Take this time to review your balance sheet. Compare it to earlier sheets to get a picture of how well you’re managing your assets and liabilities.
Review Accounts Payable
Review your accounts payable to make sure you know what’s due soon and to double-check that you haven’t missed any payments.
As much as possible, try to pay your bills early to build goodwill. That way, if you have a hard month and can’t make a full payment, your suppliers and lenders might be more willing to work with you.
This is also a good time to review your relationships with suppliers.
Are they charging you a fair price?
Are you still getting good deals and good value for your money?
If you answer “no” to either of those questions, consider shopping around for a new supplier.
Review Accounts Receivable
Review your accounts receivable to track down late payers and send reminder invoices to customers.
Compare your monthly sales to your forecasted sales in your business plan, and adjust your business plan as needed. You can also use this time to determine whether your costs and profits are where they should be.
Compare your year-over-year sales to determine whether you’re doing better than this time last year.
After you’ve reviewed your sales, check your inventory.
Do your inventory levels match your forecasted sales for the next month? If not, make sure you give yourself plenty of time to order more inventory.
Check in with Your Customers
At the end of the month, check in with your customers to make sure they remember you. Send personalized emails or postcards to customers who haven’t shopped with you in a while. You can also use this opportunity to inform customers about upcoming events and sales.
Backup Your Data
If you have any data stored on your company’s computers, make sure to back it up to the cloud so you don’t have to worry about data loss.