It’s here! It’s that time of year where more cash seems to go out of your pocket than in! We know you are thinking about others – sharing happy times and creating memories over the holidays. Black Friday kicks off the biggest day of spending, as many of us purchase gifts of love, packages to provide comfort or maybe just help others collect more stuff.
All of this generosity also means your pocket, and your profit, takes a hit.
As you plan ahead for the cash outflow to your loving family, friends and your employees, we hope you take time to plan ahead to put money into your pocket. Here are three proven ways:
1. Review your 2016 financials through October 31st:
Both the Balance Sheet and Income Statement. Make sure they are correct and send them to your accountant now! Get ahead of the curve so your advisors can find potential add-backs or expenses that you may have missed.
2. Evaluate Your Customers:
Run a profit by customer report to quickly assess the top performers. More importantly, take a look at the bottom three. Consider sewing up these holes in your pocket. Let them go!
3. Prepare a Draft Budget for 2017:
Use this year’s history to understand strong patterns of income and solid customers, as well as eliminate any unnecessary cash outflows. Even if you just assume next year repeats, at least you have set the intention for another solid year.
Whether you find ways to fill up your pocket with advice from your CPA before December ends, or you sew up some loose ends by letting go of unprofitable customers, we hope you find these tips help make YOU more profitable.
As you assess the damage from Black Friday, if you find you need help buttoning up your financials or running reports in QuickBooks, BudgetEase can help! I am Kathy Dise from BudgetEase here to make YOU profitable. You can reach me at email@example.com.