5 Fall Tips for Small Business Owners

 

 

Believe it or not, the 2015 tax season kicks off in just 4 months. While it may seem like you just paid Uncle Sam your personal and business taxes this year, you should seriously consider getting your tax-related documents, business receipts, bookkeeping files, and other relevant information organized. It won’t be long before your next estimated tax payment is due on January 15th. Plus, corporate taxes are due March 15th, and personal taxes are due by the traditional April 15th deadline. By preparing early, you can reduce stress during tax season by having everything ready to submit to the IRS so that you can focus on what you do best—running your small business.

 

 

If you sell products or services that could be given as gifts around the holidays, get your company in order so that you are ready for a potential rush of customers come November and December. This could involve increasing the production of certain items with your manufacturer, hiring seasonal employees to help out, or simply tying up any loose ends before things get hectic. The holiday shopping season is often the most critical time of year for small business owners. If you aren’t all set for it, you could wind up missing out on big revenues because your ducks were not in a row before the continuous stream of foot traffic started coming into your retail store.

 

 

We all know about spring cleaning, but why not do some fall cleaning? Before your busy season kicks into high gear, dedicate some of your time to cleaning up your home office or vacuuming your retail store. You could also delegate this task to an employee, or it may be worth it to hire a cleaning service. Whatever your work space consists of, take the time to clean it, organize it, and make sure it’s in tiptop shape so you don’t have to worry about cleaning when you have more important priorities on your plate.

 

 

If the fall is a great time for you to get new customers, take advantage of this opportunity by holding some type of promotion or contest. Doing so is a great way to either bring new customers on board or keep the ones you already have. Perhaps you could tie it in with something fall-related, such as football or the baseball playoffs. Consider hosting a contest on your company’s Facebook or Twitter page to increase interaction and pick up some followers while at it. Or, if you operate a retail outlet, hold a contest that requires participants to visit your store and fill out a form with their information. You can beef up your leads and future customers this way.

 

 

The calendar will change to 2015 in only 3 months, so ensure you have a proper plan of action for your small business in place before the big ball drops in Times Square. Determine how much income your company has generated in 2014, and estimate how much more you think you’ll make before January 1st. Then make some profit projections for 2015 based on this data. Once you have a ballpark on how much working capital you will have next year, you can then start planning for things like new expenses you may incur on equipment, new hires if you plan to expand, a separate office complex, and any other important business priorities. Of course, don’t forget to account for the business taxes you’ll owe as well.