Planning Ahead For 2022!

Small Business Tips for the End of the Year

If you own a small business, this time of year can be quite overwhelming. But don't worry, we are here to help! Take a little time to get a jump start on the new year with these tips...

1. Review Your Finances, Year-To-Date (YTD): This may sound like a no-brainer, but if you review your business finances from the past year, you can assess how to best move forward. Examine the financial trends your business experienced, that way you can best prepare for similar trends in the coming year or use different strategies than you did in the past.
   
   
2. Set Financial Goals for the New Year: What profit goals do you have for your business next year? Do you want to expand? Do you want to hire more employees? Does your business need capital to make next year the BEST year? These are all important questions to ask yourself. Put your financial goals for the next year in writing and keep them visible in your workspace as motivation through the end of the year.
   
   
3. Start Getting Important Tax Documents Together: This one isn't as exciting as some of the others, but you will be less likely to feel the 'tax crunch' if you start compiling some necessary documents now - and keep them organized and easy for you to access!
   
   
4. Create Action Plans for Your Goals: After setting your financial goals for the new year, here is where you figure out how to get them done. Take one goal at a time, and break down how you want to accomplish that goal. For example, do you want to get more funding to expand your business? Then the first step in your action plan may be to determine the exact amount of funding desired. Followed by looking into what type of loan would work best for your business needs, or to talk to a business advisor about loan options. (We can help!)
   
   
5. Give Yourself Some Time Off: Yes, you read that right. It's the end of the year, you earned it! The holidays can be stressful trying to balance your business and personal life, so give yourself a little break to enjoy your family and celebrate this wonderful time of year.New Paragraph

Personal Financial Tips for the End of the Year

Here are a few quick tips to get you ready for when the holidays come to an end....

1. Review Your Budget: Whether your set a monthly, weekly, or quarterly budget - review where your finances are currently and be honest with yourself about where your finances stand. You can make adjustments in the new year to account for changes, and maybe consider cutting unnecessary expenses. If you don't have a budget at all - start making one!
2. Calculate All Outstanding Debt: Review how much you owe on credit cards, loans, or other debt sources. Not only will this will help you stay more mindful when spending money over the holidays, but you can assess where/when you can pay down some of that debt over the next year.
3. Goals, Goals, GOALS: This will probably be on any and all end-of-the-year tip lists - set goals for yourself BEFORE New Year. Don't wait on a New Year's resolution to pick a goal you probably won't fulfill - make a meaningful written list or vision board and keep it accessible to remind yourself of the financial success you want to achieve.
   
   

Need Extra Help With Your Personal Finances?

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