We’ve made it to December 2014! It’s hard to believe another year has flown by. I don’t know aobut your industry but most people stop calling their lawyers around the 15th or 20th of the month. (Exception: DUI attorneys.) That will give me almost two weeks to review and tie up loose ends from 2014 and get ready to hit the ground running in 2015. There are certain things I do as an entrepreneur during this time and I think they’re things all entrepreneurs should do.
1. See your Accountant
I’ve said it before and I’ll say it again: a good business accountant is worth their weight in gold. I see my accountant twice a year – when I’m getting ready to do my taxes in February or March and every December. Every December he looks at my books to give me an estimate regarding my taxes for the next year and tell me if I should do a spend down before the year ends. We also talk about my plans for the next year and what financial implications might be on the horizon.
If your accountant advises you to do a spend down, buy quality things for your business – like new software or equipment or pre-pay for legal projects you want your attorney to tackle. Don’t buy a ton of pens and sticky notes that will take you a decade to use.
2. Fund your Retirement Account
If you’re an entrepreneur, there’s a good chance you don’t have a 401(k) through your company. When you are your own boss, it’s your responsibility to prepare for your financial future, including getting a retirement account. If you don’t have one yet, start one. If you have one, give the maximum contribution if you can. The more you can put away when you’re younger, the faster it will grow.
3. Review your Progress from 2014
I hope you had a list of goals for this year. Now is a great time to get that out and review all that you’ve done this year. Celebrate your victories and successes, and when you came up short, ask yourself what happened. Was it an unobtainable goal? Was there a shift in the company that made it a lower priority? Did you forget that it was your goal? Take some time to reflect on how you personally and how the business has changed in the last 12 months.
4. Write Down your Goals for 2015
Think about the year ahead. What do you want to be able to say you did a year from now? Think about what you want to accomplish in the next 12 months and write down your goals. Try to make your goals measureable, tangible, and specific so it’s easier to determine if you’ve achieved them. Really take some time to think about what you want to do in 2015 and start laying the foundation to make it happen.
I hope you’ve have a productive year and that you’re excited for what’s to come. I know I am – there are many projects in the works for 2015. If you want to chat with me about this topic, feel free to connect with me on Twitter, Facebook, YouTube, LinkedIn, or you can email me.
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