End-of-year business planning
Planning in Q4 is critical to effectively assess the impact of the current economic crisis on your business, reduce your tax obligation and help ensure financial success in 2021. For business owners who secured a Payroll Protection Program loan and/or an Economic Injury Disaster Loan, it’s even more important to put a plan in place to help ensure financial stability. Here are a few tips to get you started…
Get clarity on your financial position
It’s essential to understand your current financial position so you can make adjustments to your goals moving forward. Start by tracking your monthly cash flow and recurring expenses, and then tweak spending as needed to help ensure profitability.
Have a business plan
If you don’t have a formal written business plan in place, now is the time to create one. Work on your plan over the next month and set a deadline to keep you accountable. Our team can help you collect the financial information needed to form the foundation of your business plan.
Prepare for transitions
In the course of refreshing or writing your business plan, consider any business transitions that may be on the horizon—like change of ownership or retirement. Preparing for large-scale change early on will make the transition that much easier later.
Enhance customer service
Think through any needed changes to your customer service model. With many consumers expecting a contactless experience, big changes are likely in order. Consider improving the customer experience with contactless payment options, curbside delivery, digital communications (over on-site visits when possible), and anything else that will ensure your customers see that you take their health and safety seriously.
Start planning now to help reduce your tax burden. Be proactive by looking into potential tax savings. And remember, the CARES Act, changes in tax credits and stimulus payments are just a few things that could change your tax obligation this year. Be sure to talk to a tax professional to help you during this unprecedented tax year.
Planning is the key to business success…especially this year. Contact a member of our team for support. We are here to help.Back to issue