November is the perfect time for a financial re-evaluation. With just 63 days left in the year,
businesses should focus on assessing their financial situation and planning for the future. Here’s a
breakdown of steps to take:
1. Evaluate Your Financial Health:
o Final Taxes: If you’ve waited till late in the year to handle your taxes, start getting
them in order now for next year. This is critical not only for compliance but also
for planning ahead.
o Budget Analysis: Go through your short-term, long-term, and fixed costs to
determine how well your current budget is serving you. Are there areas where you
could save, or investments you should make?
2. Maximize Efficiency:
o Systems & Processes: Review your internal processes to see what’s working and
what’s costing you more than it should. Is it time to upgrade your CRM, or
streamline operations to improve efficiency and reduce unnecessary costs?
o Technology: Think about whether your business is keeping up with technological
advancements, like new EMV credit card processing or other tools that can
improve workflow.
3. Adjust Pricing and Contracts:
o Review Contracts: Take a close look at client contracts, especially if they haven’t
been reviewed in a while. Are the terms still favorable? Could you restructure
them to be more profitable, even in the short term?
o Pricing Strategy: Reevaluate your pricing. Are you charging what you're worth,
or could there be adjustments to better align with the value you provide?
4. Find Savings:
o Hidden Costs: Investigate small costs that add up, such as office supplies, phone
services, or bank fees. Cutting back in these areas can lead to significant savings
over time.
5. Outsource When Possible:
o Evaluate Outsourcing: It may be more cost-effective to hire contractors or
freelancers for specific tasks rather than bringing on full-time employees.
Outsourcing can give you flexibility while controlling labor costs.
6. Ensure ROI on Investments:
o Every financial move, whether it's an investment of time or money, should yield a
return. Conduct your due diligence and focus on areas that produce tangible
results.
As the year comes to a close, taking the time now to refine your financial strategy will help you
start the next year strong.
The Challenge: Make it a priority to focus your business on generating revenue. Then,
diligently track where the money is going, ensuring that every dollar is serving your business’s
growth and success.