As the close of the year approaches and we begin looking ahead to the start of a new one, here are a few areas to add to your list of review items.
Marketing Plan ~ To ensure your marketing dollars are being well spent and giving you the highest ROI possible, take a review of all your marketing avenues. Where did your new clients learn about your business? Where did they come from? See what has been working best for you this year and keep doing more of that. Do you have new ideas for growth you want to implement in the new year? Now is the time to get that in motion. If you are spending money on marketing avenues that aren’t really bringing in new clients, either revise or remove those areas. A good, solid review and revision of your marketing plan can help start you off in a positive direction in the new year!
Bonus tip ~ If you haven’t been keeping track of where your new client’s come from, the new year would be a great time to implement this process. This is valuable information you need to have for marketing purposes.
Tax Deductions~ As you (or your bookkeeper) prep your financial documents for your CPA, review your deductions. Make sure you are taking advantage of every possible deduction to reduce your tax liability. Schedule time to talk with your tax professional about the deductions you are or should be claiming. A few line items to consider and pay attention to are:
- Home office
- Insurance premiums
- Vehicle expenses
- Phone and internet expenses
- Education expenses
Financial Review ~ Look over your expenses for the prior year to see if there are any areas that you are spending unnecessary money. This should include your business overall, including areas where your budget may need to be increased or decreased. Are you paying for services you don’t use or need? Are you over or under staffed? Check any ongoing agreements or subscriptions you have in place. Are they needed or viable for your business? Do you have equipment that needs replaced or updated? Having a true view of the financial health of your business and making any changes or adjustments as needed is vital for the sustainability and scaling of your business.
Knowing where your business stands financially is necessary to move forward and grow. Taking the time to review these areas of your business will help you have a clear, focused mindset for the new year ahead.