When it comes to running a business successfully, there are few attributes more beneficial than diligence. Indeed, establishing a firm routine is an integral part of securing the success of any venture. For this reason, it is important, at the completion of any major project, to look back on the work that was done and attempt to take some lessons from the experience. What worked? What could be done differently in the future? What could be changed to improve your company’s outlook, and what is largely on course? These are key questions to ask, and they deserve to be asked often. One of the most significant projects any business can complete is to carry out its operation for an entire fiscal year. This is a great accomplishment for any business, but alongside the celebrating time must be set aside for reflection, an attempt to discover what went right and what did not, what should be changed and what should remain. For this reason, and many more, holding a meeting at the end of every year to discuss both the past and future is absolutely essential.
What Should Be Covered
The end of the fiscal year is an ideal time to take a hard look at your company, both what you experienced over the past year and what you expect to experience in the next. Here are a few topics you might discuss:
- Your relationship with shareholders: Who needs to be paid? Who are you waiting on payments from currently? Will you need to borrow funds, and if so how much capital will be required? What internal sales have been made?
- Your company’s current valuation.
- The deductions your company is currently claiming, and whether or not they are entirely justified.
- The economic standing of your company: Have you turned a significant enough profit? Is your company currently in debt? Is your company growing or declining?
Year End Annual Meetings are a value-added service that is offered by AFS Taxsavers and is highly recommended by our tax professionals! It is absolutely essential that you set aside time regularly to examine these and many more issues. But you shouldn’t have to do it alone. Contact AFS Taxsavers to harness the power of our expertise. We’ll provide you with the most accurate numbers possible so that all of these issues might be considered realistically. There is no better time to take stock of your company’s status than at the end of the fiscal year. Let us be of assistance.
