Running a small business means you wear a great number of different hats.  There are times when you need to just take a few minutes and focus on the big picture by doing a little housekeeping that will give you an idea of where you are and help you plan for where you want to go.

Financials – There is no doubt that financial reports are critical to running a successful operation.  Put together profit and loss statements, balance sheet, and cash flow reports.  This should tell you how you spent your money and if you have enough for the cash flow needs coming up.  If you compare numbers from one quarter to another and then the annual reports, you can see where the low spots occur and strategize how to improve those areas and even out revenue.  Also look at the profit margins to see if they are where they should be.  Review vendor pricing and quality.

Vendor and Customer Lists – Make sure all the addresses, phone numbers, and electronic data is up to date.  Include contact names and any notes that are pertinent. 

Employee Lists – Check your human resources files to be sure everyone’s information is correct.  People marry, divorce, and add dependents.  You can also remind your employees to review what they have on file with you for emergency contacts, beneficiaries, etc.  If you provide bonuses, this is a good time to think about how much and how it will be paid out.

Back ups – It is a good idea to back up all digital items including computers and mobile devices.  In addition to cloud storage, use an external hard drive that can be stored in a safe place, and even old-school hard copies.

Website – Take a look at your current site and click on every link to be sure everything is still operating the way it should.  Check out your competitors’ sites and see if you need to update. 

Inventory – Yes, a physical inventory of equipment, especially mobile devices to see if they need updates.  Also, any products or supplies you need for your business to check for theft and what really isn’t selling well or is obsolete for your needs.  Most importantly, review your company’s goals to be sure you are still focused properly for the coming months and year.  Make a list of your company’s accomplishments, including highlights and low lights.  Look at the problems the company overcame.  Share this with your employees and give them credit for all their work and ideas.

Meetings – It is time to schedule “check-up” meetings with your accountant, attorney, and any financial advisors.  Plan for the next fiscal and tax year.

Staff – Decide whether you will need to expand your staff or reduce employment.  If you are going to hire, think about recruiting, freelancing, etc.

Customers and Clients – Be sure you are not focusing all your attention on a single client.  If you are thinking about diversifying your interests, start looking at new customer sources.

In general, just take stock on where you were over the past year, where you are today and where you want to go.

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team