2022: Wrapping Up

With the fourth quarter almost coming to an end, it’s time to hunker down on business planning to wrap up the year whilst putting the following into consideration to make sure you end the year right:

Track Your Expenses

By getting caught up on your revenue and expenses now, you will have an easier time come tax season, and you’re in a better position to make sound financial decisions. You need to know where things stand, and that means understanding how much money has come in and how much you’ve spent year-to-date.

Bump Up Your Rates

Is it time for a price increase? There are many reasons why you might consider a price increase. Indeed, many consider it a business best practice to work through an annual price review.

Do Some End-of-Year Tax Planning

Most people think about taxes just once a year. As a result, they lose the chance to make any meaningful changes to help their tax situation. When running a business, the payment of suppliers by the due date is a priority. While paying bills on time is always a primary concern, most businesses are unaware of the tax savings that can result from bringing forward the payment of certain expenses.

Change Your Business Structure

Whether your business was struggling before COVID-19, or recent events have impacted your finances, choosing the right business structure at the right time can mean the difference between success and failure.

Update Your Website and Social Media Profiles

It might be time you dedicate to growing your own business. Is the content on your website and business social media profiles up to date?

Plan Your Holiday Schedule

Your clients will expect you to take time off around the end of the year; more than likely, they’ll be quiet around the holiday season, too. However, you should still give all clients ample notice of your plans and set their expectations for your availability.

Image International Freight would like to say a massive thank you to all of our valued clients that have made this year possible, we look forward to working more closely with you in the coming year ahead!