4th Quarter Planning: A simple Four Step Plan to Finish Strong
Happy Easter everyone!
Next week is the first week of April and the official start of the 4th quarter. We always know the end of the financial year is coming because that’s when we are swamped with customers wanting advice to finish the year strong, minimise their tax and plan for the next.
So, what’s your plan to finish strong?
If you don’t have a clear understanding, then use these four exercises to get organised and dominate the 4th quarter:
1. Review the year that was
The best way to learn in business is to look at the past. Look back at your year and spend some time with your advisor working through reports that are fundamental to your growth plan.
2. Plan for the future
If you don’t have a target you don’t know what to aim for. Before the new financial year starts work out what your goals will be and develop a set of reports based on them. As a result of this goal setting and reporting you will be able to stay on track to achieving them.
3. Meet with your tax advisor for Tax Planning
A good year’s profit is good for cashflow, but if you don’t plan it properly by the time your tax bill rolls around you may have spent that money you made. Since you have investigated your tax situation before the end of the year you can make decisions that will help mitigate your tax liability. Furthermore plan your cash flow to cover in tax payment when due.
4. Systems review
1st of July is the only time we look to migrate to new accounting systems or packages. Does your accounting software fully meet your needs, have there been new programs released that will help you meet your goals?
If you don’t understand were you’ve been how do you know were your going, the world has moved along in leaps and bounds in the past 3 years with regards to accounting systems, data analysis and planning programs.
If you haven’t changed the way you do business in the past 3 years, your competitors have and they are now one step ahead.
Call us at Tax4u and let us help you keep ahead of the competition.