A new year is around the corner! For many, this brings a renewed sense of excitement and determination to ensure your financial resources support your goals for your business and family. It’s wise to schedule time with your dedicated Stellar banker in January to gain valuable insight and enlist their help to keep you on track in the coming year. During that meeting, be prepared to discuss the following items:
- Establish Your Goals – This is the first step and will influence the choices you make over the next 12 months. Your goals should expand to include the financial, physical, intellectual, family, social and spiritual aspects of your life to ensure you thrive both personally and professionally.
- Understand Tax Changes that Impact You Personally and Professionally – Ensure you’re aware of new IRS rules that may affect your business and financial goals. Your banker and financial planner are valuable resources to keep you abreast of such shifts so that you can adjust your strategies accordingly. Prioritize and schedule regular meetings with these two key resources to confirm you are up to date and not only maximizing deductions based on current laws, but also planning for changes that might be coming.
- Plan Business Growth – Do you need to add new suppliers to meet your needs over the coming months? Is your current facility adequate for staffing increases? It’s essential to invest in the tools, technologies, and resources your business needs to support its growth. Now is the time to discuss how to align your financial resources to support your growth objectives.
- Focus on Marketing – A proven way to grow your business is to increase awareness amongst your pool of potential customers. Nurturing existing customers and attracting new ones are essential for your business to thrive. If marketing and promotion are not your areas of expertise, consider enlisting the help of an agency or a dedicated hire to handle this important task.
- Review and Adjust Your Budget – Budgeting is key to financial success. While larger companies often understand the importance of creating a budget, many small businesses often don’t have a full appreciation of the benefits of having an official budget. The start of a new year is the perfect time to establish a budget and stick with it. Enlist the help of your banker and accountant to prepare a budget that optimizes your cash flow in the new year.
- Pay Down Credit Cards – Nearly one out of four small businesses carry a balance on their business credit cards. Often, credit card interest rates are prohibitively high, making it challenging to pay down your debt. While quick access to credit is important, often-times there are more favorable alternatives to a credit card, such as a loan or line of credit from your bank. Bank-sponsored flexible financing options are available to you to help eliminate the need to rely on credit cards for business funds or working capital without compromising fast access to cash.
Meeting with your Stellar Bank financial expert could be invaluable to your financial success in the year ahead. Our bankers have deep experience working in the community and can suggest additional strategies to help you reach your goals, while being mindful of your other financial priorities.
