It's a new year and that means it's a fresh start for your business. Take these first few weeks to plan and prepare for the year ahead. By doing so you are setting yourself up for a more effective year and increasing your chances at success. And remember, financial planning these days means figuring out how to better reach your customers with social media, SEO and other digital tools as well as making sure your accounting, financial projections and business plan are up-to-date.
1: Crunch the numbers:
The new year provides a great opportunity to let go of what’s no longer serving your company and fully commit to what is. Take stock of what’s been working for your business and what hasn’t. Evaluate your expenses for inefficiencies, determine whether any of your goods or services are proving unprofitable, take stock of your competitors to assess whether you’re losing ground, resolve existing personnel or leadership issues, evaluate any obstacles inhibiting further growth, and identify potential solutions to those obstacles.
2: Establish short- and long-term goals:
Outline your short- and long term-goals for every quarter. Make sure each of your goals is specific, measurable, action-oriented, realistic and trackable.
3: Make sure your digital presence is fresh:
The end of the year is often when we start to let things slide. We may have neglected social media profiles or allowed the company's SEO to slip. Use the first weeks of the year to go over your business’ digital presence with a fine-tooth comb. Update any out-of-date information and refresh social media accounts. Delete accounts entirely if you determine you’re not able to keep up with them in a consistent manner.
4: Make friends with Google:
Did you ever wonder how you can convince Google that your small business site should be one of the top results when potential customers search for your services? Big businesses pay big bucks for experts who know what Google wants. But your business can win the search game too. Check out our complete guide to SEO for small business owners now.
5: Do 2019’s Profit and Loss statement:
It goes by many names: profit and loss statement, P&L, income statement, earnings statement, revenue statement, operating statement, statement of operations, and statement of financial performance. But no matter what name you choose to use, you’ll be referring to one thing – a summary of your business revenues, costs and expenses for a specific period of time, typically a year or a fiscal quarter. A profit and loss statement is an essential part of any business plan, and it’s a great way to gauge how your business is doing.
6: Get insider secrets on small business funding
If you’ll be applying for funding this year, now’s the time to start thinking about it. Our interview with an experienced pro will help you learn how to avoid making the little mistakes that can make an bank or other funding source decide that you’re too big of a risk to fund.
7: Defend your small business against cyberattacks
Ransomware is now the most common type of malware, according to the most recent Verizon Data Breach Investigations Report. Ransomware has successfully attacked big corporations, government agencies, small businesses and personal computers – even entire cities. If you get hit with a ransomware attack, you’ll lose a lot of money – it typically costs a small business $53,987 to recover from an attack - and perhaps even your business. Learn how to defend against ransomware now.
8: Explore alternative funding options
Small businesses often have a hard time getting approved for loans. But you have options. Among them are a business cash advance (also known as a merchant cash advance or MCA). This isn’t a loan. It is an actual advance against a business’s expected future income, providing advantages and drawbacks different than those you’d expect with a traditional loan. A business cash advance is an easy way for smaller businesses – especially those whose owners don’t have a perfect credit history - to get a lump sum of cash quickly. The advance is then paid back by an automated withdrawal of a set percentage of your (typically daily or weekly, but terms can vary) business transactions. Check out this detailed guide to business cash advances and take control of your finances in 2020!
For help in understanding your funding options, you can turn to One Park Financial’s funding experts. One Park Financial works with a network of funding sources, and acts as an advocate for small business owners, helping to guide you through the funding process and explain your options. Visit oneparkfinancial.com and get pre-qualified (absolutely no obligation!) or call 1-888-327-7846 for more information now.