Five Fall Projects to Refresh Your Financial Results

Posted on 30. Oct, 2013 by in VirtualConnections Newsletter

fall sceneryAs we move into the fall season and the final quarter of the year, it’s a perfect time to commit to a project in your business that will help you reach the year’s end in better shape.  Here are five ideas:

 1.     Back-to-School Time

If payroll expenses are one of the higher costs in your business, then it makes sense to boost your team’s productivity and maybe also your own.   Fall is back-to-school time anyway, so it’s a natural time of the year to take on a course, read a business book, or hire an organizer to help you get more from your workspace.

If you spend a lot of time doing email, consider taking a course on Microsoft Outlook® or even Windows; learning a few new keystrokes could save you tons of time.  If you need more time, look for a book or course on time management.  Look for classes at your local community college or adult education center.

2.     A Garage Sale for Your Business

Do you have inventory in your business?  If so, take a look at which items are slower-moving and clear them out in a big sale.  We can help you figure out what’s moving slowly, and you might even save on taxes too.

 3.     Celebrate Your Results

Take a checkpoint to see how your revenue and income are running compared to last year at this time.  Is it time for a celebration, or is it time to hunker down and bring in some more sales before winter?  With one more quarter to go, you have time to make any strategy corrections you need to at this time.  Let us know if we can pull a report that shows your year-on-year financial comparison.

4.     Get Ready for Year’s End

Avoid the time pressure of year’s end by getting ready early.  Review your balance sheet to make sure your account balances are correct for all transactions entered to date.  You will be ahead of the game by getting the bulk of the year reviewed and out of the way early.

Also make sure you have the required documentation you need from vendors and customers.  One example is contract labor that you will need to issue a 1099 for; make sure you have a W-9 on file for them.  If we can help you get ready for year-end, let us know.

5.     Margin Mastery

If your business has multiple products and services, there may be some that are far more profitable than others.  Breaking these numbers out to calculate your profit margins or contribution margins by product or service line can help you see the areas that are adding the most income to your bottom line.  Correspondingly, you can determine if you have any items that are losing money; knowing will help you take the right action in your business.

Refresh your financials this fall with your favorite idea of these five, or come up with your own fall project to rejuvenate your business.


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19 Responses to “Five Fall Projects to Refresh Your Financial Results”

  1. Meli 30 October 2013 at 12:04 pm #

    Thanks for the great information and the Year-End Tax Prep Checklist! Now people can know exactly what they need to do and have!

  2. Veronica 30 October 2013 at 1:50 pm #

    Thanks for the great information. year end is a great time to take stock of your financial position for the coming year

  3. Kelly 30 October 2013 at 3:58 pm #

    You offer some great tips here. My partner and I sit down twice a month to look at the expenses. Its amazing how we can see where we can cut out unnecessary expenses to save some money.

  4. Laura Rike 30 October 2013 at 5:01 pm #

    I love garage sales! I never thought of doing a garage sale for my business though! Thanks!

  5. ladymarielle 30 October 2013 at 5:49 pm #

    I need to do an inventory to see what I have in my stock! I have lot of warmers and bars that are more spring/summer themed. Would be a great time to get some fall/winter items and see about selling them in a yard sale =)

  6. Jim Striegel 30 October 2013 at 7:07 pm #

    I really like the garage sale for your business. Many of us have items we no longer use that others might and we can make money off of them!

  7. Casey Gardner 30 October 2013 at 7:08 pm #

    I can't believe it's almost that time of year. Thank you for the great tips.

  8. Stephanie Clopton 30 October 2013 at 7:09 pm #

    These are really good tips. Thank you for sharing.

  9. Marjory Johnson 30 October 2013 at 7:09 pm #

    Exactly what I needed….great tips and reminder!

  10. jenniferclay795 30 October 2013 at 8:09 pm #

    The garage sale for your business is a great tip! I have seen several stores put items on clearance to make room for new products.

  11. Irene 30 October 2013 at 8:19 pm #

    These tips are awesome. I definintely need to get on top of all the time saving keystrokes that I don't know. Do you know how to find self guided into on this? Thanks!

  12. jagoterry 30 October 2013 at 8:43 pm #

    Good reminder to keep up rather than letting things slide !! Good points here.

  13. Tom Holmberg 30 October 2013 at 10:01 pm #

    These are really great tips for financial stability. Keep the ideas coming

  14. Deborah 30 October 2013 at 10:49 pm #

    We've just finished our 2014 budget. Going through our financials to see where we stand so that we can plan for the end of year finances and plan for 2014.

  15. J & S 30 October 2013 at 11:48 pm #

    Awesome information! Its always good to read up on info and tipa with taxes. Thank you so much for sharing the end of year tax check list!

  16. Juanita Aguerrebere 31 October 2013 at 4:01 am #

    It's time for a garage sale! Thanks for the great tips!

  17. Rachel 31 October 2013 at 9:47 am #

    This is a great list of tips. Sometimes you just need to see them broken down in front of you to get motivated! I especially love #3. Remember to celebrate your successes!

  18. Dov Shapira 31 October 2013 at 12:05 pm #

    Yes, this is a good time now to overlook your inventory.
    Great tips

  19. Speros Financial 31 October 2013 at 3:57 pm #

    Great tips! this is a great post! I loved reading through it!