Another new year is just around the corner. And with the new year comes an opportunity to make owning a small business a little more enjoyable and a lot less stressful. Tax Services of Londonderry New Hampshire founding partner Melissa J. Laverty shares 5 New Year’s resolutions for small business success.
1. Resolve to develop a strategy and stick to it.
A strategic plan is essential to the success of any business. Consider using SWOT analysis—a review of your business’ strengths, weaknesses, opportunities, and threats—to get started on your strategic plan. “Take a good, honest look at what worked and didn’t work this past year. Outline three to five things you’d like to change or accomplish in the year to come and create SMART (specific, measurable, attainable, relevant, time-based) goals,” Laverty says. Be sure to revisit your strategic plan each year.
2. Resolve to make accounting technology your new BFF.
“The days of data entry are over. Bank feeds and automating or syncing is the way to go. If you do have to enter data, it should only be one touch,” Laverty explains. If you’re not already using a cloud-based accounting system, now is the time to move over. “As a small business owner, it’s critical to know how you’re doing. This technology makes it much easier to check in with your finances on a weekly basis,” she adds. And today’s smartphone apps are making it even easier to manage your business. There are a ton of apps that can help you with stock control, invoicing, and even reminders about setting aside enough cash for tax time.
3. Resolve to keep a closer eye on your cash flow.
Cash flow is a top concern for most small businesses. Yet many businesses have a hard time staying on top of their bookkeeping and knowing their true financial picture. “Just because there’s money in your checking account, doesn’t mean it’s available to spend,” Laverty says.
By outsourcing your bookkeeping with the professionals at TSLNH, you will have access to the financial information you need to make key decisions and more time to run your business.
When you outsource your bookkeeping with TSLNH, we will:
- reconcile your bank account(s)
- generate a statement of revenue and expenses
- generate a statement of assets and liabilities
- clean up your general ledger
- provide training or consultations
These tasks form the solid foundation of your business accounting system and can save you money. “We’ve seen businesses pay twice as much in bounced check fees as they would have spent outsourcing their bookkeeping,” Laverty notes.
4. Resolve to be nice to the Taxman.
One of the biggest issues small business owners have is coming up short at tax time. “In order to put a dollar in your pocket, you really need to make $1.30. Sorry—that’s just how math works,” Laverty says. The worst creditor you can have is the IRS. The best way to avoid tax problems is to regularly set aside a portion of your revenue.
5. Resolve to ask for help, even when you don’t want to.
When it comes to successfully running a small business, you simply can’t do it all. “By outsourcing your bookkeeping, you will have more time to focus on what you’re really good at. And you’ll make more money,” Laverty says.
Outsourced Bookkeeping for Small Businesses in NH
At TSLNH, we help small businesses succeed by managing their bookkeeping tasks. Our experts will get your bookkeeping done more quickly and efficiently, giving you access to the critical financial information you need to successfully run your business. To learn more about our services, or how outsourced bookkeeping can help you better manage your business, call us at (603) 432-8291 or contact us online.