I cannot believe I am writing this, but the first day of fall is less than a week away! Fall brings with it so many wonderful things, especially for those of us lucky enough to witness the foliage in New England. With the fall, the final quarter of the fiscal year for many businesses is also ushered in.
It may seem early to begin planning financially for the upcoming year but getting a jump on it now can put you in a better position for success. Here are a few things you can start doing now to prepare for 2021.
1. Current Year Review
How does your spending stack up against your budget?
Identify recurring expenses – memberships, software, licenses, etc.
Pull out any known anomalies – startup costs or things you will not need again.
2. Goal Setting
Set meaningful targets based on your current year review.
Consider upgrades and capital expenditure planning.
Develop benchmarks to help guide your continuous review.
3. Re-energize – Finish Strong!
Identify ways to close out the year strong to meet your income goals.
Compare your actual income to the estimates used for tax payments and withholding.
Adjust your spending in any categories that you may be nearing or over budget.
That last step might raise more questions than it gives you answers and that is OK! By starting to plan now, you give yourself the time you need to really focus on each stage of planning without feeling rushed or overwhelmed. If the thought still has you overwhelmed, I would be more than happy to help walk you through the concepts.
Please reach out for an initial one-on-one consultation to discuss your individual needs.
