Year End: Nice Week for a Financial Review
Traditionally the week between Christmas and New Years is slow for many businesses.
Some people use the days during this week for vacations or going out of town to visit family. But if you’re like me you’ve stayed in town. After a few family get togethers and some festivities, pretty soon you’re restless. Work begins to beckon.
That when I hit the books. Not academic books, but rather my financial books.
During this last week of the year I have more time to think about my business, because I am not working on my business.
I find it’s a great time to take stock of how the year went. That puts you in a frame of mind to think about the big picture for the upcoming year.
Here are some good activities to do during the last week of the year:
- Assemble and organize tax documentation that you will need for taxes in another month or so. No matter how organized you are, there are always some loose ends to organize or pull together — for personal taxes, business taxes or both. Not only will you be a step ahead when you start preparing your information for your tax preparer, but the act of organizing does something else: it gets you closer to your financial situation.
- Review (and I mean really review) your P&L and balance sheet. You will understand you business better the more familiar you are with them.
- Run sales projections for 2008. If you’ve already go those and a strategic plan — good for you. Just don’t go “naked” into the new year, without having a good handle on where your money is coming from next year.
I’m sure you can think of some other items to review and evaluate. Just do it!
March 5th, 2008 at 5:02 am
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