By Colin J Campbell

Small Business Month is a good time to think about getting ready for the end of the year.

If your year- end coincides with December 31 it’s a good time to look at these six key items that can make your year- end better and allow you to enjoy the holiday season.

Think about your retirement

Retirement planning is a must do it today – especially if your business is small or you are just starting up. The temptation is to think that you can make up for lost time when you are successful, unfortunately the key ingredient to any retirement plan is time. Taking charge now means that come February 28 when you are doing your taxes and you realize that you could use a tax deduction, you already have the receipt.

Better still, start making monthly contributions to your retirement plan. It makes it a lot easier come yearend when your RRSP contribution is already made.

Cut your 2014 taxes

If you don’t know what your tax bill will be at the end of the year, now is a good time to get together with your accountant and do some projections. If you are not using a good accounting program that will give you monthly profit and loss statements, you may want to consider investing in one. Knowing where you are and how you are doing is essential to your business health.

Check on your Investments

Take time to review your investments. Review all your accounts and decide why you are holding a particular investment. What is it costing you to invest and should you rebalance your portfolio? It may be a good time to meet with a qualified financial coach and get a second opinion.

Spend smart at the holidays

Think about what you will spend and what you will purchase. Do your staff really need an expensive Christmas party? Would they be just as happy with a donation to a favourite charity? If you tend to overspend on presents for family, consider a family meeting to discuss Christmas planning and how to keep costs in line.

Delegate your weakest link

There is probably one business task that you would rather not have to do. Instead of neglecting to do it, either delegate to a staff member or hire a contractor to take care of it. Get it off your list. Your time is too valuable and you need to focus on what is important.

Allocate your time fairly

Success is not worth the sacrifice of your family or your health. If you are working too many hours each day you are robbing time from your family or from your rest and relaxation. It doesn’t work. Overwork leads to health issues, and often relationship stress.

Learn to prioritize your day. Set a specific list of five things you will do each day in the order of importance and focus on those five items. Set the time of the day that you leave work — and stick to it.

– Colin J. Campbell, CFP, CLU, is managing partner of Guidance Planning Strategies Ltd. in Cranbrook, B.C. Guidance Planning Strategies Ltd. is an independent insurance and mutual fund broker that specializes in helping families and entrepreneurs create wealth and keep it for generations. [email protected]

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