Summer Downtime: Use It to Your Tax Advantage

Downtime? Does that even exist anymore? Between our jobs and our side hustles, downtime has really changed over the years. Webster’s defines downtime as a time of inactivity between periods of work. Summertime is typically downtime; employees go on vacations, the office is more laid back, maybe there are fewer deadlines. It is crucial to take advantage of this time and look over all aspects of your company’s finances.

Downtime in any business is important. This is a time to connect with your staff. Your accounting team at Ludwig can look back at last year’s results, think about the present functions, and finally look ahead to next year’s finances. Together we can build a process that puts you in the right place for success

It is important to know what to do when your financial picture opens to allow for some downtime.  One thing to do is to look back at last year’s successes.  Maybe your company utilized all the tools that Ludwig provides, and you gained some good opportunities. For example, overseeing your financial reporting, or developing a financial plan, or even developing annual and quarterly budgets. Looking back at this will help you know what to expect from the coming season.

It is also important to understand your present situation.  We want to keep growing our business up and out, but it is still important to look at what you are doing currently. Are you using your time wisely? Some of this time should be used to take a break and reinvigorate yourself for the coming fall. It also is a time to get educated. Learning is the single best investment of your time. The knowledge that we gain can be used to help us succeed. Spend the time listening to speakers and going to seminars that you may not have had time for when you were busier.

The last important thing to do during downtime is to look ahead to next year’s productivity. Ludwig can help you see the potential your business has to grow, and how to handle that growth. It helps you become better organized and prioritize tasks and reduces stress creating a better work/life balance. Looking ahead can make you aware of changes. The tax codes are always changing, and for non- profits there could be changes in reporting donations. This way you may find out what is standing in the way of your successful future.

Ludwig Business Consultants can help you with all of this in so many ways. Don’t forget that you can’t look forward until you have looked back. The first step is to see where you have been. Once you have understood that, then you can move one to the present and the boundless future.

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