How to fill your autumn schedule
What's better than taking a nice fall day off, at least figuratively putting your feet up; going for a hike or bike ride; spending the afternoon with a good book; escaping for a long weekend or, maybe more fun, taking two or three days during the week?
Well ...
• Schedule a chat with your accountant, sooner rather than later.
Talk now and you'll have time to correct any income, expense or tax issues that you've let slip - or maybe didn't know about. Have a heart-to-heart about cash flow; equipment or other purchases that maybe you can make yet this year but perhaps should postpone; the new overtime pay rules and, depending on your business structure, the way income flows from your business to your 1040.
Talk about at least short-term plans for growth. If you're approaching senior status, talk about the possible sale of your business.
Your place probably would be the best setting for a conversation, especially if your accountant hasn't visited for a while. It helps advisors surround their advice with context if they see how and where you actually work.
Truly don't wait until December for this conversation: You won't have enough time for course corrections.
• If you're beginning to think about selling your business, even if you sell within the family, include that topic in your accountant conversation. Talk to a business appraiser as well. Not many of us have a realistic idea of our business' marketplace worth.
• How are you doing with social media? There are very few businesses that don't need some type of social media presence, but there are new social media platforms nearly every day.
Find a good social media expert and ask for help - at least an overview of your options and, probably, a how-do-I session. Talk to the remaining Small Business Development Centers; either Fox Valley or Cook County SCORE chapters, depending on where your business lives; or the local chamber.
Ask business friends who they use.
• Eyeball your business. This can be a difficult task because how your business presents itself is a reflection of how you present yourself, so you might want to ask a noncompeting business friend to take on this task.
Much of the eyeballing will depend on the type of business you have, but among the things you should know is whether the business is clean (carpets, bathrooms and exterior, for example); whether it's time to paint, indoors or out; how visitors are greeted; how your products, or services, are presented.
• Are you satisfied with how the business is performing? This topic should be discussed with your accountant, but you should assess progress personally first: Is the business meeting the goals you set? Falling short? Doing OK?
• Hire an intern. You'll be surprised by how much you can learn from today's college (or high school) students.
• © 2016 Kendall Communications Inc. Follow Jim Kendall on LinkedIn and Twitter. Write him at Jim@kendallcom.com. Listen to Jim's Business Owners' Pod Talk at www.kendallcom.com/podcast.