By the time you flip the calendar to October, there will be 92 days left in 2015. It is re-evaluation time, especially in the financial area of your business. Final taxes are due (did you wait this long?) The time is now for assessing your financial needs for next year.
Running a business is expensive, and controlling costs should be a constant priority. Simply start paying very close attention to where the dollars go, and use your wisdom and your accountant’s advice to make smarter decisions about what’s working and what’s not.
- With your budget in hand: Analyze your short-term, long-term and fixed costs, and devise a plan for the best way to make your money work better for you, while still paying the bills.
- Maximize systems and policies: Review processes and procedures to see what is affecting your bottom line.
- What does the business need: Are there areas of the business that could benefit from an enhanced efficiency solution, such as customer relationship management (CRM) software? Keeping up with technology demands, having sufficient cash flow to meet needs. How will the new EMV credit card processing affect you?
- Review your pricing: Client contracts should be evaluated annually—and dig into what you’re actually doing and if changes could be made—and keep them short term.
- Can you find savings: Uncover the little things (like printing, phone services, bank fees) that equal savings if controlled.
- Can you Outsource: Evaluate contractors or freelancers for specific projects versus hiring full-time.
To produce the results you want, there must be a return on any investment of time or money to makes sense for your business. Remember it is the continued due diligence and perseverance that pay off. Small changes over time produce consistent results.