The fourth quarter can be a scramble for some businesses. There’s a lot to prepare before the end of the year. Did your business reach its financial goals, or are there still unmet funding needs?
Achieva Credit Union is here to help. We’ve compiled a list of 4 business tips to maximize your fourth quarter. Learn how to recognize strategic opportunities for your business and more. There’s still time to add a boost to your balance sheets. Continue reading for details.
Make a list of impact areas
What portions of your business make the most impact? For instance, does expired inventory cost you money each month? Do unanswered phone calls cause negative Google reviews about your establishment? Whatever your industry, chances are that minor oversights turn into big problems down the road. Take the time to jot down business impact situations to see where you should focus first.
To go further, you can have a business impact analysis completed for your company. Common assessments look for lost sales and income, reasons for increased expenses, contractual penalties, and customer satisfaction. It’s good to conduct analysis on a routine basis to ensure the profitability of your business.
Determine where your fourth-quarter earnings should go
Speaking of profits, successful businesses have a plan for their extra earnings. Do you want the money to go towards buying new equipment? What about increasing the employee bonus? Remember to retain a buffer for your operational costs. However, after saving enough to cover 12-15 months of expenses and paying down outstanding debts, you should invest your business gains to increase liquidity.
Take advantage of the holidays
The fourth quarter is an excellent time for businesses to join in the holidays. You can create memorable occasions by hosting events that cater to large groups of friends and family. Imagine how thrilled people would be to visit a bakery with a booth where they can decorate a free Santa cookie. Then, they take the cookie to the register for a discount on their purchase.
Be creative as you develop your own festive ideas for your business. Consider what will attract customers and make the most sense to incorporate sales. Events can boost a business’s brand recognition and local favorability, so create at least one before the year ends.
Start keeping detailed records
If you use only one of our business tips, make sure it’s this one. Detailed accounting records will allow you to spot money leaks regarding your business. It will also provide you with cash flow oversight. Track your business expenses closely for the best results, especially when planning for next year.
Achieva is there for your business
As we conclude this article, we’d like to remind you about our flexible banking options. Achieva has many benefits to help your business grow, including:
- Business online banking
- Easy connection with QuickBooks
- Free e-statements and alerts
- Treasury Management Services
- Mobile banking
- Free 24-hour MoneyLine
- Night depositories
- Favorable loan terms
- Financial education and planning
Join one of Florida’s top credit unions. Visit our business options page for details.
Need more business tips and related information? Continue following the Achieva Life Blog for additional finance and lifestyle articles.