*This article was originally published in Intuit magazine
Written by : Sheryl Nance-Nash
Although your mood of late may be moving from motivated to merry, there is much that you — and every small-business owner — should do before the year ends to set yourself on a good path for 2013.
Here are a few action items that should be at the top of your to-do list:
Tackle Your Taxes
Taxes are tricky this year due to the so-called “fiscal cliff.” Typically, it makes sense to maximize year-end expenditures and defer year-end revenues to minimize/defer your immediate tax burden. However, because taxes may go up in 2013, this year the reverse strategy may be best: Accelerate earnings, delay expenses. Consult your accountant about all tax moves.
If you want to take the hit but make things easier on your employees in 2013, consider paying bonuses now instead of next year to avoid gambling with changing tax rates for your workers. “It’s no extra work and will make employees happy this holiday season,” says Taylor Aldredge, ambassador of buzz for Grasshopper, a virtual phone system for entrepreneurs.
Target New Partners
Build your Dream 100 list, or the top businesses you would like to partner with or sign as clients. Develop a monthly plan to reach out to them in 2013 — whether it’s through a postcard, a phone call, or a face-to-face meeting — until they “buy or die,” says Robert Smith, founder of the public relations firm Champion Media Worldwide.