5 Strategic End-Of-Year Investments For Your Pet Business

End-of-year is near, Pet Boss! And as a pet business owner, whether you’re running a retail store, a dog daycare or boarding facility, offering pet-sitting services, or selling pet products online, you know 🎶it’s the most busy-but-in-a-good-way time of the year! 🎶

The festive December rush means (hopefully) ➡️ An influx in cash flow!

Which also means an opportunity for some strategic end-of-year financial planning.
This is the perfect time to consider investments and expenses that can optimize your tax deductions for 2023! 

Here 5 tips for how to optimize that holiday cashflow in your pet business and think about some smart tax write-offs to consider before the end of 2023:

1. Let’s upgrade you!

What equipment do you KNOW you’re going to need in 2024? New grooming tables? Kennels? A POS system? New computer?

Only you know what you need, but seize this opportunity to make the investment. Not only is this a smart pet business tax deduction, but having the proper equipment will enhance your customer experience and improve your overall operations!

2. Invest in YOU!

What’s a strategic investment that pays dividends? Investing in your own professional development! No matter where you are in your business journey, there’s more to learn and more inspiration to draw from people who “get” what being a pet business owner is like. 

At Pet Boss Nation, we’re dedicated to crafting the resources, tools, and support system you need to continuously grow, both in your own development AND in business. 

In fact, we have a few options for you RIGHT NOW that you could consider a 2023 business write-off! 

The Pet Boss Mastermind™ is accepting applications through the end of December. This option is perfect for you if you have a solid business foundation and you’re looking for the next success milestone in your pet business. Read more about it here and be sure to apply!

The Pet Boss Club® is another option! This is for you if you’re still working on building that foundation. You need some help with operations, your team, marketing, and a consistent cash flow. You’re in the earlier stages and want a library of resources and live trainings. Plus access to feedback from over 400 other pet professionals! (While we are *officially* opening the doors in January, you can jump into the Club as an exclusive blog perk right now! Consider the annual payment option for 2023 tax purposes, and have your support system in place for the entirety of 2024! )

3. Give your marketing a financial BOOST!

You know we always preach that effective and consistent marketing is KEY to your visibility and success as a pet business! 

Use the extra revenue to revamp your website, invest in social media management, purchase an email service provider platform plan, do local advertising– whatever the right channel of marketing is for YOUR unique pet business. This will drive more business in the new year and is a deductible expense. Plus, it’s a good start for remaining consistent and planning your marketing ahead of time in 2024!

4. Give your best team members a morale boost!

Do you have a team member who is in it for the long haul? They have proven their dedication to your business, and you know they’re going to do great things. Now is a good time to consider funding certifications for dog trainers, groomers, customer service training for your retail staff, or some other form of team investment. 

This not only boosts team morale but will elevate the level of service in your pet business!  Oh, and did we mention you can add a team member on to your Pet Boss Club OR Pet Boss Mastermind membership? Have your #1 team member grow right alongside you! 

5. Beef up your net worth!

Have extra cash? Add the money to your assets. Drop it into a 401(k) or SEP-IRA. Talk to your payroll provider, bank or financial planner to assist in set up. Many people see this a the best tax deduction! You get the double benefit of tax savings plus money saved for retirement. 

While this isn’t a write off, it is a good thing to do… build up your business savings. We recommend you have 3-6 months of operation expenses saved for a rainy day. You never know when something significant could impact your cashflow. You’ll sleep better at night knowing you have a little cushion to lean on.

So Boss, what’s your strategic financial move going to be? By focusing on strategic investments and expenses that benefit your business while also offering tax deductions, you can set the stage for a prosperous new year. Let’s not just sleigh December in your pet business… let’s set sleigh every month to come too!

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