Fear in Business:
Avoid Fear in Your Business Books
Just like that we have entered the last quarter of the year and 2019 is almost over. It is no surprise that the year has gone by as quickly as it has. When you are running your own business, you more than likely find that time is an elusive commodity. Wearing as many hats as we do, it is no wonder that we have reached the last quarter and have no idea where the time has gone. This is usually about the time where fear starts to set in as business picks up, holidays are around the corner and the end of the year approaches. These four tips will help you avoid that fear and put that energy into running your business successfully to the end of 2019. After all, let’s leave fear where it belongs, around Halloween.
The first tip is to be Prepared for the end of the year. Take note of the business finances as they stand today and make a plan to make sure your books are up to date. If you feel that you cannot possibly bring your business books up to date, then make it a point to invest in a bookkeeper. Communicate with your tax accountant on steps to take for the end of the year with regards to your business.
The second tip is being Persistent with your business books. This is the time to assess your books and devise a plan if need be to bring those books up to date. At the same time put together a plan that will enable you as a business owner to be persistent with your books. This is absolutely necessary in order to avoid the fear and anxiety that comes once the year is done and your business books are a mess.
The third and fourth tip work hand in hand with each other and help avoid fear of issues with your business cash flow. Be Particular in how you choose to spend the funds of your business. You may see a large influx of cash in this last quarter, choose to invest it wisely so that you are able to sustain your business for both growth and the slow times ahead. The last tip is to be Proactive in your collections efforts. Make the time to spend actively collecting the receivables that are due especially those that are past the due date terms.