The New Year is a season of renewal and realigning, and while we all know things that should be done at this time both personally and business wise, a little reminder never hurts. When it comes to your small business, the New Year is an excellent time to reevaluate and get things that may be off course back on track, while setting goals and planning projects for the year to come.
1. Evaluate Current Financial Status
Of course this will come with the year-end financial statements. Look at them and see where you stand, but look at more than just the bottom line. Do a quick comparison between this year and the prior year. Many financial statements will include this comparison for you, but if not, just look for increases or decreases in key areas. If expenses increased drastically, look for a line item that could be the culprit. Did insurance increase? Then consider shopping around for a new carrier. Are receivables way higher than they were last year? Maybe a large account hit right at the end of the year, or maybe you have a problem. Now is the time to figure that out.
2. Set Goals
What do you want to do this year? Do you just need to make a profit, or start breaking even? Can you start looking toward growth? Maybe you need to do something about those old receivables sitting on the books. Make specific goals pertaining to these. Instead of a goal to break even, set a time frame like breaking even by June. Instead of just setting a goal to increase profits, set a goal to increase profits by 10% this year. Whatever it is start planning now. Research, make a plan, and be prepared to put it in to action
3. Do You Need Financing?
Maybe you need to focus on repairing credit, increasing collections, or growth. If financing can help you with any of these goals, start now. Lock in end of the year or beginning of the year interest rates while they are low, and take advantage of special options available such as small business loans for Latinos or loans for women business owners. Funding is also available for professionals, including small business loans for attorneys, physician financing, and loans for dentists.
If small business financing is in your New Year’s plans, Biz2Credit can help. Our network of over 1,300 lenders has options for all your financing needs from a small business line of credit to a merchant cash advance, or anything else you may be looking for to help you reach your small business goals. Visit biz2credit today to find out more.