Take Year End Planning Seriously to Usher in a Great New Year of Business

Take Year End Planning Seriously to Usher in a Great New Year of Business

It is a ritual that has gone on for decades. Its commencement is not marked by decorations or festive events. In fact it largely goes unnoticed by the average American. Yet it occurs every year about this time for many businesses. It is the year end analysis of the events, trials and tribulations of business performance. Regrettably, many business owners under appreciate the value of this exercise and the importance it can have for their business. This analysis and planning exercise can have a huge impact on business performance in the coming year.

What is Year End Planning?

Year-end planning covers many aspects of a company's business operations. It is not just about tax savings and deciding what to do about profits or losses. It is part business plan, in that every business has to look at the coming year to determine if things have to change in order to become more profitable or the status quo needs to be maintained. One of the most important aspects of this exercise is that you need to study all the financial information and take a close look at the numbers to determine the state of your business.

Scheduling Year End Planning

Many business owners do not realize that if started early enough in the fourth quarter of the fiscal year (for most businesses this would be the October-November period), there is still plenty of time to correct any problems before it is too late, to implement tax planning moves, and to otherwise prepare for the coming year. Yet a large number of businesses procrastinate until December and by the time the meeting is scheduled and the numbers are crunched, it is too late.

Why it is Even More Important This Year

Year end planning takes on extra importance this year if businesses are to take advantage of the changes in tax regulations that could save them thousands of dollars in taxes. It will also help them function better and more efficiently next year. Here is a factual and typical case in point. A business is not growing. What are the causes? How do you find the right professional help to analyze the problems and to come up with solutions? Do you adopt an aggressive marketing strategy or do you need to wait? Or should you downsize to keep your costs in check?

If you have decided to downsize, you should look at how to go about it. Managing costs and human resources is critical in such a scenario. Deciding who goes and who stays, as well as considering options besides letting people go all this requires careful planning and a lot of time.

For drastic changes foreseen in the coming year, the year-end planning should start even earlier. And if all is going well, year-end planning should take place no later than November so that you can confidently usher in the New Year, knowing that your business is well prepared to face new challenges.

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