The year is fading away fast as we move into August. Hopefully, you have had a fruitful July, making efforts to build your online community, set yourself up as an expert and raise online awareness of your business. Now that we head toward the end of the third quarter of the year, there are some things you can do as an entrepreneur to keep the momentum going. Here are 4 things to do in August as the year continues rolling around:
1. Review Your Tax Strategy for the Year
Now is a great time to review your tax strategy for the rest of the year. Review what you have done so far this year to decrease your tax liability. Think about your mileage, donations, and business expenses. Consider what has been working for you so far this year, in terms of reducing your taxes. Then, think about what you can do the rest of the year to improve your tax efficiency. If you will need more equipment, or if you will have some other deductible expenses — or if you can do something that makes you eligible for a tax credit — plan how to do it. This is a great way to ensure that you aren’t paying more than you should to the government.
2. Consider Hiring Help
If you have been expanding, it might be a good time to consider hiring help. Think about what items could be handled by someone else in order to give you a little more free time to concentrate on the most important items for your business. You should also think about what you might not be handling very well. If you are struggling with social media promotion, or with keeping up with comments on your business blog, you might want to hire a community manager. Sometimes, you don’t need physical help at your small business facility; in some cases hiring a virtual assistant can be a great benefit to you. If you have the resources, now might be the time to hire someone.
3. Think About Buying a Company Car
For an entrepreneur that travels quite a bit, it can make sense to purchase a vehicle for business purposes. You can get a tax deduction, depending on how you use the car, and you can deduct mileage. Now is a good time to consider purchasing a car, since this is the time of year that dealers start discounting models to make room for the next year’s models. You might be able to get a good deal on a lease return this time of year, or even on new cars that need to be cleared out.
4. Review Your Costs
It is also a good time to review your costs. If you have vendors, do a cost comparison to see if you get your supplies and other items cheaper elsewhere. You can come back to your current supplier and let them know about the other deals you’ve found, giving them a chance to keep your business. If there is a big difference, though, you can switch. You should also review your overhead costs for facilities, insurance and other items to see if there are ways to get cheaper services, or cut costs in other ways.
Miranda is freelance journalist. She specializes in topics related to money, especially personal finance, small business, and investing. You can read more of my writing at Planting Money Seeds.