Can you believe that six-month have come and is pretty gone? How are you doing as an entrepreneurial consultant? Have you exceeded your expectations, or does nothing seem to go as planned?
Either way, let me take a few moments to let you know that you still have time to make this year the best year in business!!
And in today's episode, I will provide you with five items to help you build your dream profitable, successful consulting firm!
Now that you have six more months remaining this year, what do you plan to do with them? It is crunch time now! It is time to kick up a gear so that you end this year successful and happy!
Do a quick exercise with me – close your eyes and picture December 31st. On this day, you are reviewing what happens throughout the year, and you are happy!!!
What do that success and happiness look like to you? Get a clear picture.
Now open your eyes and look where you are now! How close or how far off are you?
With the remaining six months of the year, now is the time to close the gap between where you are and where you desire to be. So let's jump into the tasks you can implement to do just that!
Review Your Income, Expenses, and Goals
Are you where you should be this time? If so, great!! Figure how what causes the success to occur and capitalize on that.
If not, determine why and fix iT going forward.
Crunch Time – the last six months. It's time to kick up a gear to achieve your goals.
Update Your Budget
Review the 12-month budget you created (hopefully) at the beginning of the year and update these last six months.
Are you on track, below, or above your budget?
Make the necessary adjustments to operate below your budget in most cases.
Examine Your Tax Liabilities or Estimated Tax Payments
Review what your business has made through June 30th and your forecast for the rest of the year. Then examine your estimated tax payments to avoid underpayment penalties or overpayments. Adjust your final two estimated tax payments as needed.
Based on your forecast for the next six months if it's coming out that you will owe, NOW is the time to spend strategically to reduce your taxes. Don't wait until the last minute!
Update Your Cash Flow Forecast.
Many businesses fail because of poor cash flow management. Cash flow forecasting and cash management should be weekly activities.
If your business has not been managing a weekly cash flow forecast, now is an excellent time to start by creating a weekly cash flow forecast for the remainder of this year.
You will better understand future cash requirements so you can prepare for cash shortfalls well in advance.
Take Control of Your Accounting Records
Are your books in order? If not, now is the time to hire an accounting team to get your finances in order. None of the checklist items I mention will be easy if your accounting records are not accurate and up to date. You'll need accurate, comprehensive records to make the most of your business tax deductions.
If you are in need of a plan, download our FREE Say Yes To Profits Plan today! This plan will help you gain financial clarity and control and position you to wise business growth decisions so that you say yes to profits.