Baseball, Hot Dogs, Apple Pie, and CPAs???

Joyce M. Rosenberg writes for the Associated Press that in addition to the normal summertime activities, it’s the time of the year when you should sit down with your accountant, not for a barbecue, but for a mid-year review of your business.

The start of summer is still a few days away, but it’s never too early to look at where you are now and at where you want to be at the end of the year.  Rosenberg writes, "Taxes, cash flow, capital spending and employee benefits are among the many topics that should be discussed."

Estimated tax payments are one of the first areas you should look at.  You don’t want to pay too much because the IRS is a notoriously bad place to invest your money.  On the other hand, pay too little and you’ll be hit with a penalty.  Half way through the year is a good time to review.

The article also discusses investments in capital equipment and employee benefits. 

Mid year is also a good time to look at your inventory.  What’s selling?  What’s not?  Generate some excitement in your store by reducing prices on items that may not be flying off the shelves.  It’s an opportunity to create some additional business and to make room for new merchandise for fall. How about a sidewalk sale? 

While you’re at it, spring cleaning may be in order, even though spring is almost over.  Are your displays fresh and inviting?  Is everything neat and clean?  How’s your signage?  If you use price tags, are they fresh and acccurate? 

If your traffic is off during the summer months, it’s a good time to get those non-selling jobs done and it’s even more important that you turn every shopper into a buyer.

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