The holiday season is a crazy time personally and professionally, especially for hard working small business owners.
However, the New Year is coming fast. Prepare for the New Year by taking a look at these five important components of your small business.
Do you have the staff to manage the plethora of tasks required to run a successful small business? Review your business plan to determine if additional employees can help you reach long and short-term goals.
Instead of hiring a full-time or part-time employee, take a look at where you could use extra support from a remote contractor. Do you need a copywriter, publicist or bookkeeper? There are a number of placement firms that match contractors to specific responsibilities.
If you need additional cash flow to bring on new employees or contractors, explore small business funding options like an SBA loan. Funds from an SBA loan can help finance additional salaries and staffing costs.
The end of the year is the perfect time to review vendors and suppliers. They’re also reviewing budgets and might be open to cost-cutting deals. Ensure that each vendor can scale up as your business expands.
If you’re not happy with a vendor, consider obtaining a quote from a competitor or placing a small order to try out a new vendor.
You may not rely on heavy machinery but every small business needs some type of equipment to function. From computers to vehicles, small business owner should perform periodic equipment reviews.
If you have equipment you’re not using, eliminate that expense and allocate the savings to another area. If you need new equipment, do you have the working capital on hand to finance? There might be expenses you can cut to fund equipment purchases. This is another time to explore your small business funding options.
The holidays can take a mental and physical toll. Instead of charging ahead into the New Year, take baby steps to rejuvenate and energize. Here are a few easy things you can do before the end of the year.
SBA loans are the best bet for small business owners who want to grow their business. SBA loans offer the lowest monthly payments and rates with no prepayment penalties. A small business should always check out the SBA loan first since it’s the cheapest capital and only explore other loan options if they don’t qualify.