The third quarter is already almost over.  Now is a good time to review the progress you’ve made toward your financial goals for the year. First, make sure all revenue and expenses have been recorded properly and that your books are up to date. Then, see how you measure up against the goals you’ve set for your business. If you aren’t as close to reaching your goals as you hoped you would be, now is the time to prioritize.  Choose the goal you would most like to achieve this year and come up with a plan that will help you get there. For example, if your goal is to make $500,000 in revenue this year and you’re currently $200,000 short, break that amount up over the business days left in the year.  $200,000 broken up over 63 business days equates to $3174.60 in revenue each day. Breaking the amount up this way makes it feel much more manageable and makes it easier to track your progress. Then, consider ways to increase sales like ramping up marketing or offering a holiday sale.

The end of the third quarter is also a good time to review your financials in order to forecast what your tax burden will be in April. Getting a handle on the number now will give you time to save up, so you are not scrambling to come up with the funds next year.

More in business tips
Marketplace Fairness Act

It still has to pass the House in order to become law, but it's getting closer to becoming a reality.  So, what is the Act and how will it affect small business? Basically, the Marketplace Fairness Act grants states the right to collect sales tax from online retailers.  So, if you are an online retailer […]

Close