With the end of the year comes the ever dreaded tax prep. If you have prepared all year long, pat yourself of the back. While everyone else is scrambling to get it together, you can focus on improving your business for the year to come. Consider these ideas.
Who is working and who is not? How can you inspire them all to work harder? Does someone need to go? Do you need more help? Talk to the employees and see what they think. Depending on the size of your business and the number of employees, this may be a face to face or it may be in the form of formal, or informal, survey.
What could make their job easier in the coming year? You will likely get all kinds of responses from the truly outrageous to the truly helpful. You obviously will not provide a four course meal each day or offer a nap time, buy you could provide a vending machine in the break room with more substantial food choices. Taking the time to ask evaluate the possible outcomes of changes that could be made will either inspire you to improve or convince you that no changes are needed.
Does your business have more debt than you would like? Do you have receivables hanging out on the books? Do you maybe need to look into a merchant credit advance to clear some things off the books? Do a thorough examination of where things stand financially. How has the year gone? What can you do better next year?
Look at your budget. Are you really using the cash advance loans to cover a gap with collections or cash flow, or is there a bigger issue that needs to be addressed? Do you need to look into a small business credit card or a line of credit? Is it time for your business to grow? Begin the expansion financing loan process now. If you are considering buying a new building, now is the time to start shopping around for commercial real estate loan rates.
Look at yourself and you management practices. What could you do better? Do you need to outsource some duties? Is it time to hire a bookkeeping service rather than handling the day to day finances yourself? Maybe you need to cancel the cleaning service and pay employees a little more to handle some of those duties. Are your operating hours working to maximize sales? Maybe it seems more of your business happens after the rest of the community calls it quits for the day. Would staying open later result in a bump in the bottom line? What about opening earlier?
If you already have your tax information handled, taking a few weeks at the end of the year to ask yourself these questions and truly evaluate the situation could result in huge benefits for your business. If you see that you need financing options, Biz2Credit can help. Our network of over 1,300 lenders offers various business loans to many different types of business, and there is sure to be something for you too. Visit Biz2Credit today to find out more.