Q: Dear Ruchi, With the year wrapping up, as a business owner, what are some smart ways I can reflect on my progress, fine-tune my finances, and set myself up for an even better year ahead? I am determined to make 2025 my best year yet and want to start preparing now.
A: With forward thinking like this, I can imagine that 2025 WILL be your best year yet! This is already setting things up for a prosperous year ahead. As 2024 winds down, it’s a great time to take a pause and check in on all aspects of your business (and yourself). Whether you’ve had a fantastic year or just managed to keep things steady, a little reflection can set you up for an even better year ahead.
Here’s a simple guide to help you review where you’re at and get your finances in great shape as you head into the new year.
Take a Look Back
Start by reflecting on the past 11 months. Were they profitable? What projects or clients brought you the most joy? Think about what went well this year and what didn’t and how you feel about it (energy exchanges count too!). Did you invest in anything new, like hiring a coach, a marketing manager, or other service provider? Take a moment to ask yourself: Did those investments pay off? And either way, what did you learn? Understanding what worked (and what didn’t) helps you make better decisions moving forward.
Review Your Expenses
Even if you’re feeling good about your finances, it’s worth taking another look at your expenses. Are there any subscriptions, memberships, or software you’re paying for but not really using? It’s easy for these costs to sneak up on you. Canceling things you don’t need can save you money that could be better spent elsewhere. A quick expense check-up can help you find those hidden savings to keep more in your pocket. At Watch Her Prosper, we’re always encouraging our clients to make money moves that help them save.
Get a Head Start on Tax Season
Let’s be real— tax season can be stressful for some! However I truly believe it doesn’t have to be if you plan ahead. We just need the right tools and proper planning. Instead of waiting until April, set up a meeting with your trusted CPA in December to review your numbers and see if you’re on track. This way, you’ll know exactly what to expect and can avoid any last-minute surprises. Plus, by planning ahead, you’ll have time to set aside any extra money you might owe, so there are no big financial shocks when tax deadlines roll around.
Taking these small steps now can make a big difference as you close out the year. Reflect, review, and plan so you can head into the new year feeling confident and ready for all of the amazing things that come next. Let’s wrap up the year on a high note and start the next one even stronger!
Here’s to your prosperity!
Ruchi
