for 2010.
Here are a few things that you need to do before the end of
the year:
Want cash fast? Get your books in order. If your business sustained a loss in 2009,
you want to get your books in order so that you can quickly turn them over to
your accountant and get your rebate for any tax overpayments. To do this, reconcile
your bank statements, clean up your chart of accounts and re-categorize
anything that made it into the "Uncategorized or Miscellaneous Expenses." You will save a lot of money by doing this
before you turn your books over to your accountant. If you are at a loss on where to begin, call us-- book
clean-ups are one of our specialties. We provide significant cost savings from having your CPA do it, and we pride
ourselves in our accurate quick turnarounds.
Call your accountant-now. There are many attractive tax incentives
available that expire after December 31st. Check with your accountant and share your preliminary
results for 2009 and what you expect to happen in 2010. A little proactive planning can save you big
bucks.
Put the pencil to the
paper and hash out your strategic plan for 2010. These coming weeks are typically slow for
most businesses and are a perfect time to reflect on the year and determine what
revenue and profit goals will be. The pencil and paper (or Word document or Excel spreadsheet) is
key. Don't just think about what you are
going to do, create a record of it.
Put numbers to it. Any plan in theory--good. A written plan--better. A plan with numbers in
it--best. Having the discipline to set up a plan using numbers (e.g. how many
customers will it take to make $X in sales, what kind of marketing expense will
that require etc.) will make your plan real--and realistic. We're big fans of dynamic budgeting-a budget
that changes with reality-but we also know it is an important discipline to
incorporate the numbers in running your business. Ask anyone who has put together an operating
budget-not only are they surprised a how much it cost to run the business, but
they had a big "ah-ha" moment when they say where they were spending their money.At a loss how to create a plan? Give us a call we can coach you through it or do it for you.
With all hope, 2010 will be a better year than 2009 for most
companies. Take advantage of the last
weeks of 2009 and spend the time to plan so you can start the year off on the right
foot. You will be glad that you did.
Warmest wishes for a Happy Holiday and a Prosperous New Year!
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Did you miss a newsletter? Visit our Archives
Are you a new subscriber and would like to see past newsletters? Or might you be looking for more tips on managing your business' finances? Visit our Archives for in-depth analysis of today's hot financial management topics.
What to do when your customer shows signs of trouble
Finding funds in the credit crunch
Customer profitability
Reducing healthcare costs
Finding cash in your business
The Employee Free Choice Act
Creating a plan
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