Since the New Year, you’ve likely seen plenty of motivational quotes on social media boasting, “New Year, New Me.” Whatever your personal resolutions may be – or how well you’re sticking to them so far – now is a great time to create new year’s resolutions for your business.
Here are a few of our ideas for new year’s resolutions that will whip your business into financial shape.
Commit to your budget
Your budget reflects what you value most for growing your business. If you’re having a hard time managing your business’ finances, a budget will help you to visualize how you spend and earn money. Budgeting will help you gain control of your finances and better grow your business in the coming year.
Review your expenses
Once you’ve budgeted, you can catch any recurring expenses that may not be serving your business. Just as you should review your personal accounts to cut a streaming service that you aren’t using, you should review any memberships that aren’t helping your business. You may also find that you’re overpaying a vendor and need to find more competitive rates. Commit to reviewing and trimming any unnecessary business expenses to boost your profit margin.
Add deadlines to your calendar
Deadlines exist for a reason and missing them can be costly. Take deadlines seriously by creating a calendar specifically for tracking regular due dates. Be sure to add the IRS business deadlines. While you’re thinking about deadlines, ask vendors if they offer discounts for early payment. Budget extra time for completing tasks in case something comes up. Spend this year worrying less about looming due dates and deadlines.
Reinvest to grow your business
If you have leftover funds from a successful year, use that money to reinvest in your business. Grow your marketing strategy by purchasing more ad space. Upgrade to new technology or software so that your team is using the latest tools. Apply your profits in a way that helps your business earn even more money next year.
Prepare for next year’s tax season now
If you’re already panicking about the upcoming tax season, do your future self a favor and start preparing for the next year’s tax season. Update your accounting software to better track income and expenses so that you’re better prepared when next year rolls around.
Hire a bookkeeper
While you’re thinking about how to improve your financial processes for the next year, consider hiring a bookkeeper. If you’re worried about taking on new staff, know that many businesses outsource bookkeeping so that they can retain the same great benefits without costly overhead. You can even hire a remote bookkeeper to ensure that you have the very best support, no matter where your business is.
Ready to apply your new year’s resolutions so that your business is financially fit? MCG Solutions is here to help. Our financial experts provide bookkeeping and tax preparation services to keep your finances in tip-top shape. Contact us today to learn more. Happy New Year!