Start off 2015 with a Financial Business Plan
Financial Business Plan
The beginning of a New Year is the time when many business owners take the opportunity to reflect and evaluate the success of their business within the past year, along with how to make this year even more successful. There are many ways in which success for a business can be achieved, however at Verdeja, De Armas & Trujillo, LLC, we recommend only one.
We believe that a financial business plan will generate the maximum result for your business and provide you with the ultimate success. Here are some tips from our professional accountants on how to get your finances in order early in the year to avoid any hiccups later.
1. Promptly File Your Taxes
In order for you to file your taxes on time, it’s crucial that these dates are engraved in your mind.
- January 20th is the official opening date of tax season
- March 15th is the deadline for corporate owners to file their taxes
- April 15th is the deadline for individuals to file their taxes
- May 15th is the deadline for non-profit organization owners to file their taxes
Keep in mind that the earlier you file, the sooner you will receive your tax refund. If you do not file accordingly to the date(s) that applies to you, the IRS will instill penalties onto you and your business.
2. Save Up for the Remainder of the Year
Once the stress of tax season has passed, you can begin to solely concentrate on the finances regarding yourself and your business. Setting aside a share of your income into a savings account is a great idea if you want to focus on developing your 401(k), a Roth IRA or another type of retirement account.
3. Modify Your 2015 Budget
In order for any business to grow, they must make some changes to the budget to open the door to more opportunities for success. Look back on what the majority of your budget was spent on in 2014 and see if there are areas in which money can be saved. If there are instances where costs can afford to be cut, we recommend that you do just that. Whatever you determine your budget to be for 2015, make sure that it works for you and you can commit with it as the year progresses.
4. Strategize to Enhance Your Personal Income
If you are a W-2 employee, take advantage of the New Year by asking for a raise if you haven’t been given one recently. In the event that this is not possible, consider looking for a better job or obtaining a new certification. There is also the option of taking up something on the weekends to enhance your personal income.
5. Increase Your Business’ Bottom Line
As a business owner, the success of your company is your responsibility. This New Year, make a resolution to think of new strategies to raise your business’ capital or increase your profits. There are several ways to do this including: slightly raising the prices of your product or service, crowd funding, maximizing your marketing efforts and narrowing down your target audience. Most importantly, we encourage you to be more proactive as a business owner!
At Verdeja, De Armas & Trujillo, LLC, our accounting firm would like to ensure that your business is successful this New Year and for many years to come. Our experienced team of dedicated business advisors will help assure that the foundation of your new business plan is sound. Contact us today for a consultation!