Back2School, Back2Business: 10 Essential Fall Check-Ups to Supercharge Your Business

Summertime is definitely a challenge for most of us entrepreneurs, especially those of us with kids. You may have noticed that I’ve been a bit absent from the newsletter scene… I’m still working on the disciplines of marketing (can anyone relate?)

I wanted to start back with some solid tips on making the second half of this year your best, most people don’t realize the power of this time of the year!

Why is it an ideal, power-packed time?

Well, if you’ve been keeping up with your bookkeeping and metrics, you have a whole 6 months worth of data to review, analyze, and interpret! This means you can make decisions based on data and not just on emotions and feelings and when you’re a heart-centric or passion-driven person, this is incredibly freeing when it comes to decision-making.

You can make these adjustments with enough time to still accomplish your goals for the year!

Remember, those small adjustments can make big impacts on your business in the long run! So let’s jump in!

Here are 10 tips to review the year so far and you can get back to business!

Review Your Revenue: Look at your sales figures. What's been your top-selling product or service? Any surprises in how your revenue breaks down?

A client of ours just had the surprise of the year when she thought her project work was brining in more than her recurring clients. She was pleasantly surprised to find out, based on the numbers, that her recurring contracts were more profitable. Now she knows where to focus her marketing and client acquisition for the rest of the year!

Expense Check-Up: Dive into your expenses. Are there any areas where costs have spiked unexpectedly? Any regular expenses you can cut? Any subscriptions you aren’t utilizing that should be eliminated or paused? There are also plenty of service subscriptions that you can be negotiated to a lower amount, think cell phone bills, internet, cable, etc.  

Cash Flow Check: How's the cash flowing? Are you managing to keep enough liquid cash on hand to cover your regular expenses and emergencies? Have you worked out your break-even?

PS, if not, you should check out my webinar link below to learn more about effectively managing and understanding your cash flow!

Profit Margin Peek: Calculate your profit margins. Are they staying steady or fluctuating? Any changes you need to make to boost profitability? Remember even small adjustments like buying wholesale or raising your prices slightly can impact your profitability!

Client Analysis: Who are your top clients? Are there any patterns in who's spending the most or bringing in the most revenue? This can be a great way to figure out your niche for messaging focus in your marketing. It can also give you clues for how people are currently buying.

Budget Reality Check: Compare your actual spending to your budget. Are you sticking to the plan, or are there areas where you've overspent? If you haven’t put together a budget, this can be an ideal time to put one together for the rest of the year. Don’t be scared to give your $$ a purpose!

Tax Prep Preview: Start prepping for tax season. Have you set aside enough for taxes? Any deductions or credits you should be aware of? We recommend our clients to save about 25-30% of their net income (income minus expenses). This will give you coverage for the tax season and help eliminate a lot of tax-time stress!

Goal Revisit: Review your business goals. How are you tracking against them? Any adjustments needed for the second half of the year? Review and reset are important to achieving your goals.

Systems Check: Assess your systems. Are your operations running smoothly? Are there different areas where you can put a system in place to simplify and make it more efficient? Systems are how you scale, if you haven’t thought about it before, now is a great time to start brainstorming what areas of your business need a system.  

Forecasting Forward: Finally, look ahead. Based on your first-half numbers, what predictions can you make for the rest of the year? Any trends or opportunities to capitalize on? Do you have a season of business to look out for or prepare for? (like Winter, Black Friday, or Christmas)? See how you can maximize or leverage the rest of the year.

Now, this is a lot of different areas, with lots of room to work on many things, so my challenge to you would be to pick 2 or 3 to focus on. Make an actionable plan for the rest of this quarter or the rest of the year and then come back and work on the next thing.

Let me know which areas you pick! I’d love to support your season of being “Back 2 Business”!

#sidekickaccounting #smallbusinesssuccess #businessplanning #smallbusinessbookkeeping #taxpreparation #taxplanning #cashflowmanagement #businessadvice #businessadvisory #ceomindset #businesshelp #smallbusinesstools #mompreneurof4

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Want to learn more about managing your finances in a simple and practical way? Check out my free webinar “Grow Intentionally: Profit First in Your Business” https://sdkick.co/webinar

Interested in learning how we can serve you? Visit our Website and book a free consultation www.sidekick-accounting.com

In case we haven’t met yet, I’m Megan! My passion is small business success, especially for those of us who rely on our business for our livelihood. As a single mom, this definitely rings true for me, which is why all of our services are based on supporting and educating the business owner.

Your numbers matter to the growth and success of your business and we want to help you achieve your version of success! Whether you need bookkeeping, tax prep, tax strategy, or effective cash flow management, we are here to be your “sidekick”! Contact us today to get started!