This post is updated from last year. I believe the content is relevant again this year.
Summer Solstice arrived June 21, 2014 at 3:51 A.M. PDT
Along with the seasonal change we are heading towards the year end and spend time calculating our Sales, Profits and (maybe) Loss. Those operating with a business mindset, of course, are monitoring their progress weekly and monthly to avoid any unpleasant surprise at Year End.
But it is typically to do a major review in June for most entrepreneurs.
Some questions we usually ask and answers analyzed thoroughly:
Most small business entrepreneurs are used to “Flying by the Seat of their Pants” and we tend to leave the mundane alone. Checking the metrics involved in our business can help avoid disasters and energize growth. For instance our callers to the Wednesday Night Talk Show, You can Build It, your business usually mention they do SELDOM write thing down, never finished their Written Marketing Plan, or record properly their deductible eligible expenses.
I have found a simple software (very affordable ) has helped me keep track of eligible expense with an approximate 15 minutes a week, and I have a neat Quarterly report available to determine if I owe the IRS for the Quarter. If you do not have a system in place I really recommend this Softer, even though name says MLM Tax Planning it is written for all small and home based business need. The author is a small business tax consultant.
This is a very boring subject for many, no excitement I am sure, but the average TAX saving for a well documented Small Home Based Business entrepreneur is about $5,000-$7,000 per year. Not bad for a 15 hour a year investment of Keeping track
Another area missed by most is the tracking of Advertising results, Follow up and Follow Up, regardless the meth of of securing the lead, they need to be sorted and followed with a well designed Marketing strategy.
E-mail Marketing, coupled with Direct Mail, are still at the Top in our Briefcase of Business Tools. And the use of a quality Autoresponder, such as AWEBER, is worth every small penny spent. There is an art in developing a Loyal base of customers and prospect with well written Letter and Postcards. Contact us for more information.
So here we are at the 1/2 year mark.
Again are you on Track..?
Share your experiences in the comment section below.
The following video is what we have used for year end, but the system applies to review and recalculation