Generating More Income in the 4th Quarter
Ready to make some sparks fly this last quarter?
It’s gonna take some work. But, when things are normally in a slight downturn or you’re rushing to meet your end of the year goals or holiday bonuses (especially during a pandemic) you can still make a big difference in these last few months.
Whether you’re a retailer preparing for the Christmas rush, or looking at a few slow months ahead of you, it’s important to have some data in your hands. Virtually anything you’d like to do–receive a loan, look at profit trends, or figure out how much you can afford for the holiday bonus–is going to hinge upon recordkeeping, profit and loss statements, and having your financials documented. If you can’t utilize a trusted company like Forrest Tax for this extremely important job, we recommend starting small, for example, by choosing one task a day that will bring you closer to being financially organized. (Hello, stack of receipts on the desk–we’re looking at you!)
Additionally, if you’re looking at a 4th quarter rush in sales, make sure your necessary items (shipping supplies, paper, boxes, or the materials you need to make your product) are ready to go. Scan your workspaces, offices and stations to see if they are ready for the bomb to drop. What systems are no longer serving you or taking up precious time?
MOVE PRODUCT, MAKE THE SALE, TAKE THE MONEY ON THE TABLE
Most people are prepared to take a little bit of a cut on profit in the 4th quarter as we wrap up selling our offerings, products and inventory. Will you be partaking in a 4th quarter sale? Set concrete sales goals for the next 90 days, along with realistic investments. Marketing/advertising/investing is a part of any profit plan. Your return on investment maybe a little smaller in the 4th quarter, and that’s ok. If you are getting ready to enter a downturn, now is a great time to follow up with leads that have gone stale, or develop new strategized offerings moving into the next year.
BREAK DOWN YOUR PLAN BY THE DAY
3 months is all we’ve got until the New Year! 90 days, and you can make every one of them count by setting reasonable daily, weekly, and monthly goals. And speaking of time budgeting, don’t forget to put away some cash for your taxes provided that you haven’t already saved for them quarterly. April comes faster than you think each year!