Business spring cleaning - what is this you might ask? A time to check-in with your business and tidy up any loose ends that might be costing you money. Spring is one of the most energizing times of the year. After a long Canadian winter seeing the world burst into life in April feels like a second new year. Although the official calendar starts in January, spring feels like a fresh start. It’s a perfect time to spend a day working ON your business rather than IN your business.
When it comes to the long-term health of your business, strategic planning activities are essential to ensuring you stay profitable, yet they often get bumped off the calendar by more ‘urgent’ matters. And guess what - those urgent matters never go away, so we might as well take the time to make sure our business is set up for success in Q2 and beyond. We invite you to take the time and dig into some business spring cleaning with us, with a focus on increasing your business profits.
We know - no one likes cleaning, but it's necessary and feels so good when it’s done!
After all, those cobwebs building up in your business could be impacting your profitability.
But first, one last thing before we dig in - we need to talk about your money.
Money has got to be one of the most loaded topics out there. We see business owners struggle with this all the time. So many emotions get attached to this resource that it can hold you back from reaching your truest potential in entrepreneurship. The idea of approaching the nitty-gritty side of your business may seem stressful right now, and we get it. We also want to challenge you with the idea that money is amoral. It doesn’t have feelings, opinions, and can't hold positive or negative characteristics. It only takes on the characteristics you assign to it. You are its steward, and it's an opportunity for you to make it work for you. The only way to do that is to get to know it better! You are in the driver's seat on this one, and we are here on this corner of the internet to help you. Okay - enough of the pep talk, let’s get to it!
When was the last time you evaluated your pricing? This can include the amount you are charging clients and how you are setting them. To begin digging into your pricing, answer the following:
Expenses can get out of control quickly, especially those monthly subscriptions. From time to time, it's a great idea to take stock of your expenses with a critical eye. Take a look at these things in your business:
Answering some of the above questions probably got the wheels turning! Now that you have taken care of some of those non-glamorous parts of your business, it’s a good idea to take some time to think about what your goals are for the coming quarter or two.
Spring is an opportunity. A second fresh start in the year! Your business will thank you if you booked a day and spent some time deep-diving into all the parts of your biz that don’t usually get your attention. One trick we use to make the day ‘special’ is to treat ourselves (favorite fancy drink anyone).
Happy spring cleaning!
Need some help from a CPA?
We’ll let you know where you stand so you know which way to go.
Wishing you success in your business,
- Martina + Ashli
Date published: April 1, 2022
Disclaimer - The information provided in this blog is general in nature and solely for educational purposes. Readers use and implementation of the information comes at their own risk and is their own responsibility.