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The Voice of the Black Community
BLMC January 2017

Business

New Year’s resolutions for your small business
Entrepreneurs can use an opportunity to improve
 
Published Wednesday, January 1, 2014
by StatePoint

clientuploads/v38n13photos/Business Man_300.jpg
PHOTO/MICROSOFT IMAGES
Now is the ideal time for business owners to set their companies up for success in the New Year.

It’s not just individuals who can benefit from New Year’s resolutions. Businesses can also use the New Year as an opportunity to reflect on how to improve in the year to come. With that in mind, here is a resolution checklist for small business owners:

• Get your books in order: Make sure to update balance sheets, compile income statements and assemble cash flow statements.

• Evaluate goals:  Did you meet your goals this year? What helped you achieve success? How can you improve the following year? Clearly documenting your goals and making them accessible to your staff will keep them top-of-mind. This can be anything, from bringing on a certain number of new employees to hitting a sales goal or expanding product offerings. Once you've set your goals, devise a plan that will get you there, with monthly or quarterly checkpoints, so you can ensure you're on track.

• Mitigate your tax burden: Understand your tax deductions and book all deductions before the end of the year. Implement new tax strategies to mitigate your 2014 tax burden. Remember, all business models are different. Consider consulting an expert tax analyst to find out what’s best for your business. 

• Be social: Explore new avenues for advertising. Social media provides an easy and inexpensive platform for gauging your customer’s desires, branding and getting the word out about your product or service. 

• Take inventory: There’s no time like the New Year to reassess what’s working for your company and what isn’t. Take the opportunity to assess your progress over the past 12 months and set your company up for a successful 2014. 

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