157: Fourth Quarter Preparation For Business Owners Whether You Are Starting A Business
157: Fourth Quarter Preparation For Business Owners Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
Now that we are finding ourselves in the fourth quarter of the year, it’s time to start wrapping up this year on a high note, and I’m here to guide you through the essential steps you should be taking in this last quarter. If you are anything like me, these last three months of the year go by so quickly, and before I know it, January is here, the holidays are over, and it is back to business as usual again. I try really hard to be as prepared as I possibly can be between both my personal life and my business during this busy time of the year, which is why I am covering what you should be doing in this fourth quarter early so that you can easily prepare for the end of the year. If you want to go into the holiday season with less stress and overwhelm this year, being prepared in your business will be extremely important. Being proactive will allow you to spend that extra time with your family and friends without feeling guilty about not working in your business. In today’s episode, I am walking you through some of the main items you should be thinking about during this last quarter of the year. I’m helping you be proactive and stay on track so that you are able to not only close out your business this year with less stress but you’ll also be able to enjoy your holidays and not be stuck at the office crunching numbers. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, let’s make this the year that you are proactive in this fourth quarter so that you can truly integrate balance between your business and being at home with your family and friends this holiday season…
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Show Notes:
Now that we are finding ourselves in the fourth quarter of the year, it’s time to start wrapping up this year on a high note, and I’m here to guide you through the essential steps you should be taking in this last quarter. If you are anything like me, these last three months of the year go by so quickly, and before I know it, January is here, the holidays are over, and it is back to business as usual again. I try really hard to be as prepared as I possibly can be between both my personal life and my business during this busy time of the year, which is why I am covering what you should be doing in this fourth quarter early so that you can easily prepare for the end of the year. If you want to go into the holiday season with less stress and overwhelm this year, being prepared in your business will be extremely important. Being proactive will allow you to spend that extra time with your family and friends without feeling guilty about not working in your business. In today’s episode, I am walking you through some of the main items you should be thinking about during this last quarter of the year. I’m helping you be proactive and stay on track so that you are able to not only close out your business this year with less stress but you’ll also be able to enjoy your holidays and not be stuck at the office crunching numbers. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, let’s make this the year that you are proactive in this fourth quarter so that you can truly integrate balance between your business and being at home with your family and friends this holiday season…
Welcome Back… and welcome to the fourth quarter. Fall is here, and even though we’ve been seeing some record-breaking high temperatures where I live, it makes it hard to believe it’s October already. I often see many small business owners take one of two positions in this last quarter of the year. Some business owners decide in the fourth quarter their business is just going to be what it is, and however the business ends the year will be just fine, but others look at the fourth quarter much like a race. When you are in a race and want to win, you give it your all at the end. You push hard, and you try your best to reach your goal or cut your time depending on the type of race you are in. This is the kind of business owner I hope you are, and I am here to support you and make sure that your fourth quarter goes exactly as you anticipated. For this to happen though, you need to be prepared, and today I am providing assistance and guidance to help you end your fourth quarter in the best position you can.
To start, you need to review your goals. I want you to remember the goals you set way back in January, or maybe you set them even earlier. It’s time for you to revisit them and see exactly where you are now compared to where you thought you would be. I recommend you do this for both your business and your personal life. As a business owner myself, I know how intertwined your personal life and your business can get, and we need to make sure we are integrating balance between both. When you look over your goals for your business, were they focused on sales, customers, or profit, or were they something totally different, such as making sure you set up your business in a way that you could spend more time with family and friends. No matter what your goals were, take a look at them and see which goals you have met, give yourself credit for how well you did, and if there are any goals you set that you are still aiming to reach. If you have any goals that you are still working on, be serious about meeting them in this last quarter of the year. Write down the steps you need to take to reach these goals and be intentional about blocking off the time you will need so that you can stay laser-focused and achieve your goals within the next few months. If you know there will be obstacles in the way, point them out and find a way to get through them; I want you to finish the year out strong.
Next, start creating your budget for your business for next year and have a strategic plan in place for what you want the future of your business to look like. This means you will need to set aside time to have a productive strategy session. Invite individuals who will be able to help you with your strategy, and don’t forget to work on your marketing budget as well. This is one area many of my clients ask for help with, and I enjoy holding them accountable as well as setting up the processes so that it can be done smoothly. Having all these pieces in place prior to the start of the new year will help to ensure you are on track for another remarkable year. You can also be proactive and start planning now for any cross-training you might need to do if you have employees so that you have all your holiday coverage taken care of. This is something you should be thinking about even if you are a solopreneur and you are the only one running the show. Think about how you want your business to run over the holidays, make sure that you have plans in place, and don’t forget to block off your personal time for celebrating with your family and friends.
Now is the time to review any business licenses and permits and ensure they are all up to date or renew them if necessary. This would include any necessary renewals with your secretary of state as well as making sure any corporate compliance has been fulfilled.
And you know I am going to talk about your finances. I want you to make this the year that you have your bookkeeping and financials up to date so that you can begin the new year without feeling overwhelmed and behind. So, I am going to ask you, are all of your income and expenses recorded for the year so far? Have you reconciled all your accounts? If you have inventory, plan for a physical inventory and be prepared to have your year-end inventory numbers. Enter all your invoices for the remainder of the year. Review your accounts receivable and follow up on any past-due accounts. Look into your accounts payable and make sure you are paying your vendors on time. Verify any employee and contractor information by obtaining updated W4 and W9 forms if needed. If you have employees, now is the time to decide if you need to make any changes with your payroll processing procedures so that you are all set and ready to go at the beginning of the year. If you need to track your mileage, make sure you have been recording this and be ready to capture your year-end mileage. If you plan on making any changes to your pricing in your business, you can review your current pricing structure and be ready for any changes for the new year. Most importantly, review your bookkeeping procedures. You want to be able to have reliable information in the new year, and if the processes you currently have are not satisfying these needs, it may be time to adjust how your bookkeeping and finances are being done. These are all things my clients and I go over at the end of each year so they are not only ready to file their tax return on time, but they are no longer stressed out or dreading all of the work they need to do in the new year to simply have their tax return prepared.
Once you have your finances in order, take some time to compare how your finances look compared to last year. Are there any areas you need to concentrate on? If you don’t understand your financials, or they are not in order, now is the time to schedule some time to meet with your bookkeeper, accountant, or tax preparer. By meeting with them early, you can also take advantage of any additional deductions that will benefit you in this tax year. This is also an excellent time to review any estimated taxes and submit any payments if needed.
I know this time of the year brings up a lot of questions for business owners, and I know how helpful it can be to have someone guide you along the way to answer your questions and hold you accountable. Maintaining your bookkeeping and financial data is important so that you can make smart and timely business decisions. I understand how frustrating it can be when you are trying to do your bookkeeping, and you get stuck because you have a question and you don’t know how to find the answer, or maybe you feel like you need someone who can answer your questions so that you can keep moving forward. I also understand how easy it is to put your bookkeeping as a low priority, and I see it done often, so if this is you, know that you are not alone. It may be because you are unsure how to do it or where to get started, or it may be because you don’t have the time or resources to get it done. If you need help managing any of the topics I covered in today’s podcast or being held accountable so that you can be more efficient and reach the goals you set for yourself and your business, feel free to reach out to me. I’d love to help you. You can schedule a free consultation or sign up for a coaching session today. As a Certified Public Accountant and Certified Life Coach, I can help alleviate the stress you may be feeling when it comes to your business, career, or personal life. I’m here to guide you through the financial aspects of your business and help you focus on the steps you need to follow to reach the success you want to achieve in your business and stay committed so that you can continue to keep pushing forward. I’m here to help you with both your business and your personal life so you can relieve the stress, anxiety, or overwhelm you are currently feeling. Having an accountant and certified life coach like me can provide you with valuable insights and ideas to help you simplify your business, which enables you to go back to enjoying your business like you thought you would when you first started it. I work with business owners and accountants to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, I’d love for you to join me in my Balance Life Coaching program so that you can live a more purposeful life. Each week, we meet privately one-on-one, and you get to bring whatever is on your mind on any given week. It could be your highest priority you want to work on, whatever you want more of in your life, or if there is something that is weighing on you heavily that you need coaching on, and we’ll work through it together. Having a certified life coach like me helping you through all of this allows you to feel so seen and cared for, and the results are amazing. Everyone benefits when they work with a certified life coach. After every call, you feel energized, and you know exactly what to do for the week to come, and relief knowing we will meet again the next week to go over anything that comes up after the call. You’ll gain self-awareness while you take each step toward your goals. The investment in this program is an easy yes for you. I’ve set this program up in the most supportive way. If you are ready to join the Balance Life Coaching program, you can go to www.FinancialAdventure.com and click on the work with me button. You’ll see the link to join as well as additional information about the program. Sign up now. There are limited spots available for this program due to the one-on-one aspect, and it does sell out. If the payment link is gone, you can get on my waitlist to join the program when additional spots are available. I help people get results and live a more joyful life. I coach everybody on everything. Everyone has something they want in their lives, and I help them get it. I know this is something you’ve been waiting for. I’ve been asked by many of my listeners to create this exact program. The faster you get access to the program, the quicker you’ll see the possibilities available to you. I also have a risk-free guarantee. I believe so strongly that everyone benefits from coaching that when you sign up today, if for any reason you are not satisfied with your first session, you can send us an email, and we’ll refund you immediately. Are you ready to enjoy your life now? Why would you want to wait? Make this investment for yourself. Take the journey with me…make it happen for yourself. Ask yourself why you need this program in your life right now. Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
