As the end of the year quickly approaches, it is a great time to assess the financial strength of your business. Did you successfully meet your year-end goals? What may have stopped you from reaching your goal? The new year is a perfect time to reevaluate your goals to help you reset your business’s annual financial plan.
Follow these five financial planning tips to help your business succeed in 2022.
5 Financial Planning Tips to Strategize for 2022
- Review Your 2021 Expenses: It’s important to analyze each category of your financial expenses. What is your largest expense? Is there any way that these expenses can be minimized? Are there areas of your business in which you are overspending? Once these key areas are identified, a strategy can be implemented to help prevent overspending from occurring.
- Evaluate Your Business Bank Account: If your business does not already have one, consider creating a business bank account. Producing your own business bank account allows for a more organized approach to managing finances, which is key in creating a successful financial plan. When shopping for the perfect bank, analyze the fees and benefits that your bank offers. Is there another banking option that your business may benefit more from? It is important to pick a bank in which a partnership can be created, and that can help your business grow.
- Make Sure Expenses Are Being Paid On Time: Are your business expenses being paid on time? Making late payments on business expenses can and will affect your business’s credit. If you find that your business is making late payments, it may be time to implement a payment plan to help improve your business’s finances.
- Assess Your Tax Strategy: As the new year gets underway, it is important to consider reviewing ways that you may be able to save on your business taxes. Be sure to discuss options with your tax advisor before taking any action that will affect your tax situation. Get ready for tax season now by organizing receipts and other documents you’ll need for tax preparation.
- Check for Any Changes for Next Year: It’s important to be aware of upcoming changes that may affect your business in the upcoming year. Here are some changes to look for:
- Check whether any payroll rates have changed.
- Make sure the employee list is up-to-date
- Update any changed policies and procedures
- Reorganize files and email inbox (groan, we know)
- Fill out a business calendar. Add in due dates for bills and taxes so that you don’t fall behind.
Final Thoughts
Planning for the financial future of your business will provide multitudes of benefits to your business. With a streamlined analytical process, setting and obtaining your goals will become more manageable. If you are looking to grow your business using a small business balance sheet may be the right choice for you.
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