Posts Tagged ‘financial planning’

Don’t take the summer off

We have nearly reached the halfway point of the year, a time when many organization leaders may be feeling a bit frazzled. We urge you not to “take the summer off” when it comes to financial planning! Now that taxes are filed, this is a prime time to examine your operations year-to-date and see how they compare to your budgets. Focus on your financial management to reap a comfortable future for the rest of 2016.

Spring Fever: A Good Time to Hit the Refresh Button

Tom_SponselAs we finally – and thankfully! – emerge from the winter doldrums, now is a good time to hit the “refresh button” on your operational planning for the year.

Believe it or not, with the arrival of spring the first fiscal quarter of 2015 is almost in the books. So you can use the track record experienced so far to evaluate how your business is doing against various benchmarks.

The best place to start is with the company’s own annual budget. Hopefully a detailed, comprehensive budget has already been prepared for the year. (If not, it’s not too late to start.) Look at it honestly, and see how the business is performing against forecasted revenue, expenditures and operations.

The benefit of assessing the budget more than once a year is that it allows you to make comparisons, identify problems and take corrective actions before things get too far off track. Quarterly is a good basis to start, since you can compare to the previous trailing quarter, the same quarter from the previous year, and so on.

It’s also smart to compare your business to similar ones in the same industry, both in your region and nationally. Our clients are often surprised with the amount of data we can capture through various resources. With the economy gradually improving, these comparisons provide a picture of the marketplace. So not only can we measure how well a company is doing according to their own budgetary plans, but also compare their results to the overall competitive environment.

Spring is also a good time to address operational challenges that perhaps have been pushed back in favor of more pressing concerns. This includes contemplating personnel changes, altering the functional responsibilities of various team members, and a renewed focus on coaching more junior employees. If you haven’t made a set of New Year’s resolutions for your business, here is a second chance to do so while 2015 is still young.

If you find that things aren’t going according to plan, use this opportunity to institute better budgeting and monitoring, see what cost controls can be implemented or think about gaining better control of management of the sales function. If you feel like some of your own business skills are lacking in certain areas, consider seeking training opportunities to enhance your capabilities.

With the weather warming up and people’s spirits feeling refreshed, use the more positive attitude that comes with “spring fever” to regroup your company’s goals. If you’re taking a spring break trip, come back with a rejuvenated outlook about ways to make 2015 the awesome year you hoped it would be.

If we can assist you with any business planning issues, please contact Tom Sponsel at (317) 608-6691 or email

Inside Indiana Business Reports on the Importance of a Solid Tax Strategy

Without a doubt 2009 has been a tumultuous financial year, but you still have time to end it on a high note. With a strategic approach and professional accounting guidance, you can discover tax exemptions, credits, stimulus incentives and deductions for which you qualify. Likewise, learn which 2009 opportunities will be disappearing in 2010. Start your new year with a solid tax strategy and plan that will carry you through the unchartered waters of 2010.

To read the entire article, click here.

Popular Tags