Summer is winding down, the kids are back to school, and it’s time to prepare for football season to start.
It’s also the perfect time of year to review and/or set forth your Budgets and Projections for the rest of the year.
There are so many things that you can do as a business owner, year round, that will help to improve your bottom line and the number one thing we recommend to business owners, new and old, is to set forth Budgets and Projections.
Whether you have made a practice of this in the past, or not, it’s never too late to start.
“Budgets and Projections are the “map” that will get you to your business’ financial success.” – John Margida
Why is this important?
At this point in the year, it is the perfect time to slow down for a minute and take a look at where you have been … and where you are going.
We recommend taking a look at each category for revenue and expenses in your Profit and Loss Statement and “projecting out” to the end of the year, how much each category should include, based on the previous months data. That way, with the help of your CPA, you will be able to estimate what your tax liability should be.
This will also provide you the opportunity to estimate your profitability, so you can see where your strengths are and/or where you need to improve, and also so you can plan to allocate any funds for the repayment of debts if necessary. (This is also a great time to contact your current clients/customers to see what more you can do for them throughout the rest of the year).
If you need help, just give us a call, we would be delighted to assist you should you need us. Our office number is: (330)926-0023.
At Margida & Associates, your growth is our goal.
As always, if you need help or have questions, please do not hesitate to call on us. 330-926-0023, or [email protected]