05 Oct Time to Plan?
So often I work with business owners who are so busy “doing” the business, that they never stop to work “on” the business. As we enter the 4th quarter, of what has been a crazy year for sure, we are in the prime time to begin planning for two major issues.
The first, and most pressing issue is tax planning. Have you looked at where your business is at year to date? Many businesses have continued to thrive during the pandemic and are going to have successful years…the time is now to make sure that you can maximize any tax savings strategies to affect 2020. Remember that those decisions need to happen before the year is out. Are you considering any capital purchases? Section 179 and Bonus Deprecation are topics that you should be discussing with your tax professional. It has been my experience that YOU need to drive these conversations with your tax professional…they often have hundreds of clients, and the squeaky wheel gets the grease.
The second, and in my opinion, just as pressing is planning for 2021. Do you know what drives your business? What levers to pull and what impact those levers have on both revenue and expenses? Are your expenses in line with revenue? Are you bleeding cash anywhere? Are you missing opportunities to increase sales? Are you spending time thinking about these things? More importantly…are you acting on them? So often these items fall into the “I’m gonna” bucket. I hear that a lot…I’m gonna work on my plan for next year tonight…until you work a 12-hour day and are too tired to think about it. I’m gonna do it this weekend…until the weekend comes and the stress of a 60 hour week, coupled with home responsibilities and the need to relax and unwind leads to that not happening…soon…days become weeks, weeks become months, and then it never happens. I’m gonna becomes I never got to it. The question is are you running your business? Or is your business running you?
A Fractional CFO can help you with planning. We are experts in working with clients to help them achieve business goals and success. Contact us today for a free Business Health Check-up and to discuss how A Fractional CFO may be the best business decision you have ever made.