Financial Planning for 2019
2018 is almost over as we head into December and you might wonder if it’s too early to start planning for next year. The short answer: Absolutely not! It’s never too early to start thinking about the year ahead for your business and the earlier that you can start planning, the sooner you can reach your small business financial goals.
Today, we want to take a look at the things you should start planning so you can enter 2019 with a running start, ready to conquer your financial challenges and achieve your goals.
What You Should Plan
When you start putting together your 2019 financial plan, you might feel confused. What should you plan for exactly? Well, here are a few things to consider:
Taxes are unavoidable and the sooner you can start prepping for next year’s taxes, the more you could potentially save. Tax planning is essential to ensure that you’re getting the most out of your deductions and that you’re aware of upcoming tax law changes.
By having a financial plan in place to start the year, you’re bookkeeping and reporting tasks will be scheduled and you’ll be able to track your progress throughout the year. Make sure you have a reporting system in place and if you don’t already, work with a professional bookkeeping service provider like ABJ Business Solutions.
Set Your KPIs
You need to have performance indicators in place to measure and track your company’s progress throughout the year. Common small business financial KPIs include:
- Operating Cash Flow
- Burn Rate
- Net Profit Margin
- Working Capital
- Current Accounts Receivable
There are many others and depending on the state of your business, you can select the ones that matter most to you.
We Can Help
ABJ Business Solutions specialises in helping small businesses get their finances under control and can help you kick 2019 off right. Get in touch with us today to learn more.