Business Brain – The Entrepreneurs’ Podcast End of Year Small Business Tasks and Opportunities
As we wrap up a very interesting and often challenging Small Business year, it’s time to revisit those tasks and opportunities to take advantage of before we close out December. On this episode of the Small Business Show, your hosts Shannon Jean and Dave Hamilton share their strategies for closing out the year on a high note. Taking care of things that need to be dated for this calendar year and not missing out on ways to save money, pay fewer taxes, and complete the Executive Summary to keep an ongoing journal of what happened with your Small Business in 2020.
Listen in and then join us at the Small Business Support Group to share your stories, ask questions, and connect with your hosts Dave Hamilton and Shannon Jean.
- 00:00:00 Small Business Show #306 for Wednesday, December 9, 2020
- 00:01:50 Shannon and Dave Share their reflections on the year
- 00:07:15 2020 EOY Decisions
- 00:08:41 Let’s start with the financials
- 00:09:42 Action Item: Call (or email) Your Accountant Today
- 00:11:30 Get your collections together: Who Owes You Money?
- 00:14:02 Take Big Juicy Write-offs THIS year
- 00:16:11 SPONSOR: TextExpander lets you be both efficient and accurate. TextExpander.com/podcast gets you 20% off your first year!
- 00:18:05 SPONSOR: Headspace. You deserve to feel happier, and Headspace is meditation made simple. Visit HeadSpace.com/SBS to get started.
- 00:20:10 Would You Rather Pay the Money to the Government Or Give it To Your Employees?
- If your spouse is your employee, pay your spouse, have them pay for your health insurance
- SEP IRA
- Solo-401k
- Getting a 401k in place for your employees
- 00:27:56 Look for End-of-Year deals
- Consider shifting your fiscal EOY to a different month
- 00:29:07 Create your Executive Summary for 2020
- Start with a monologue
- What happened this year?
- What are the opportunities for next year?
- Start the draft
- 00:33:29 Action Item: Write Your Future Story
- 00:37:08 SBS 306 Outtro
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