It’s a new year and 2017 is officially in full swing. While the new calendar year may not be the beginning of a new fiscal year for your organization, January is a great time to evaluate your business plan, set new goals and get organized. Here are our top five tips for bringing in the new year for your business.
Review 2016: Expectations vs. Reality
Once you’ve collected your monthly financial information for December, review your goals for 2016. What goals did you meet, where did you exceed your target and where did you fall short? Use this time to review your financials as well as your software, management systems (people, inventory, etc.) and any other functions necessary to keep your business moving. What processes, systems and ideas worked and what didn’t? Reviewing your goals and expectations alongside where you landed will help you set your best business goals for 2017.
Set Your 2017 Goals
Setting goals for the year is a great way to ensure you meet all business needs to stay up and running as well as to maximize your growth potential, move towards any visions you have for the organization and provide measurable incentives to your team. Use the information you learn as you review 2016 to understand where you are as a business and outline areas of improvement or opportunity. This exercise is helpful to create attainable goals as well as to understand your growth potential. You may be off track from your vision and simply need to realign your goals for the new year, or, you may be doing better than you expect and can set larger goals!
Meet With A Financial Expert
Perhaps you’ve reviewed the last year and have set your goals for the new year, but you have no idea how to meet them. Maybe you’ve found an area where you fell short or have an opportunity, but you’re completely overwhelmed by the idea of addressing it. Save yourself time and stress by meeting with a financial expert. A financial expert will help you understand what is required to meet your business goals and can keep you from wasting time and money on an inefficient approach.
Invest In Technology
As you review what did and did not work for your business in 2016, you may realize some opportunities to increase efficiency. If you’ve uncovered a software that isn’t working for you, research alternatives. Still using desktop accounting software or Excel? Now’s the time to make the switch to cloud accounting! Cloud accounting software provides a secure way to manage your financials on the go, increasing efficiency. Additionally, their subscription based enrollment systems are affordable and scalable. Take this time to let go of the systems that aren’t working for your business and start the new year fresh!
Prepare For Tax Season
Tax season is here, whether you like it or not. To bypass the stress that can accompany taxes, use this time to review your tax requirements and deadlines. Looking at this information now and marking a few dates on your calendar can save you a lot of headache (and potential penalties) down the road. If you’re unsure about your tax requirements, check in with your CPA.
The new year is an excellent time for setting new goals, getting organized and preparing for a great year. Be sure to record your new year goals so you can easily repeat the process next year. Happy 2017!