Tuesday, November 13th, 2018
The 4th Fiscal Quarter is officially here and, as a small business owner, there are a number of things that you should be doing to not just maximize your company’s final quarter performance, but also to prepare yourself for the new year.
Maximizing your business’s earning potential during the final and first quarter of the year is especially important here in Southwest Florida, where a large portion of your sales are likely coming during “season”. In an effort to help you best prepare yourself for the road ahead, here is a “4th Quarter Checklist”, specifically created with Southwest Floridian business owners in mind.
1. Examine Your Sales Figures, Set Goals and Make Projections
Take a very close look at how your business has performed historically during the fourth fiscal quarter and compare those figures to where you are now. Comparing your current Profit & Loss statement with last year’s numbers (during the same period) will give you the chance to determine exactly how your business needs to perform during the final months of 2018 to reach, if not exceed, your annual goals. Take the time to double-check that all of your accounting is accurate and up-to-date, this will ensure that any goals you set, and projections you make, are based upon the most recently available data.
2. Adjust Your Staffing and Marketing Efforts Accordingly
We all know there is a massive influx in population during the final months of the year as we begin welcoming back all the seasonal residents that flock to our beautiful coastal community to escape the harsh winter weather. Couple that with the holiday shopping season, and it is easy to see why the fourth quarter is very often the busiest (and most profitable) time of year for many local businesses. Plan ahead, utilizing the goals and projections you’ve created, and hire any additional seasonal employees that are needed to ensure you have the resources necessary to keep up with the increased demand for your business’s products or services.
Additionally, take the time to review your current marketing efforts and consider how they could be adjusted to maximize your earning potential during this pivotal time of year. Utilize social media to drive customers to your website and to share any holiday specials or seasonal promotions you are running; doing so will not just result in higher exposure and increased brand awareness, but will also help increase sales and generate new leads.
3. Prepare for the New Year
Don’t fall into the trap of becoming so focused on finishing the year off with a “BANG”, that you fail to adequately prepare for 2019. This is especially important in regards to getting your financial house in order. Consult with your C.P.A., bookkeeper or tax preparation specialist to see what (if any) accounting records you need to update or review. As the fiscal year closes it is absolutely essential to begin preparing for tax season; do not procrastinate! The more you do now, the less stressed and better off you’ll be, come tax time.
At ShaBro Alternative Office Solutions we want you to focus on what YOU do best, which is growing your business and let ShaBro handle the rest.
Contact ShaBro Alternative Office Solutions today!