1. Analyze The Numbers
Pull the numbers together into a balance sheet and income statement. Your accounting software, CPA or accounting department should be able to build these documents for you. You can also use our templates.
What are the numbers telling you about the business' performance? Ask smart questions about your balance sheet and income statement to understand your business' strengths and weaknesses.
2. Generate Employee Goodwill
The job market is very competitive at the moment, so don't take your employees for granted. Ask your employee benefits broker, chambers of commerce and other small business leaders how they measure employee satisfaction. Ask what changes local companies are making to retain and attract good employees.
As you consider holiday bonuses or gifts, remember Heritage Bank customers can purchase gift cards at any branch or place bulk orders online.
3. Look For Ways To Automate
If your business is growing, scale through automation. If you need to reduce expenses, automate.
The first place to start is with your current business advisors and suppliers. As the year winds down, make a point to talk to your banker and others your business relies on to identify ways to improve cash flow, increase margins, eliminate redundancy and save time. In the last few years, Heritage Bank has rolled out a number of digital banking tools and Treasury Management Services.
4. Prevent Cyber Crime
More than four out of 10 cyber attacks target small businesses. Yet, 60 percent of small businesses think they’re unlikely to be attacked.
It's easy to delay taking action when you're busy, but it's worth the time to consider how you can prevent cyber crime. Review our tips.
5. Evaluate Performance vs Goal.
Share your goals as well as your wins and missteps with your key business advisors – your accountant, your lawyer and your commercial banker. They work with many small business people and can share a wealth of advice and wisdom.
Once you’ve analyzed 2021 performance against goals, create SMART goals for 2022 and track your progress every quarter.
6. Focus On Your Personal Finances
Successful small business owners work overtime to stay on top of their company’s finances. Don’t neglect your personal financial goals.
Make some time to talk with an experienced banker. Is it time to refinance your home or buy a home? It’s never too late to think about retirement.