American Finasco > Blog > New Year’s (Financial) Resolution

To say the least, 2020 has been a rough year for the majority of small businesses. With the financial crisis and pandemic combined, small businesses have taken an unexpected and unprecedented hit this year. The economy is still struggling, and small business owners have no other choice but to remain optimistic. However, despite failures or even small successes, every small business owner should take time to assess what went right during the past 12 months and try to improve their business.

It’s important to know what is going on in your particular industry and your geographic location. Remember to take into account internal and external factors when planning for the coming year. Make a New Year’s Resolution, a year-long commitment, not a one-month trial in January and then giving up. That means putting changes into place and committing to them for the coming year and beyond.

Invest in Cyber Security

Cyber-crimes and scams are becoming more sophisticated, almost every week, a major company announces that data systems have been breached. Many businesses are choosing to invest to upgrade their security.

Every company should invest in the most updated security software to safeguard themselves against cybercrimes and regularly back up data. It is important to create firewalls to prevent access to your company’s private network. Also, send out a reminder every three months to employees to change their password.

Trim the Fat

Remember, overstaffing becomes more and more costly as time progresses. Have a healthy balance with enough workers during busy periods of time, and less employees during slower times. For different industries, these times will vary. Also, research to find goods and services at lower costs.

Reduce High Cost Debt

Try to figure out a way to pay off debt sooner, rather than later. American Finasco has several options to reduce your commercial debt which allows you to stay focused on your business and begin 2021 on the right foot. We provide strategies and take the pressure off business owners who are having a hard time managing their debt. We provide our clients effective solutions for business debt relief.

Decrease your Debt to Income Ratio

If your company is doing well enough, this may be a great time to introduce a new product or service and even open a new location. This is not impossible! Even with some debt. We often work in conjunction with PMF Partners to provide a joint solution. American Finasco can help restructure your debt.  Private Mortgage Financing Partners can refinance your low loan to value commercial real estate and give you cash out to pay off or pay down other debt.  Both options will help decrease your debt-to-income ratio and can free up some cash.

New Year’s resolutions are devised to prompt improvements for the next 12 months. Prioritize and set realistic goals. If high cost debt is the problem, American Finasco can help pay it off quickly. Contact us today to get your business on the right track! Visit Contact Us and complete our Online Form for a free consultation or call (800) 299-2909. We look forward to speaking with you.