There is a lot on your plate as a small business owner. Your head is spinning with things to manage from daily operations, to making decisions, engaging with your buyers, and ensuring growth for your business. The year is approaching its end so how do you not feel overwhelmed in juggling it all? Check-in to see if these statements are truths or lies for your business below as you close the year’s end.
My finances are perfect
Sure, you can put together your financials but getting them reviewed by professional accountants takes your business to the next level. When you look at something all the time you might not be able to see what a fresh pair of eyes can catch looking at it for the first time. Do you know your cash flow, expenses, and profit? You may think you do but there are always more strategies you can implement by working with a partner like Prudent.
No one has cash flow issues
Most businesses need to be optimized for cash flow. It’s a delicate balance between the in and out flows daily, weekly, monthly, and annual. It is the ultimate juggling act for most small businesses. Sugar plum fairies that dance in your head are replaced by lines with arrows going in every direction into different money pots—understanding where the breakdown in that cash flow juggling act is a crucial principle. Automation can be helpful, from daily aging reports to automated payment reminders, which can significantly impact cash flow!
All my employees are happy
In such a fast-paced way of life running any business everything is okay…. until it is not okay. Take time to connect with your largest asset, your employees. You may think you know as an owner, but let’s face it, you are getting the fluffy, everything is okay version. Finding time to connect with your employees this time of the year can have a significant impact when looking into the future. Does the employee want to grow, learn new skills, feel valued, etc? You won’t know unless you ask, and as the Holiday season allows us to slow down a little, do the same with your employees. Show gratefulness for the past and hope for the future. And always celebrate successes. In a world that approaches everything from “you could be better,” take the time to celebrate the successes. It goes a long way! And if you’re looking at bonuses, turn to a partner to help guide you to account to maximize your year-end accurately.
You are prepared for taxes
“This year will be different” that as a business owner you probably repeat annually. Then time happens and you are right where you are every year. As an owner, you should be doing 99 other things out of 100 things. By doing the prep you can help alleviate potential complications and ensure smooth year-end taxes. Even if it is November, it’s still a better time than January to look at your taxes. Cleaning them up now will help with your strategies for next year. Partnering helps ease the burden of tax season and if your partner is good at their job, it’s a minimal interruption to your daily operations. At Prudent, we always tell our clients the prep you do for this year is what helps them succeed for the following year.
I have a five-year plan
This is a joke… but then again, is it? There should always be plans, but time slips away, and you forget about it. A plan doesn’t have to be written in stone, but there should be a guiding principle and goal to where you want to be. Events happen, industries change, and the list goes on, but having a flexible plan allows these shifts to occur. Engaging with a partner like Prudent allows you to have a partner by your side to keep you on track and also help readjust your plan at any given moment. Planning is not just meant for short-term results but also long-term ones.
We can’t all be good at everything. You should know your strengths and weaknesses and how you supplement those weaknesses to help your business thrive. As you enter the last month of 2023, take some time to reflect on these business statements and how Prudent Accountants can become that business ally that you didn’t know you needed.
