June and July are great times for small business owners to sit down and perform a financial check up of their business. Taking the time to sit down with your financial advisor and/or accountant to review financial projections and overall business plans will allow you to assess where your company is at currently, and where it is heading for the second half of the year.
Things to look at:
1. Estimated tax payments – do the remainder of the year’s payments need to be adjusted up or down?
2. Review your capital spending plans – can you afford your current spending allocations for the remainder of 2006? Are the investment vehicles you’d previously chosen still viable options?
3. Revisit the employee benefits plan – is there a better medical or retirement plan out there that better suits your needs?
A quick jaunt to your financial advisor and/or accountant can provide you with a timely financial checkup to see you through to the end of the year.