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Are you on Track for 2014?

Are you on Track for 2014?

This post is updated from last year. I believe the content is relevant again this year.

Your Thoughts?

Hard to believe July is Here.

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:

  • Is our advertising converting?
  • Are sales on track?
  • Are profits on track?
  • How do we stand compared to our Industry?
  • Progress on schedule, New products, etc.?
  • Am I staying on focus?

Seat of PantsMost 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

Right Arrow DownDon’t forget to Share your experience in the comments belowarrow-down-left-blue


11 Responses to “Are you on Track for 2014?”

  1. Chuck Bartok says:

    Thanks for the comment.

  2. Holus says:

    Thanks for the great ideas. There are definitely a lot of things for us to do.

  3. Maneesha says:

    Hello Chuck,
    It’s really nice & interesting “you can build it ” title. I really love this inspirational title of website ! Well come let’s come to post “Are you on Track for 2013” This post make me remember my own promise to my self when I did before starting 2013. I made some promise & I’m on right track for 2013.

  4. Disha Sharma says:

    yes..I’m on track for 2013. I had already plan my some project & dream in 2012 before 2013 & still I’m on right track.

  5. Kendi Simmons says:

    How convenient that I came here at this time. I run a small business too and there is a lot that I have gained from the information that you have shared. Hope it benefits other people too.

  6. Chuck says:

    You are “One in a Million”, Adrienne
    I used to use a similar system, but 7 years ago when this affordable software became available it was a good choice.
    The thing I like is all expenses relative to Home and Maintenance are automatically adjusted.
    For instance, I just enter the total amount receipt from the Hardware store, that that is adjusted to % of home used for Business. My wife and I have separate areas in the home with different %’s.
    Also recording the Income form various sources allow me to easily see where my ROI’s are performing best.
    And….there is a nice affiliate. Many followers have not only purchased their system. bit have enjoyed a nice “return on Investment.
    It is so easy to punch the Quarterly Totals and see what Tax liability is looming.

  7. Adrienne says:

    Hi Chuck,

    If you can believe this, I use an excel spreadsheet to keep track of all my expenses. As soon as I spend something or make something I add it. My tax lady loves me, I’m so annoyingly organized and I have everything in three ring binders for each year.

    I’m sure this type of software would be much more convenient but I’ve been doing it this way for the past five years now that it’s just habit.

    Thanks for sharing.

    ~Adrienne

  8. Chuck says:

    Thank you, again, Dipa for your comment.
    Regardless our endeavors, a tune up seems to be always in order. I do NOT OBSESS about the Long term goal, rather focus on daily tasks

  9. Dipa says:

    Inspirational post. I require such reminders every now and then to ‘wake me up’! Lol….seriously, the post is very aptly written, something every entrepreneur needs to revise every now and then to bring oneself on track.

  10. Chuck says:

    Purnima, I see you are in the UK and, as in Canada also, many of the allowances for small business deduction are similar in the UK and USA.
    If you get the software let me know and maybe I can help if needed. Very easy to use, but one NEEDS to establish a weekly Task to keep up to date.

  11. Purnima says:

    Hi Chuck .Thanks for the share . MLM Tax Planning advised by you sounds to be of immense help . Getting such a softer at a affordable rate that can help me to keep a track of eligible expense is a blessing .Would follow yours post for more of such helpful insights .

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