Four Essential Steps to Starting 2018 Right

Do you remember the last time you had to move? Sure, you wanted the new house, but I bet you look back on those last weeks in the old place with a shudder and think “Never again. Never.” Decluttering, getting rid of what wouldn’t fit right in the new place, packing the things that would, shutting off utilities, turning on utilities, switching the mail… all that tedium that had to be done in order to get out is overwhelming even to remember.

For a business owner, every new year is like moving into a new house: it’s a chance for a fresh start. Clean books, new goals, fresh focus—it’s a great time for going after dreams and plans. But getting there? Sometimes, that can mean your holiday season is less about festivity and more about floundering in endless end-of-year tasks.

What if I told you that there’s a way to finish your business’ year strong, enjoy the holidays, and still have that fresh slate come January first—all while staying within your budget and protecting your bottom line?

Here’s how you do it.

First, figure out what your particular business needs done in order to have everything lined up. If this is your first year in business, you may have no idea what those are. If you are seasoned, you’ve probably learned from past mistakes how vital is is to have these things wrapped up and tidy by the time the ball drops. Common end-of-year tasks include:

  • Expense categories
  • Complete reconciliations
  • Collection of Accounts Receivable
  • Clean up Past dues to write off bad debt
  • Review Profit and Loss Statements
  • Verify Your Vendor files
  • Take Inventory
  • Find Benefits to Report on Outgoing W-2
  • Create 2018 Yearly Budget
  • Create Q1 Budget
  • Create 2018 Goals

Now, for a very few business owners, that list seems do-able. But for many of us, that list can bring on reactions anywhere from “Inward Groaning” to “Just Shy of Panic Attack.” If that’s you, here’s where you need to get really honest with yourself, and

Second, ask yourself, which of my year-end tasks can I do effectively and efficiently?

Unless you are skilled in bookkeeping, that list is likely pretty small. Which means that you will spend a lot of time and way more mental and physical energy than you should doing tasks on that list. That just doesn’t make sense for a smart business owner who needs to be out there drumming up new clients or satisfying existing ones. You’ll also be wasting money, because many end-of-year jobs can be done by someone who gets paid a lot less than you do. Why pay a CPA to do the work that a bookkeeper can do? And, even worse, why pay yourself an owner’s salary to do the job of a bookkeeper?

Third, find a way to outsource the essential tasks that will tax your reserves just when your family and holiday schedule are demanding—and probably deserving—your limited time and energy. Here’s where a Virtual Assistant can prove invaluable. You aren’t making the big leap to hire full-time staff here. You will hand over specific tasks, at a specific rate, that will free up your time and energy at a price you can afford. Because you only pay a Cc: My Admin VA for the hours they work, you can hire one to do the work until the work is finished—and not pay a penny more than necessary!

Fourth, relax and enjoy the holiday. Recharge. Sit around the fire and love on your family. Put the cell phone down and really enjoy that Christmas party with your friends-and no distractions. And, best of all, look forward to the new slate that January 1 will bring, knowing that your work is complete and that you’ll start off your new year with new energy to meet your goals.

Start 2018 right by hiring a Cc: My Admin bookkeeping VA. The person who can help you with all those tasks is ready to start working for you today. Contact us now to find out more about how we can get you back to doing what you love.

 

 

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