To me, it seems as though the year is flying by. We’re already almost halfway through it! If you are an entrepreneur, and you have been keeping your business going up until this point, it’s a great time to reflect on how things are going. As you get ready for the month of June, here are 5 things to add to your entrepreneur checklist:
1. Pay Quarterly Taxes
It’s time to pay estimated quarterly taxes. You need to pay your estimated taxes by June 15. Hopefully, last month you set up a system to help you pay on time. You can also consider paying your state taxes quarterly. Many states have a “prepayment” option, if they don’t require quarterly tax payments. Take advantage of this to spread what you owe out over the entire year, rather than scrambling at the end of it. Even if you don’t send in a check for your state quarterly taxes (you have to for federal taxes, or risk penalties), you can set aside a quarterly amount in a high yield savings account for later.
2. Evaluate Your Business Budget
Look over your business budget. How is your cash flow? Are you bills getting paid on time? Who hasn’t been paying invoices in a timely manner? Check to see where you can cut back on expenses, and see whether or not you might need to adjust some business relationships that aren’t working out. Sometimes, you have to “fire” a client if he or she is habitually late in paying you — especially if the tardiness is impeding the way money flows through your business.
3. Consider Your Business Milestones
June is a great time to reflect on whether or not you are hitting some of your business milestones for the year. Consider your efforts to increase sales or revenue, generate more leads or increase traffic to your business web site. Are you hitting your benchmarks? Consider what you can do to get back on track with your business goals. You may need to tweak your plans and expectations if you discover that you have been unrealistic.
4. Prepare for Your Summer Schedule
Last month, I encouraged you to look at your schedule as an entrepreneur and determine whether or not it is too hectic for your tastes, as well as look for ways to increase productivity. This month, it’s time to look at your summer schedule and see what’s coming. I have to arrange my work at home schedule around my son’s summer activities — as well as family outings and camping trips. Figure out what is coming, and decide what you need to do to make it work.
5. Think About Hiring a Virtual Assistant
If your business is successful enough that you think you might need some help with some items, such as social media, phone calls, billing/invoicing or other basic duties, you might consider hiring a virtual assistant. You can pay a reasonable price to a contractor — who doesn’t even need to be in your town — to help you accomplish some of your tasks. This can free you up for other, more pressing, matters, as well as provide you with a way to make a little more time for you.
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.