Maycember. That’s what many people have begun to call May with its overload of graduations, end-of-school parties, recitals, and children’s sports tournaments that are all scheduled within in the same few weeks. May schedules can be daunting, but June soon follows — the perfect month to take stock of your business and personal finances and update plans for the rest of the calendar year.
Setting a regular schedule to create and update financial plans is a smart business practice. When times are good financially, it can be easy to just keep moving forward with day-to-day tasks without planning ahead. During favorable economic times, it’s hard to think about preparing for a business or economic slowdown. However, that’s exactly when business owners should make it a priority to conduct financial reviews to ensure your plan helps you prepare for times when sales and cash flow are reduced. Having time set aside for planning can help make it become a habit for you and your business.
One of our Founding Fathers, Benjamin Franklin, famously noted about the importance of planning when he said, “By failing to prepare, you are preparing to fail.”
Whenever you conduct your business planning, do some research to see how barter can help with cash flow. Many business owners are under the misconception that barter is useful only in an economic downturn or when you’re starting a business. In reality, most businesses can only handle approximately 5-10% of total sales (depending upon the company size) attributed to barter. Now, when times are good for most businesses, barter can be easily integrated into your cash management system. Then, if there is a downturn you will already have saved cash on many everyday expenses. In addition, barter offers you the opportunity to sell excess inventory and merchandise to get things you need for yourself or your business.
Consider barter as you update your financial plan for the rest of this calendar year or prepare for your new fiscal year. Barter can help you save cash, gain new customers, and grow your business in good and bad times … and even during crazy #Maycember times.