With the (hopeful) coming of spring, thoughts go to spring cleaning.
What about spring cleaning your business?
Specifically, all that financial stuff you generally think that you’ll get to.
Now is a perfect time to give yourself an hour or so and just do it.
You’ve had to get stuff together in order to get taxes done, and it’s early enough in the year that a molehill isn’t a mountain–yet.
So, how do I hop to it?
▪ Organize Expenses: I keep an Excel sheet and list all business expenses on the sheet and then file the receipts. At the end of the year, all I have to do is total it up and send it to the accountant. It will take you no time to set it up and mere seconds to update it. Or, shoot me an email (email@example.com) and I’ll send you mine.
▪ Review Financial Reports: Knowing what you should be looking at and when you should be doing it is the first step towards taking control of your business financials. Luckily, it’s not hard and won’t take you more than a few minutes. Here’s my 3-minute guide to getting it all together.
▪ Create or Update Your Budget: Now that you’ve got some 2018 history and all your numbers from 2017, it’s a great time to create or review and update your budget. While this may be a little more time-consuming than reviewing your financials, it’s an important part of them, and will make it easier to run and control your business. Good news—you can do it in chunks and here’s how.
There, now you’ve got a great start to having all your business financials under control!
Here are two other steps I’d encourage you to take:
▪Projections: Once you’ve got a budget together, projections are a snap! Look at them as being your chance to play—to see “what if” with your business. Goals and dreams you have may not be as far away as you think. Play with some projections and see where they can take you.
▪ Update Your Business Plan: Once you’ve gotten all this other stuff done, take a look at your business plan. Are you still happy with it? Is it still acting as the foundation for your business? Anything need tweaking? Like a resume, a business plan should always be updated, because like a resume, you never know when you might need it for something important.