Whether you committed to a life improvement on January 1st or began it like an average Monday, you likely have a New Year’s resolution. Every year, business leaders determine what a successful year means for their company and how they will achieve it. The objectives may be categorized into goals, plans or priorities but, at their core, they are resolutions.
Have you stayed on track this year with your business resolutions? Business Insider says that approximately 80% of Americans’ resolutions fall by the wayside by February.
You can make your financial goals stick this year.
Use this simple checklist and learn more about steps you can begin taking today toward a financially successful 2018.
FREQUENCY IS KEY
Managing your business finances quarterly, monthly, weekly and even daily will lead to a more productive year. By practicing the maintenance tips below, you'll be able to spend more time thinking about the future of your business instead of wasting time catching up.
1. SET YOUR GOALS
Grow your business in the right direction by setting long-term goals accompanied by short-term objectives.
Long-Term Goals
- Last 3-5 years
- Articulate mission statement
- Categorized in four main areas: service, social, profit or growth
Short-Term Objectives
- Provide specific actions for achievement
- Require narrow timeline for completion
- Assigned to specific people for accountability
#EBTip: Review and adjust quarterly
2. MAINTAIN YOUR BUDGETS
- Identify cash flow gaps and understand when outflow are greater than inflows
- Plan and project for probable future costs you anticipate in the coming year
- Reevaluate for savings to find better deals on costly expenses
- Keep budget updated for banks and lenders to review when in need of loans
#EBTip: Update monthly
3. MANAGE ACCOUNTS RECEIVABLE
- Reduce invoicing errors
- Maintain knowledge of cash available
- Manage documentation for taxes
#EPTip: Report weekly
4. REVIEW CASH POSITION
Reduce surprises, stresses and slip-ups by having a good understanding of:
- Loans
- Budgets
- Taxes
#EBTip: Check daily
