As the leaves begin to turn and the days grow shorter, it’s easy to let your business finances take a backseat. However, this period provides a great opportunity to start planning for the end of the year and beyond.
The team at GW Accountants have put together some tips to keep your spirits high and your business finances in good shape going into the autumn months:
Review Your Goals
What did you hope to accomplish this year, financially speaking? Take a look at your goals and see if you are on track to meet them. If you’re behind where you wanted to be, don’t despair! There’s still time to act and get back on track.
Make a Budget
If you don’t have a financial budget, now is the time to create one especially with costs rising as fast as they are. Track your business income and expenses for a month or two to get a better idea of where your money is going and identify the areas where you could be saving. Once you have this data, you can start adjusting to ensure your finances are on track.
Stay focused
With so much going on this time of year and the festive period on the horizon, it’s easy to lose sight of your financial goals. If you want to stay on track, it’s important to stay focused. If you know you’ll be spending more during the festive season, start setting aside money now so you don’t blow your budget with last minute expenditure. Create a separate savings account or put extra money into your business account to cover the costs of gifts, parties, and other expenses. More importantly don’t forget if you pay Self Assessment tax this will be due in January.
Take Advantage of Seasonal Opportunities
The autumn months can be a great time to promote your business. Take advantage of seasonal events, such as the end of summer, Halloween, or Christmas, to attract new clients. Offer seasonal discounts or promotions to boost sales so you minimise any lulls you may have and have a steady stream of income. Offer locals discounts, if you rely on seasonal trade this is a great way to build a loyal, local customer base.
And finally…. Seek Professional Help
If you’re struggling to get your finances in order and the winter months are looking bleak, don’t be afraid to seek the help of an accountant. An accountant can help you develop a plan to get your finances on track and spot areas where you could save money. Moreover, they can identify areas of your finances which can be improved and suggest ways on how you may go about improving them.
Don’t let your business finances fall by the wayside this autumn. By following these tips, you can keep your spirits high and your finances in good shape.
If you would like the advice of an expert team of accountants, we at GW Accountants can help. We have an open-door policy and are happy to answer any questions or concerns about your business’ finances that you may have. We will work with you to streamline your finances and get you through the winter months. If your business succeeds, we succeed. We are here to help you meet your business goals.
