A Business Owner's Task List for the New Year

Posted by Ryan Howard on Jan 14, 2022 10:59:06 AM

A Business Owners Task List for the New Year

While individuals attempt to keep their New Year's resolutions, new and growing businesses can also prepare for the year ahead. By setting up for success in January and February, you and your business are getting ahead of the curve so the rest of the year runs smoothly.

This task list will set up success for business owners in the new year.

 

Review Last Year's Wins

Whether it's your first year in business or your tenth, reviewing your successes will inform the goals and objectives for the new year. Did your business meet the goals that you set previously or have you determined a new path for your company? Did the pandemic push you to pivot your business strategy

Set or Reset Goals

After reviewing last year's goals and wins, you'll have a clearer picture of how you'd like to grow your business in the new year. An unexpected win from last year may prompt a new goal or direction for your business. Is it time to innovate, extend your marketing plans, increase your rates or start a new passion project?

Get Organized

Maybe last year was a struggle for your business but you're not ready to throw in the towel yet. Some businesses have a hard time due to external circumstances and others are simply unprepared to grow quickly. At a minimum, use this time to organize your business accounting for the year ahead.Outsource Accounts Receivable for More Cash

Prepare for Tax Time

Instead of waiting until the last minute to do your taxes or hire a CPA, use this time to prepare for the upcoming tax season.  The sooner you get your financial statement, deductions, bad debt write-offs and tax payments in order, the earlier you can file. Then you will know if you owe anything or if there's cash to reinvest in your company. 

Shore Up Your Cash Flow

If you haven't already, run reports from the previous financial period. These reports will offer insights on expenses and debts that remain unpaid. An aging report will provide clarity on client payments that are past due, for example. You'll be able to see inventory that could be converted to cash, receivables that need follow-up or payables that could be renegotiated. Follow through on these tasks to help determine future investments or expenditures for your business in the new year.HOW MUCH TO HIRE A  THIRD-PARTY COLLECTIONS AGENCY?

Clarify Your Budget

Whether your budget is set for the next 90-days, 6 months or the whole year, it's a good time to determine how much capital you have to work within the new year. When your goals are set, finances are organized, taxes are covered and cash flow is boosted, then you'll have a better idea of areas that need an infusion of cash. Maybe this is the year to hire more people, develop an app, invest in technology or expand operations. The previous tasks will paint a clearer picture of your budget so your business is built for success in the new year.

Topics: Best Practices, Entrepreneurs