Just as many people use the beginning of spring to clean their homes and rid them of the closed-up staleness of winter, business owners would be wise to do the same. A new season is an ideal time to review and update business plans, financials and other crucial functions in order to improve and grow their businesses. The great news is, doing a little spring cleaning for your business doesn’t have to be complicated or take a lot of time. The following tips from North American Bancard will have your business spruced up for a new season in no time, and ready to take on another year of prosperity:
- Think ahead to next year’s taxes – Yes, you just finished filing this year’s taxes, and it feels good to have that chore out of the way. But it’s always a good idea to organize documents and receipts as they come in, so next year’s tax season is a breeze. Keeping careful records will also help, so if that is something you’ve been lax at, this is a good time to turn it around. Additionally, there may be things you can do to lower your tax bill next year. An occasional meeting with your accountant can help you uncover ways to save money, and also help to ensure all your financial ducks are in a row.
- Update your business plan – Your business changes and grows over time, and your business plan should be updated accordingly. The goals you had five years ago for your business are probably not the same as the goals you have now, so working from an outdated plan is not a feasible step to prosperity. A business plan should contain the current status of your business, what your short and long term goals are, and how you plan to get there. Revisiting your plan once a year (or more, if changes in your business warrant) will keep it fresh and current, and remind you of just how many of your business’ goals you accomplished over the past twelve months.
- Examine your cash flow – How are your accounts payable and accounts receivable? Are you planning an expansion? Do you need new equipment – printers, copiers, computers, etc.? Are you planning to increase/reduce staff? Are you looking to relocate the business to a new office? The answers to these questions and others like them can help determine the health of your cash flow. If you need more working capital than you currently have, consider a merchant cash advance, like those from Capital for Merchants. If your business qualifies, you could have access to up to $1,000,000 in as little as 24 hours, to use in any way you need, with no monthly payments – simply arrange for an ACH debit or pay a percentage of your credit and debit card sales to Capital for Merchants until the advance is paid off.
- Re-evaluate your suppliers – This list includes everyone you do business with, from vendors that supply your goods to the maintenance people who fix your copiers. It might be possible to negotiate a better rate, especially if you are a long-time customer. This is also a good time to take a look at your credit card processor – are you getting what you want and need from it? If not, check out award-winning North American Bancard, which offers free equipment for your business, highly competitive rates and superior customer service.
- Develop a transition plan – Have you thought about what would happen to your business when you retire, or if something happens to you and you can no longer run it? Do you know if you want your children to take over, or would you prefer to sell it to a third party? In addition to a solid business plan, every business owner needs a transition plan, too. Without one, you could be putting your personal and financial future in peril. Your accountant, financial advisor or lawyer can help you begin to craft a transition plan, and make recommendations to help you develop a solid plan that will not only see your business in the hands of those you want to have it, but also secure your financial future, as well.
A little planning and organizing now will help keep your business running smoothly throughout the year, allowing you to concentrate on more important things, like managing your business or finally taking that long-awaited vacation. Having all your ducks in a row will give you the confidence you need to move your business and your personal life forward towards a prosperous future.