It’s that time of year! With just a few weeks left before the end of the year, there are some important tasks to take care of for your Small Business. Join us on episode 148 of the Small Business Show to hear our take on what you should be doing before the New Year starts!
We begin the show by discussing the importance of getting your financials (PL, BS, Cashflow) in order so you can review the data that will guide you in making end-of-year decisions that can impact your profitability, tax liability and much more. Without good data, you’ll have a much tougher time making decisions.
If your Small Business carries inventory, now is the time to get your counts straight. You may want to write-down slow moving or old stock that can help to lower your tax liability – but you need to know what is actually on your shelves before you can see what you’re working with.
Dave and Shannon then spend time talking about collecting on any overdue Accounts Receivables and making any last minute purchases that you may have been putting off. Both can impact your financials and taxes. If you’ve had a great year, is it smart to let some customers defer paying their bills? Listen and find out what we think of that tactic!
It’s also time to do an HR review and think about bonuses and other rewards for your employees. But, how do you handle it if things have not been that great and you don’t have the funds to hand out this year? You guessed it, we have some tips on dealing with this situation that is sure to come up during your Small Business’ lifetime.
We wrap up the show with a discussion about maxing out retirement accounts for both you and your employees, holding your annual LLC or Corp meeting and working on your annual Executive Summary. But wait, there’s more! Don’t forget to relax, reflect and recharge during this time of year with family and friends!
We hope you enjoy this episode of the Small Business Show that is brought to you by Storyblocks! After the show, visit our Small Business Support Group to let us know what you think and to join the conversation.
Chapters/Timestamps:
- 00:00:00 Small Business Show #148 for Wednesday, December 6, 2017
- 00:01:39 In two weeks, SBS 150 is specifically for first-year business owners
- 00:03:11 Your financials – P&L, Balance Sheet, Cash Flow Reports
- 00:04:22 Inventory
- 00:08:26 Recapturing Profits
- 00:10:35 Patching up mistakes later
- 00:11:30 Matching your risk aversion with your accountant
- 00:12:49 SPONSOR: Storyblocks.com/sbs gets you their Triple Bundle for just $149
- 00:15:55 Accounts receivable
- 00:17:33 Cash vs. Accruals
- 00:20:20 Review your team – to Bonus or not to Bonus!
- 00:23:44 Executive Summary – Accomplishments, Mistakes, Expenditures, Income changes
- Make sure to have your Annual Meeting
- 00:26:39 Finding great ways to share revenue with your employees
- Pension, profit sharing, 401k
- 00:30:24 Just relax!
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