Every new year brings both new challenges and new opportunities, so let’s start the first quarter aiming for success in all things! But how do you get started? There’s so much to do and so little time, but don’t worry. Here’s a checklist to ensure your business’s Q1 goes smoothly and successfully.
1. Consult your tax planner about new, confusing laws
Nobody likes tax season and filing for taxes can be stressful. However, some new laws end up freeing some funds and allow you to focus on growing your business or easing any money flow problems that you anticipate in the future.
Set aside time on your calendar to meet with your tax planner to determine what deductions and credits apply to you and your business. Tax success is business success, and having an accountant and tax planner will ease the process further, especially if you begin working with them at the start of the first quarter and plan accordingly.
2. Reflect on the past before planning for the future
Q1 is the time when businesses look to the future and plan for their ongoing success, but it’s good to take a step back and think about the previous year before pushing forward too quickly.
Ask yourself a few questions about last year. How successful were your plans? Did you do everything you set out to do? Where did you fall short and/or succeed? Were there unexpected cash flow problems?
Taking a moment to reflect allows you to better plan for your business’s successful future from the first quarter onward, highlighting what worked and what didn’t.
3. Make a working budget for your business and revisit it often
Making a formal budget can feel limiting, but the truth is it works as a wonderful jumping-off point and guideline for the rest of the year. If something unexpected occurs, like a client cutting ties, it can inform you where it is best to make cuts or how to otherwise adjust and keep your business successful.
A budget can inform your business growth activities and help you deal with any financial issues that may arise, especially if you revisit it often and make the proper adjustments as your business demands it. This will cover you in good times and bad.
4. Talk to your employees about the future
The first quarter is a perfect time to talk to your employees about what worked and didn’t work the previous year as well as what the future holds for both your business and your employees. Q1 employee reviews can help you reconnect with your workers and see how both of you can further your business’s success.
Setting goals for both individuals and teams will also help keep everyone on the same page about what is expected and how to make this year even more successful than the last!
Don’t know where to start planning Q1? Book an appointment today with Epstein Law at https://www.epsteinlawllc.com/contact!