Let’s be real: 2020 has been quite the disaster, and universally so. Everyone seems to have taken a hit at the hands of this terribly tragic year, with a devastating virus spreading across the globe, the global economy on the brink of collapse, and all sorts of miserable news circulating across channels on the daily.

Many people have suffered financially, losing their income sources, employment, businesses shutting down, travel restrictions and other factors hindering access to raw materials and much more. With non-essential businesses reopening and the economy piecing itself back together slowly, there’s still a time before we recover from the financial blow this year has given, and make the rest of 2020 a financial success, and set the tone for the coming year:

Have a financial goal in mind

Although 2020 doesn’t really count, if we really think about it, it’s important to have saving goals and financial goals in mind. You should ideally have both long and short term goals that you want to accomplish, such as having a certain average revenue per quarter or looking at your performance in certain markets. For 2020, committing to working on your debt and credit, for instance, and making 2021 about innovative ways to increase sales, can be a goal that you have. The numbers are important but secondary, and it’s okay if they’re not where you want them to be right now.

Track all your expenses and account for them

You need to know where your money is going. If your business has been shut down due to the coronavirus outbreak, and you’re unable to reopen for a bit more, you should know where your savings are going and what expenses you continue to incur. From rent to salaries, to bills, you should have detailed accounts and records—and if that’s too much to take on, get in touch with our CPA firm in Edmonton for accounting services.

Cut down all non-essential spending and expenses.

With detailed tracking of all your expenses and costs, you can begin to work on cost reduction and limiting expenses. Get rid of all your non-essential spending and expenses, whether it’s a subscription, marketing service, vendor or anything else you’re not using at present. Cost reduction is very important to your financial performance and overall health.

Make the most of tax benefits.

Last but not least, make the most of your tax breaks, benefits, returns, deductibles and get your payables in order. We offer tax advisory services as well, helping you find the right strategy for your business, and applying it to your current model. Learn more about this here.

The year might be more than halfway over, but every minute counts. Focus on improving your financial standing on the whole, and we can work on long-term strategies and goals over our professional relationship.