As I was reading an article in Entrepreneur Magazine regarding business resolutions, I was reminded about how taking small steps can have an oversized impact on your company.
In other words, you don’t need to develop a multi-faceted, exhaustive plan to make a significant difference in your business operating budget, profits or stability.
For instance, take a close look at your operating costs to see where you can do some trimming. I’m not talking about drastic changes.
Instead, see if you can find a better telephone plan, especially if you do a lot of conference calls. Or review your insurance coverages to assess if they still fit your needs. Think about if you can afford higher deductibles, or no longer require a coverage, or spend some time online to compare your rates and coverages with other providers. Also contact suppliers to see if you can negotiate better prices. In this economy, many companies are willing to do so to keep you as a customer.
Again, while these types of savings won’t dramatically slash expenses in your business operating budget, they can make a surprising difference at the end of your fiscal year.
Do you have a succession plan checklist?
Depending upon your age, developing a succession plan checklist might be the last thing on your to-do list. Or it may not even be on your list.
But, you should have a succession plan checklist, even if your planned retirement is more than a few years away. Not even the most successful businessperson can predict what’s going to happen tomorrow. So, for the sake of your company (and your family), you should have a succession plan in place. Doing so also can be beneficial when thinking about long-term tax planning.
Make sure you’re practicing sound cash flow management.
As a business owner, looking back is a smart way to move forward.
That means reviewing your cash flow management from the past year. See where there’s room for improvement. Learn from what you did wrong – and what you did well, too. Then take the appropriate measures for the coming 12 months. Watch if your company functions more smoothly and effectively.
If your cash flow management review reveals periods where cash flow is particularly tight, consider invoice factoring for those times. Many of our customers use invoice factoring in this manner. Doing so not only eases their financial strain, but gives them some peace of mind. (If you have any questions about invoice factoring, just give MP Star Financial a call at 800-833-3765, Ext. #150, or e-mail us at firstname.lastname@example.org).