How To Plan For Financial Success In Your Business For 2021

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The end of the year is here. It is really hard to believe that we are in the month of Merry Christmas and Happy New Year’s Eve but we are here. Now is a great time to stop and take stock of the health of your business finances. Here are 3 tips to make sure you are in shape heading into 2021:

  1. Is your business healthy? Can you look at your Income Statement, Statement of Cashflow, and Balance Sheet to access the overall health of your business? Did you make more than you thought you were going to this year? Did you lose a little bit more? What products or services were hot sellers this year? Which ones are ready to go on the chopping block? If you can’t answer these questions with ease then it is time to get your books in order and updated.

  2. Are you ready for tax time? Do you have a CPA or Enrolled Agent to help you prepare your taxes in a few months? If the answer is no then check out this post I wrote about how to find the right tax professional for you.

  3. Are you charging enough for your services or products? If you are not sure then it is time to take a deeper look at pricing techniques. Check out this resource from Mark Wickersham from the Value Pricing Academy and gain the knowledge to start charging what you are worth.

The end of the year is here and although this year was a bust we can start to look toward brighter days ahead. The 3 tips above will help you to start planning for financial success in your business for the year ahead.

Keep It Sunny!