The year is almost over! Is your business ready to ring in the New Year with loads of success? If you are like most, you’re probably wrapped up in endless tasks trying to combat the busy holiday season. Don’t fret. We’ve created a quick to-do list that can help you end the year with ease and take on the new year with loads of confidence.
5 Ways Business Invoice Factoring Can Help Your End of the Year To-Do List
Don’t delay your end of the year review. Add these five tasks to your small business’s to-do list!
1. Bulk Up Your Cash Flow With Business Invoice Factoring
At the end of the year, most businesses take the time to look at their finances. We highly recommend you do this too. Taking a hard look at your finances and your cash flow will help you determine if your business is making money, losing money, or at a stand still.
No matter where your finances are, there’s always room for improvement. Going into the new year with a strong source of working capital is the best way to ensure success. There are many ways that your business can improve its cash flow. One of the easiest ways to bulk up your cash flow before the end of the year is with small business factoring.
With business invoice factoring, your business will be able to get instant access to its profits. This will allow your business to secure a strong source of working capital to improve credit, manage debts, and grow larger than ever before.
2. Estimate Your Taxes
Over the year, hopefully you’ve kept complete track of your business’s taxes. Now’s the time to take a look at your tax calculations. This will help you better understand if your revenue has increased or decreased since your earlier projections. If there’s been an increase, you’ll know where to budget accordingly to ensure that your business has sufficient funds to cover your estimated tax payment for the new year.
3. Revisit Your Business Plan
As we’ve talked about before, your business plan is your own road to success. You’ve given your business goals, deadlines, and other tasks to complete before the end of the year. Did you hold up to your plan? Was your plan feasible to begin with? Did you exceed your goals? Now’s the time to dig deep into your business plan and determine if you succeeded or failed in your plans.
If you came short of your goals, be sure to make the proper adjustments to ensure you’ll meet them in the following year. If you’ve overshot your goals, it might be time to set your sights a little higher. Challenge yourself and your business to push beyond your comfort zone and grow larger than you thought possible.
4. Reach Out to Customers for Testimonials
No matter if this is your first full year of business or your 40th, you can never have too many testimonials. Reach out to some of your customers and ask for reviews or testimonials regarding your business. As you’ve gone over the high’s and low’s of your business throughout the year, it’s important to be proud of your accomplishments.
Reviews are more than just for your own good. A positive review can help persuade new customers to choose your business over others. Ensure that these reviews are highlighted where others can easily view them.
5. Reward Your Employees
Your business would be nothing without its staff—so reward them! Using business invoice factoring, you can secure extra funds to treat your employees to an end-of-the-year party or other reward. They’ll appreciate the fact that you care about them. You’ll increase your company culture and attract more talented employees to your business.