A new year brings new resolutions for your small business. Consider how you can improve this year in your role as a small business owner.
Resolution 1: Review business targets and budgets
Start by preparing a budget and review it monthly. This is important to the success of your company. Don’t let your budget gather dust and never look at it again. Reviewing your business strategy alongside your financial goals and budget monthly will help you identify opportunities for driving growth and foresee potential problems. With a budget, you have the chance to adjust your plans in advance, before the money runs out.
Resolution 2: Manage your debt
It’s not uncommon for business owners to have some form of debt, whether it’s from business credit cards, revolving credit lines, secured or unsecured business loans, or merchant cash advances. Believe it or not, debt can be a great way to introduce more working capital into your business and improve your cash flow – providing it’s managed correctly. Large amounts of debt often need to be settled with outside help.
Debt refinance can lower your repayment costs, leaving you with more cash in hand. Don’t get caught up attempting to settle your own debt to save money. You can save more by leveraging help from American Finasco. Visit Contact Us and complete our Online Form for a free consultation.
Resolution 3: Improve your business’ s creditworthiness and score
Your creditworthiness is also measured by your credit score, which is a number between 300 and 850 supplied to lenders on your credit report. A high credit score means your creditworthiness is high. Equally, a low credit score reduces creditworthiness. A good credit score can also decrease the financing you’re eligible for. If you have a low credit score, there are a few things you can do to improve it:
• Know your score. Start by getting a credit report from a credit reporting company. The credit reporting company will conduct a ‘soft check’ so it won’t affect your credit score.
• Make payments on time – missing or making late payments can harm your credit score and amount to late fees and interest charges.
• Establish credit by taking out a business credit card or a business loan that will help you form a credit history. It is important to use this responsibly. Only borrow within your means and meet your repayment obligations every month by paying in full and on time.
Resolution 4: Mark your calendar for 2022 tax dates and deadlines
Get ahead in 2022 by marking key tax dates on your calendar early in the year. Filing your tax return late could lead to penalty fees and interest charges. It may be worth talking to your accountant for the latest information.
Resolution 5: Understand your Funding Options
Every business owner knows that working capital is the most important factor to any successful business! American Finasco can help you achieve your business goals. If you want to learn more, visit our website and complete our Online Form, or call us (800) 299-2909 for a free consultation. Contact us today to get your business ready for success in 2022! We look forward to speaking with you.