• October 22, 2024
• By Rick Arthur
• In planning, Strategic Plan, Taxes
• No Comment
• 6
• Tagged: planning

We’re well into Q4 and find ourselves faced with planning for 2025. If you’re wondering where you should start and what areas to consider, here are three suggestions, plus one key item to look at this quarter.

1. It’s a perfect time to reflect upon what is at the foundation of your business, what drives you to succeed, and what motivates you to keep pushing forward, even through tough times. The source of your unwavering commitment to your business, though it may be intangible, is very real. It’s your WHY – why you started your business and what you are in business to accomplish. Revisiting your WHY as you consider your goals for 2025 helps maintain perspective and direction.

2. Solid, actionable planning bridges the gap between vision and execution – the two elements that are vital to a vibrant, successful business. A good strategic plan will help you prioritize and direct your focus to the principal elements and resources that are critical to your company’s success, move your company forward, and help you maintain positive cash flow. Plans become highly achievable and are perceived as less daunting when they are structured in 90-day increments.

3. Might it be time for a financial tune-up? Business owners rightfully focus on the elements of building and maintaining trust with customers and within the industry, along with sustaining success and growth. But in the process, may lose focus – and perhaps control – of the company’s financials, which can create issues throughout the organization. It’s a common issue and there are multiple tell-tale symptoms. With best practices and fundamental tools in place, companies can position themselves to dramatically change performance and productivity including enhanced revenue growth, increased net operating income, and boosted company valuation.

Now for the “plus one” consideration which may be one of the most important steps you can take right now, that is, to ensure you are ready for tax season. And don’t try to do this on your own. It’s worth the investment to work with your CPA or tax expert. As we know, both federal and state income taxes are based on the money your business makes but the amount you owe is determined by how your business is set up, among many other factors.

Tax professionals associated with QuickBooks suggest the following information in terms of what you need to know, have on hand, and be prepared to do as tax season rolls around. You can use this list to help drive the conversation with your CPA who likely has a similar checklist:

1. Know the types of small business taxes
2. Know what tax forms you need to file
3. Create a tax filing calendar
4. Gather the needed business tax return documents
5. Make note of common tax deductions and credits
6. Request a filing extension if needed

This article from QuickBooks provides detailed steps to help you prepare for tax season as well as tips for putting a process or system in place to keep your tax information up to date year-round, which makes filing much easier. Your CPA can help fine tune this process to your unique situation. There is also a guide to tax forms  and a summarized small business tax checklist.

Reviewing 2024 and planning and preparing for 2025 can be a big task. That’s where I come in. My WHY is your HOW. For me, purpose comes in helping business owners optimize the financial components of their company for success. In my more than 40 years as a business owner, specializing in fiscal management, I’ve developed an extensive repertoire of methods and solutions. Not having to search for them yourself enables you to maintain focus on why you are in the business you’re in. My WHY is also about relationships. I understand not only the financial, but the personal investment you make in your business and what business owners face. Contact me to schedule a complimentary consultation.