Are you off to a fast or a slow start in 2007? Here’s a quick reality check: multiply your 2007 sales goal by 16%. That’s how much revenue you should see on a P&L through February 28th. Scale this calculation up or down for your company’s size, of course, and adjust if your industry is highly seasonal. But the message is clear: if you miss your sales target one month, it puts a lot of pressure on your business the rest of the year.

What else should the think-ahead small business CFO do in March?

• Close the books. It never hurts to review End of Year QuickBooks Tips.
• Report results to your banker and/or investors. Money usually comes with strings, so you might need to send year-end reports to the sources of your debt (loans, lines of credit, promissory notes) and equity (investors) financing.
• Pay attention to tax deadlines. This is from the IRS tax calendar:

Corporations. File a 2006 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S corporations. File a 2006 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S corporation election. File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2007. If Form 2553 is filed late, S treatment will begin with calendar year 2008.

Electing large partnerships. Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1. This due date is effective for the first March 15 following the close of the partnership’s tax year. The due date of March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.