New Year’s resolutions are not all about working out and losing weight. Business owners can also benefit from a new look in the New Year, and now is the perfect time to make your endeavor better than before.
As a business owner, there are always things you can do to boost your profits, build your brand and serve your customers better than before. Here are 10 things business owners can do to poise their company for success in the coming year:
1. Develop a comprehensive tax strategy.
It is not what you make, but what you keep, that matters. Finding ways to minimize your taxes, from deciding whether to incorporate and which entity to become, can help you keep more money in the New Year.
2. Take time to reduce your stress level.
You cannot care for your customers if you do not care for yourself, so take some time to de-stress and unwind after a hard day at the office.
3. Learn to delegate.
It is not easy to hand off tasks, but learning to delegate is an essential business skill. Many small and mid-sized companies often outsource marketing, bookkeeping, accounting, and legal roles. You may want to consider factoring your invoices for access to immediate capital as well as streamlining your accounts receivable functions. Invoice factoring saves you time from collecting accounts receivable from your customers and can fill in the cash flow gaps that often happen while growing your business.
4. Plug your money leaks.
If you do not know where the money is going, take some time to track it down. Are you turning down the heat when you leave the office, or leaving it on at night when no one is in the building? Are you buying your office supplies wholesale, or running to the store when you run out of pens? These small money leaks can really add up, so take the time to plug them.
[box] Whether your business is thriving and you can’t keep up, or you are waiting on clients to pay their invoices, Universal Funding can help your growing company. Call us at 844.334.1856 or complete our rate form today to learn more about invoice factoring and how it can improve your company’s cash flow.[/box]
5. Work on personal and professional branding.
When you own a business, your brand is your identity. Paying attention to your brand can enhance your profitability and help drive more customers through your doors.
6. Work on your personal credit score.
Your personal credit score matters a great deal when it comes to business loans, so take the time to build up your credit. Start by knowing your credit score, and then do what you can to raise it as high as possible. Unlike traditional lenders, accounts receivable financing rates are not determined by a credit score.
7. Find a mentor.
If you have not already done so, find a mentor you can trust. A mentor can help you in myriad ways, from building a better business to making smarter hiring decisions.
8. Assess your marketing success.
Marketing is essential for most businesses, but it is not always easy to tell how you are doing. Take the time to track results for all your marketing efforts, so you can put your hard earned money where it will do the most good.
9. Take a break now and then.
No one, not even the most dedicated business owner, can be at their peak 24/7, so take a break when you feel overwhelmed. Taking periodic breaks is good for your mental health, but it can be good for your business as well.
10. Create a business plan for the coming year.
If you want to reach your goals, you need to know where you are now and where you are going. Take the time to create a business plan for the coming year, so you can enjoy great success as you move forward.
Running a business is hard, and making your business better can be even more challenging. As you move into the New Year, you have the perfect opportunity to create a business that is better, bigger, bolder and more profitable than ever before. The 10 tips listed above can help you get started, and the rest is up to you.
About Universal Funding
Universal Funding is a private funding source that has funded thousands of businesses and more than $2 billion since 1998. We turn your accounts receivable into the funding you need through invoice factoring and can have capital in your hands in a matter of days.