As customers begin flooding retail outlets this holiday season, it is easy for small business owners to suddenly feel they are being stretched too thin. Instead of wrapping up this year and planning for the New Year, many owners feel that it would be in their best interest to simply wait until the craze of the holiday shopping season is over. Even with the holiday rush, it is important for business owners to address their year-end reviews. Without going over certain details, money could potentially be lost from missing out on tax credits or deadlines. In order to ring in the New Year in an organized fashion, consider adding these items to your to-do list:
- Review any lease or space requirements. While your business’ lease may not expire right at the end of the year, keep in mind that reviewing your lease and space situation now will help you determine future decisions. If you are planning to move or exercise the right to renew, lessees are typically required to inform their landlord several months in advance. Take some extra time to examine your current space. Does it meet the needs and space requirements of the number of workers you currently have – or plan to hire in the New Year? Do you have plans of scaling back your operations? Taking the time to plan now could lead you to the realization you are using more space than you need; thus, providing you with the opportunity to reduce your rent charges.
- Review any equipment leases. Leases on equipment are known for having very strict deadlines for when you can terminate an agreement. This is especially true for items like copy machines and automobiles. In addition, if your business is using outdated or heavily depreciated equipment and/or machinery, make sure you inquire as to whether or not upgrades are available. Financing new equipment could lead to reduced downtime and faster production and, therefore, considerable savings.
- Review possible tax deductions. According to Intuit QuickBooks, taking time at the end of the year to invest in upgrading, repairing or remodeling your office, improving tech equipment or ordering basic office supplies could help secure tax deductions for an organization. Now is also the time to hand out those employee bonuses. Before the year is over, review the expenditures you can use as tax write-offs.
- Review your personal and business goals. While individuals are busy making their list of New Year’s resolutions, business owners should consider setting both personal and business goals. According to National Funding’s Small Business Blog, “By having an actual target to aim for, whether it be increased sales, win an award or convert a set number of potential customers, owners have an easier time visualizing the end result and working toward reaching the goal”.
To get things off to a good start this coming year, encourage your employees to also set goals. Consider holding a company-wide meeting to get everyone on the same page with any new company goals – let them know what to expect in the upcoming year. This will not only boost their personal involvement, but also their invested time.
If any of your goals include expanding your business, hiring more employees, leasing new equipment, etc., you might want to consider what a high risk cash advance from a high risk provider like firstamericanmerchant.com can do for you. As you set your sights on the opportunities the New Year promises, make sure you have your to-list organized and your year-end reviews in order. While you’re at it, consider looking into what a high risk cash advance can offer you in working capital.