The New Year is here—is your business ready for it? Preparing your business for a new year can seem daunting, and both time-consuming and difficult. Make tackling all of the necessary financial tasks easier by organizing them by month!
Below are 12 financial tasks to accomplish in 2014.
1. January: Make a budget. Put together an overall 12-month budget as well as a shorter monthly or quarterly budget to help you stay focused throughout the year.
2. February: Prepare for tax season. Make a list of things to bring with you to your tax meeting, and include anything that may be relevant to your business’ taxes. Be sure to have everything organized and as detailed as possible.
3. March: Feeling a cash flow crunch due to paying taxes and retirement next month? Now might be the time to look at a line of credit.
4. April: Spring clean your office. Taking an afternoon to organize your desk and work space will help create a more efficient work environment for you and your employees, plus it will help you keep important documents such as bills, organized.
5. May: Plan a meeting with your banker. Taking time to develop a relationship with your bank can lead to establishing a trusted advisor, help in emergency situations, references, and better loan or financing rates.
6. June: Take part in a community event. The beginning of summer means community festivals and events of all kinds. Find a way for your business to sponsor or take part in an event that is related to your business to help boost community awareness of your brand.
7. July: Create or update a customer loyalty program. The summer months can be slow for some small businesses. A VIP or loyalty program that offers benefits to repeat customers can help keep cash flow steady.
8. August: Evaluate your weaknesses and consider outsourcing. Spending too much time on payroll? Having difficulty writing a press release or updating your website? Consider hiring professionals such as accountants, communications consultants or IT specialists to help strengthen your team.
9. September: Start planning for 2015. Work with your team to create a strategic plan that includes goals, strategies and ways to monitor each. Be sure it reflects your business’ mission
10. October: Brainstorm ways to recognize your current customers over the holiday season. Before Christmas music hits the radios, plan for ways to give back to your loyal customers during the holidays, such as offering free candy canes at check-out or special discounts.
11. November: Prepare for the holiday rush. Be sure your staff is prepared for the rush, your website is updated and your inventory is stocked and organized.
12. December: Evaluate 2014’s cash flow. By pinpointing which months are short on cash and which left you with excess, you’ll be better able to plan next year’s budget!
Telhio Credit Union is here to help your small business succeed. Contact a Telhio business lender representative today at 614-221-3233, option 6 to learn more about their business services and products to help you manage and grow your business, such as loans and lines of credit.
Telhio Credit Union is open to everyone who lives, works, worships or attends school within Franklin County and surrounding communities. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers six branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.