We all know the final two months of the year go by fast. Part of this is due to the hectic pace of modern business – especially when building a budget. But November and December, due to the holidays, have fewer actual work days than any other two month span. So, early November is a good time to do some planning for the new year. Here are three things to consider when forecasting for next year.
Do Some Strategic Planning
How do you think your business will change in 2017? Will it grow? Will you be adding new services, processes, products, employees or technologies? Will you be moving? Adding new offices? Any of the changes listed above require some advance planning to be implemented smoothly. At the very least, take some time to brainstorm what will need to be done to accomplish these goals, and begin thinking about the resources you will need for success, whether it’s in-house personnel or 3rd party assistance.
Determine Your IT Budget
Does your company prepare a yearly IT budget? There’s no better way to avoid unwanted costs than to evaluate your IT infrastructure on a yearly basis, and determine a budget and schedule for cycling out technology, upgrading existing technology and implementing new hardware. The rapid obsolescence rate for technology requires a well-planned systematic approach to maintaining your company’s IT. The strategic planning mentioned above will also have an effect on the plan.
Consider the Section 179 Tax Breaks
Section 179 has been around for quite a while, but it gets fresh attention from Congress every year. According to the website www.section179.org, “The “Protecting Americans from Tax Hikes Act of 2015” (PATH Act) was passed by both the House and Senate and signed into law on 12/18/2015. This bill expanded the Section 179 deduction limit to $500,000. “
The site also says, “Section 179 can provide you with significant tax relief for this 2016 tax year, but equipment and software must be financed and in place by midnight December 31, 2016.” This could be a very attractive incentive to make an IT investment prior to the end of this calendar year. Consult your tax professional to see how you can utilize this benefit.
If your looking to cut the costs of your business without giving up business essentials, Clare Computer Solutions can help your company to poise your business for greater success in 2017. Contact us to get started!