There are many things you can do to get your business in order before the end of the year. Why the end of the year? Besides making a fresh start in the upcoming year, it is important to have things in tip top shape for tax time. Whether you do your own taxes or have them prepared, you will save time and money by having everything together, organized, and ready to go ahead of time.
Increase Collection Efforts
Clear old receivables off the books. The best way to do this is to collect the money. Step up efforts in the form of letters and phone calls, and as a last option consider selling them. You may not collect the full amount, but you will at least get something, which is better than nothing, and the collection company will now shoulder the burden of collecting.
Do a Complete Review
There should be a review of all aspects of the business as the new year approaches including finances, systems, employees, schedules, and even management. What is working and what isn’t? What improvements can be made in the next year? What are you currently doing that needs to be expanded upon?
Borrow, Build, and Prepare to Grow!
The end of the year is a great time to think about growth in the new year, and it is also a good time to borrow in an effort to finance that growth. If your finances are in order and you intend to finance new projects soon, do it now rather than waiting for the next year to roll around. Lenders are looking for good deals and getting things rolling sooner rather than later is to your advantage.
Whether you are researching commercial real estate loan rates or want to add on to your current building, Biz2Credit can help secure the financing you need for such projects. With a network of over 1,300 lenders including banks, credit unions, and non-traditional lending institutions, Biz2Credit can find the lender that best suits your needs.