VOTE! And Then…

The biggest issue on our collective horizon is voting tomorrow.  And then waiting for the results.

After that, we will be in the last two months of 2020, and business owners still have time for some year-end reckoning and planning.

Many of us are hesitant to pull the numbers.  This year has been challenging with shut-downs and increased operating costs.  But putting your head in the sand doesn’t help. 

Start by cleaning up your bookkeeping.  Then run a cashflow statement and a balance sheet. Your accountant and your business attorney can help you make sense of the numbers and what to do about them.

Make sure your paperwork is in order.  Have you filed your annual report with the North Carolina Secretary of State (both corporations and LLCs)?  Did you hold your annual meetings (definitely corporations, and LLCs if required by your Operating Agreement)?  Are your employee files up to date?

For many businesses, 2020 has been difficult, and just surviving to 2021 is the plan.  There will not be excess funds for business improvements or anything else. 

For others, it has been easier, and you have financial room for more year-end plans. If so, how can you be more profitable or efficient next year?  Can you outsource payroll or social media?  Can you hire your first employee? Can you lower your materials costs?  Is it time to refresh your logo or website?

For everyone, there may be some tax savings your CPA can help you identify. 

Year-end planning is an important part of owning a successful business. You can’t put it off much longer.