Is Your Business On Track?

Author: Keith Huggett

Many business people write a business plan, start a business and then put that business plan in the filing cabinet. If you are doing this, you're wasting your business' greatest asset. Your plan is more than a tool you use to get started. It's a living document that helps keep you accountable, guides you as you grow your business and provides you with inspiration as to how you can evolve your business.

Now that we are entering the fourth quarter, dig out your business plan. See how your company is doing relative to the goals found in your plan. If you haven't reached all of your goals, figure out why. This exercise will help you look at your business not from a day-to-day operational perspective, but by comparing it to the big-picture goals that you set when you wrote the plan.

If you're ahead of your goals, do the same thing. If you're ahead of your plan because of good luck or outside influences, you know that you may not be able to plan on that in the future. On the other hand, if your business is performing better than you have expected, figure out where and why, and use what you learn to focus your improvement efforts for the rest of your business. It may be time to expand into a new business structure.  The Tax Office, Inc. is presenting Destination: Incorporation, a seminar on the A-Z's of Incorporating your Business at the end of October.

Analyzing your business can also help you plan what you will need in the coming year. You might be able to shift capital expenditures or other expenses to better plan your cash flow or manage your tax liabilities. If your company needs additional help, you can also get started on recruiting new employees or contractors.

When you are done with the process, update your business plan. Your plan isn't set in stone -- it should represent where your business is and where it's going, and those things can, and should, change. For help updating your business plan, talk to the business and accounting experts at The Tax Office, Inc. Getting professional input can help you better ground your plan in your business' operating and accounting realities.