With a New Year right around the corner, now is the time to give your business a complete checkup. During this checkup you are going to take an honest look at the heath of your business now, and determine what you can do in the coming months to help move toward the goals you have for growth. Creating a business check list for 2018 is the best way to ensure your company is poised for success in the New Year.
Some areas of your business you need to review, and what you need to include on your business check list can be found here.
Business Check List: Your Financial Performance
Your business won’t be able to survive without a healthy cash flow or profits. You should try to review your finances a few times a year, but especially at the start of a new year. This will help you make effective plans to avoid lean times. Some things to include on your business check list include:
- Your cash flow statements to show what is coming in and what is going out
- The profit and loss statements with year-over-year comparisons
- Accounts receivable
Business Check List: Banking
Something else to include on your business check list is what is going on with your banking relationships. You should figure out if you have been paying any unneeded fees, or if you need to switch the current credit card you have for your business to one with more perks or better rates.
The New Year is also a great time to consider a new line of credit to help you make it through slower financial times that may arise. You can set this up now, so that you can avoid a financial crisis.
Business Check List: Taxes
It is a good idea to go ahead and schedule an appointment with your accountant now to see if there are any money-saving strategies to find out about any new regulations that may be applicable to your business.
For example, there are some businesses that may be entitled to new tax breaks, or be able to save on their taxes by creating some type of employee benefit program. Now is the time to implement new tax savings and programs before the year gets started.
Business Check List: Insurance
When it comes to devastating risks, insurance is your first line of defense. However, if your business has grown significantly in the past year, you may have also outgrown the insurance that you purchased when you first opened. At the very least you need to have business interruption coverage, a property damage policy and liability coverage.
Business Check List: Employees
Take time to assess the needs you will have regarding employees in the coming months. Do you have any new positions that need to be filled? Are there people that need to be let go? Take some time to review what your employee needs are now, and what they are going to be for the rest of 2018.
If you have any serious legal questions or concerns related to your business for the upcoming year, you should hire a business attorney. They can answer any questions you may have and ensure you are prepared for the new year.