We’re rapidly approaching the end of this calendar year. Are you, as a small business owner, organizing your tax-related information in a timely way, or will this year be a race to the finish?
While others enjoy holiday times, including New Year’s Eve, with family and friends, will you be wondering how you are ever going to organize your books for your CPA? Many of my clients have confessed that December 31 is not a day of joy and levity for them: it’s a day spent agonizing over what business expenses can and should be paid, since they know it’s the last day they have full control of their tax liability.
Do you know what your 2024 taxable income will be? Are you confident you’re taking advantage of all the tax-savings available to you? Do you even have a tax mitigation strategy?
It’s early November. If your accounting department hasn’t already started preparing to close the year, you’re behind. Matters of importance include getting on top of employee benefits (and communicating changes and opportunities to your staff), making decisions about payroll providers, and gathering information for those independent contractor 1099 forms.
Ideally, the last two months of a calendar year is a time to look ahead. So, another question for you: have you thought about what you want to accomplish in 2025 and do you have a plan for reaching your revenue goals? If you need new talent, do you know where to find it? (Sorry; that was two questions!)
It’s essential that you occasionally step back and think strategically about where your organization is headed. Have you analyzed what has gone wrong – and right – in the current year, and thought about how to correct the problems and build on the successes as you move into the new year?
Too often, leaders are rushed for time, so to meet all the demands clamoring for their attention, they wash, rinse and repeat year-end planning documents without much consideration. But if you keep doing what you have always done, you will get what you have always gotten.
A strong business manager can help you answer the questions posed here, allowing you to play to your strengths and do what you enjoy. If you’re having trouble articulating, measuring or achieving your goals, contact us to discuss how Lumina Business Solutions can help. We work with professional companies in a continuing relationship as a fractional Chief Financial and Operating Officer.
Not only will your business benefit, but we can also ensure that your holidays will be a lot cheerier this year!
