It’s Not Too Early to Think About Year End

Summer is a great time to do a mid-year check on your financial & business goals
7/26/2022

Summer is a great time to do a mid-year check on your financial and business goals.

Its suggested to do mid-year planning in June or July.  You can review the overall performance of your company, progress of your strategies, team development, and plan for a good year end.

Financial Performance Check:  Your CPA has ended their big tax push, you have a relatively good view of how your current year is looking, and you can begin to envision the end of the year (if you follow a calendar year).  A visit with your CPA to plan for year end is helpful to understand potential tax implications if your trend continues.  You have time now before the end of the year to consider if you will make an additional investment in the business through the purchase of assets, plan to pay out additional wages or bonuses, or to build up a reserve of cash for potential market downswings.  Your CPA is a helpful guide to assist you in thinking about these options, potential returns based on your past performance, as well as the tax implications of these choices.

Debt Check:  Although interest rates have been rising, it is still a good idea to meet with your banker and talk about your long-term and short-term debt and how they are being utilized.  There may be changes you can make to your overall debt structure that will help you in the long run.

Strategy Check:  How are your new strategies and initiatives progressing?  Is your team making progress?  Are they meeting the performance results you had hoped?  Check with your team and help them assess progress and make course corrections if needed.  It isn’t too late to change gears or to increase the resources toward these goals to ensure these changes have impact.  It is also a great time of year to celebrate what you have accomplished so far as well as brainstorm solutions to obstacles if you have setbacks.   

Team Check:  How is your team and culture progressing?  A happy and healthy team is a productive team.  How is their stress level?  Is it better or worse than the beginning of the year?  It is a great time of year to have one-on-one meetings with your leaders to gauge how they are progressing as leaders, how their teams are working together, and how you can support their growth and development.

Planning ahead and checking in with your team on goals will make the end of the year less stressful so you can enjoy your summer!

 

Tags: Farm Management