3 Things All NEMT Owners Should Do Before Year’s End

Hello, team! As we approach the end of the year, now is the perfect time to start preparing your NEMT business for what’s ahead. I understand that being a business owner can feel overwhelming at times, but staying organized and planning ahead will reduce stress and set you up for a successful new year.

I’m Coach Willena McGee, your NEMT Startup Coach, and today, I’m sharing three essential things every NEMT owner should do before the year ends. These steps will help you position your business for growth and avoid costly mistakes. Make sure to read until the end—missing the last tip could cost you thousands if you’re not prepared!

Let’s dive in!

3 Things All NEMT Owners Should Do Before Year's End - Nemt Startup Coach & Mentor

1. Take an Accounting Check

First and foremost, you need to get your finances in order as we approach tax season. If you’re using accounting software like QuickBooks, now is the time to make sure all of your accounts are reconciled. Trust me, the last thing you want is to be scrambling at the last minute trying to sort through a pile of receipts.

Start now and give yourself plenty of time to ensure everything is accurate. This is not just about tax preparation—it’s also about getting a clear picture of how your business performed financially this year. Are you hitting your revenue goals? Where can you cut unnecessary expenses? Taking the time to do a thorough accounting check now sets the stage for better financial management in the coming year.

2. Revisit Your Business Plan

Next up, it’s time to revisit your business plan. The end of the year is a great time to reflect on your goals and measure your progress. If you did a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) when you first started, now is the time to review it.

Take a close look at your competitors. Ask yourself, What did they do differently this year? Did they grow, and if so, how? On the flip side, if they experienced setbacks, what can you learn from their challenges?

This is your opportunity to develop a targeted strategy for the upcoming year. Use these insights to make adjustments to your business plan and align your goals with the market’s current direction. Planning now will give you a clear roadmap and a competitive edge going into the new year.

3. Register for the Corporate Transparency Act (CTA)

Now for the most important point—this is critical! Make sure your business is in compliance with the Corporate Transparency Act (CTA), which takes effect on January 1, 2024. If your NEMT business falls under this new law, you will be required to register with the Financial Crimes Enforcement Network (FinCEN). This registration involves submitting personal information and identification for certain owners and top-level employees.

Failure to register can result in significant penalties, including:

  • Civil fines of up to $500 per day, capped at $10,000.
  • Criminal penalties of up to two years in prison for submitting false or fraudulent information.

Here’s a breakdown of the registration deadlines:

  • Businesses formed before January 1, 2024 have until January 1, 2025 to register.
  • Businesses formed after January 1, 2024 must register within 90 days of formation.
  • After January 1, 2025, registration is required within 30 days of formation.

Additionally, if there are any changes to ownership, business name, or key personnel, you’ll need to update your registration within 30 days. Do not ignore this requirement—failing to comply with the CTA could result in hefty fines or worse.

Wrapping Up: Take Action Now

As we approach the end of the year, these three steps are crucial for protecting your business and preparing for a prosperous year ahead. By conducting an accounting check, revisiting your business plan, and ensuring compliance with the Corporate Transparency Act, you’re setting yourself up for long-term success.

Don’t wait until the last minute! These steps are essential for any NEMT business owner who wants to stay ahead of the game and avoid costly mistakes.

For more detailed information on these topics, make sure to visit my website at www.nemtstartup.net, where you can read our latest blog posts and sign up for the monthly newsletter for additional business tips and strategies.

Looking Ahead to Next Year

I hope these tips help you close out the year strong. And stay tuned—next month, I’ll be sharing my top strategies for setting your NEMT business up for six-figure growth in 2024. Make sure you’re subscribed to the newsletter so you don’t miss it!

Thank you for taking the time to read this blog, and I look forward to helping you succeed in the new year.

  • Coach Willena McGee
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