The end of the year comes with a frenzy of holiday activities and it’s easy to forego some key financial tasks in the spirit of it all. But it’s important to take a moment to prepare you and your business financially for the next year.
Here are four steps you can take now to insure you have a financially fit 2013!
Know where you stand now
Take a moment to think about the financial goals you set at the beginning of the year, and what you did or didn’t do to achieve them. What did you do really well and what could you do differently?
Make a plan for 2013 with these thoughts in mind. If you achieved your goals easily, set more challenging goals next year. If you had some difficulty with them, rethink those goals and plan accordingly.
Connect with your best customers
With the holiday season approaching, now is the perfect time to connect with your best customers. Thank them for their business this year and ask for their feedback. Let them know that you’re interested in what they have to say so that you can better serve them next year.
Evaluate your problem areas
Before the new year begins, it’s important to zero in on any money zappers in your business environment.
Do you find yourself not being able to complete certain tasks on time? Hiring more staff or an outside professional may be a good investment for 2013.
Are your customers not paying on time? Try developing a more structured collections program.
Payroll and other services taking up too much administrative time? Consider subcontracting these services out.
Complete your budget
While you may have started the process of putting together your budget for 2013, it’s important to nail down the specifics before the New Year. Put together not only an overall 12-month budget, but also a shorter budget− monthly or quarterly, perhaps.
Evaluate your cash flow from the past year. Were some months short on cash? If so, you might consider applying now for a line of credit that will be available to you on those months you’re running short.
For more steps on being financially fit in the new year, read the article “A Year End Financial Checklist for Small Businesses.”
For more information about Telhio financial services, visit Telhio.org or call 614-221-3233.
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 seven branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Additionally, Telhio participates in the highest level of combined federal and private share savings insurance available, insuring deposit accounts up to $500,000.*
* Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.