It’s the 4th quarter. Triple overtime. 1-point game. Passion, exhaustion, blood, sweat, and tears. You put your all into this. And 2020 is winning. 😫
Here’s how we make sure you don’t choke in 3 easy (okay, maybe not so easy) steps.
Decrease Spending, Increase Revenue
It’s obvious that you want to boost revenue to improve the results for your company – but it can be a challenge. Raise your prices or introduce a new service add-on.
As your revenue goes up, it doesn’t guarantee profitability. In fact, there are times when businesses end up in difficult financial situations because they fail to account for the money that is moving out of the company.
💡 Tip: Prioritize cutting costs now that won’t be tax-deductible later. If you can live without it, it’s not essential.
Maximize Tax Deductions
I know I know, I just told you to decrease spending. But hear me out. This tip is all about being strategic in your spending. We ain’t talkin’ about spending your coins on those daily $10 Starbux runs. This here is all about spending in ways that will move your business forward. If you think of spending as an investment in your business, you can put your business in a position that is prepared to kill it in the new year.
Even though tax season is still a few months away, it is important to address your tax strategy throughout the year. If you spend money on furniture, equipment, hiring, professional development courses, and trainings — all business-related of course — then those costs can be used as write-offs to reduce your tax burden for the year. If you got the funds, then a lil extra spending can ease your tax burden.
💡 Tip: Start organizing your deductions now. Take care of the bookkeeping that you’ve been slacking on updating for the last 5 months. Schedule a Q4 end of year meeting with your accountant so you can discuss specific strategies related to your business.
Business credit and debts can take a toll on your cash flow. If you are collecting high-interest, then it feels hard AF to get ahead of the payments. Right now is an optimal time to put together an effective debt payoff plan so that you can control the amount of money that you are wasting in interest expenses. If this seems overwhelming, seek the aid of a Money Coach who’d be nothing but happy to get you on the right path to debt-free.
💡 Tip: Make a sacrifice or two for the next three months to make leaps and bounds in your debt interest
Which of these 3 tips caught your interest so hard that you are now committed to through the end of Q4? Hit reply, I wanna know!
To more money in our pockets,