Make Plans to Improve Your Company in 2021
If there’s one thing we have learned about 2020, 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, it’s wise to make plans for the coming year and look for ways to boost profits, build your brand and deepen relationships with customers. Here are eight things business owners can do to poise your company for success in 2021:
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 team or your customers if you do not care for yourself, so take some time to de-stress and reflect after a challenging year for many business owners.
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 IT, human resources, bookkeeping, 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.
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. 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.
8. 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.
The Bottom Line
Running a business is incredibly demanding especially with the uncertainty of the past year. Making your business better can be even more challenging. As you move into the New Year, you have an opportunity to reflect on the past and look ahead to create a business that is better, bigger, bolder and more profitable. The eight tips listed above can help you get started.
About Universal Funding
Universal Funding is a privately-owned 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 cash in your hands in a matter of days.