What Do You Need to Do Before Year End?

Yes, we know it is only the beginning of October, but this is the time of year we like to get our clients starting to think about the end of the year.  Some procedures take time and others require setting up meetings so it is good to get a jump on the process.  This is the time to compare your actual results to your current budget.  This will give you some of the information you need as you create next year's budget.  Consider what the variances are and what caused them. After you get an understanding of where you are now, think about where you are going next year.  This is a good time to touch base with your major customers and find out that their plans are for the next year.  Do they anticipate purchasing the same amounts next year or more? Or less? Based on the results of these conversations, you will want to update your marketing plan.  This will help you set your milestones and metrics so you can achieve your sales goals. The next step is to create your budget for next year. A good budget is like a good map and it will help you navigate through the next year. 
You  also need to meet with your tax advisor. This is the perfect time for your advisor to see where you are so you have time to make decisions and adjustments before the end of the current year.
Getting these projects done now will allow you to concentrate on the end of this year and start 2012 with a bang!

Year End Planning

Beth and I have been meeting with all of our clients to get them started thinking about plans and goals for their businesses in 2011 and to get feedback on our performance in 2010. 

Those who have meet with us have expressed the feeling of satisfaction that getting organized for the new year has given them.  Those who have been working with us on their budget for 2011 have really been happy with the feeling of control having a budget and a plan has given them. 

Budgeting can be a little tedious, but the results are well worth the efforts.  We encourage our clients to use flexible budgeting which means when we compare budget to actual each month, we discuss whether the variations are controllable or whether the information or assumptions we used to create the budget may have been inaccurate.

Budgets help not only with controlling expenses, they also give a small business owner income goals to meet. 

Start thinking about the New Year and let us know how your budgeting and goal setting is going!