3 Tips to Spring Clean Your Business Plan

Spring cleaning isn’t just for your home.  If there are things you need to do to get your house in order, now is the time to do it before it's too late. Refresh your plan for the year!  Taxes are over and it’s time to start planning for next year.  Get your quarterly and yearly goals in order and you can maximize profit, minimize spending and get your small business finances running smoothly. Not to mention be able to fully relax on your summer vacation!

Quarterly Tax Payments

You probably already pay quarterly tax estimates as a small business owner. If you don’t already do that, you should.  It keeps that one BIG bill at bay in the long run.  If you are already doing that, make sure to established a separate account just for the funds going towards your tax bill. It’s also imperative to keep your business accounts away from personal ones.  This helps you keep more accurate records of business income or expenses and minimizes confusion about how much your quarterly payments should be.

Cash Flow

Spring is an amazing time for any business.  People are starting to get out and about, reemerging from their winter funk and non-spending habits.  It’s time for updates to wardrobes, houses, and finances!  A good tip is to check your cash flow every week.  This will let you know if your cash flow is stuck in accounts receivable and more accurately time income and expenses. 

Update Your Plan

Take the time to write down a formal business plan.  If you don’t have one in place, there are no goals to reach with no direction to achieve them.  Take the time to do this because it will make a difference.  If you already have one in place, but it’s from last year, review it!  Do you still have the same goals as last year, or do you want to aim a little higher for the next?  This will help you prioritize time and money in order to curb extraneous spending.  Strategizing your business is a productive task and can really increase profits.

Spring cleaning is a really great way to start fresh not only in your personal life but for your business, too!  So get motivated this season and take these steps towards organizing your business!