Small Businesses Should Use July Wisely
July 1 marks the middle of the year for most business and taxpayers. It is a good time to review where you are and to see if you are on track with your goals for the year. You should also take the time to review your finances and taxes as well as to check your inventory. Income tax time is now less than six months away.
July is Time to Check your Business Inventory
Business owners who carry inventory should do a physical inventory of their products every December and it is a wise business practice to also do a mid-year check. If your inventory is off, you have only six months to look at to solve the problem. If you wait until the end of the year for your annual inventory, you have twelve months of back tracking to locate the problem.
July is Time to Check Your Business Taxes:
Income taxes may be due next year, but employment taxes are due in July. States that offer semi-annual sales tax reporting and quarterly reporting for Federal payroll taxes will be due by the end of July. This is a good time to get out your financial records and prepare for the taxes that will be due by the end of the month.
July is Time to For Small Business Owners to Gear Up for Government Sales
If your business works with the government, keep in mind that the government budget expires in October. Between now and then, Federal agencies must commit the balance of their funding or lose it. If you have a government contract, now is the time to start promoting your business with advertising. It is also a good time to send out flyers and catalogs to your government customers. Small businesses should also take the time to call their federal customers and visit with them. It never hurts to reach out and touch someone and you just might get a sale out of the call.
It is hard to believe the year is half over. If you have been procrastinating, now is the time to get on it before the year is over. Business with annual goals will be more likely to succeed if they review those goals on a regular basis. July is the perfect time for a semi-annual review.
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Published by Sharyl Stockstill - Featured Contributor in Lifestyle
Sharyl Stockstill is a Top 500 Associated Content producer with articles on Shine, Y! Finance, Y! News, Y! Movies, Y Television and Y! Sports. She has also been published in numerous print publications inclu... View profile
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