Your Business’s New Year’s Resolutions
The start of a new year is an exciting time with high hopes for a better year ahead as we turn the page toward a fresh start. This is especially poignant as we look ahead to 2022 following the challenges of the past year-plus.
Many of us are making resolutions to lead a better life in the New Year, whether it be exercising more, spending more time with family and friends, or achieving a particular financial goal.
But if you are a business owner or an entrepreneur, you should be making resolutions for your business as well.
Following all of the challenges and setbacks of the past two years, the opportunities for success will never be greater than they will be in 2022.
We’ve got three New Years' resolutions to help you make the most of your business in the new year.
#1. Plan Your Taxes
One of the best resolutions you can make for your business is to plan your taxes.
Be sure to meet with your CPA and define a plan to manage your taxes, and review it together quarterly.
It’s too easy to neglect your tax obligations once you get caught up in the daily and weekly challenges of managing your businesses, and the costs are too high to go into the year without a plan.
Your CPA will help you develop a plan that ensures that your taxes are properly accounted for and paid on time while ensuring that you won’t be blindsided by a big tax bill at the end of the year.
#2. Review Your Marketing Plan
Another very important resolution to make is to review your business’s marketing plan for the year.
Assess last year’s plan, results, and metrics to gain a thorough understanding of what worked and didn’t work and use that information to develop a plan for 2022.
There is a tremendous opportunity out there as we move into the new year, so businesses must develop comprehensive marketing plans to capitalize on the economic climate. To do so requires looking both backward and forward.
#3. Know Your Numbers
Another key resolution for your business is to know your numbers. This means knowing where your revenues are coming from, who your main clients and customers are, and understanding your expenses.
A metric-based assessment of your business provides a sound understanding of where your business is, and where it will go next, which is far more valuable than simply relying on your “gut feeling, or some other tool not based on data.
Remember, the data does not lie. A customer might be thought of as “major” based on the number of interactions you have with them, but only the numbers will show if that customer is, in fact, truly a major one for your business.
Help Your Business Stick to Its New Years’ Resolutions
New Years’ resolutions, whether for yourself or your business, can be difficult to stick with, particularly as the months start to pass.
Your business is too important to allow resolutions to slip by the wayside.
Visa Business Plans is here to make sure your business sticks to its resolutions and prospers in the New Year. We can help you plan and achieve your financial goals, review your marketing plan, know your numbers, and so much more. Give us a call to see how.
Visa Business Plans is led by Marco Scanu, a certified coach from the University of Miami with a globally-based practice coaching Fortune 1000 company executives, entrepreneurs, as well as professionals in 4 different continents. Mr. Scanu advises clients on turnaround strategies and crisis management.
Mr. Scanu received a bachelor’s degree in Business Administration (Cum Laude) from the University of Florida and an MBA in Management from Bocconi University in Milan, Italy. Mr. Scanu was also a Visiting Scholar at Michigan State University under the prestigious H. Humphrey Fellowship (Fulbright program) with a focus on Entrepreneurship, Venture Capital, and high-growth enterprises.
At present, Mr. Scanu is the managing partner and CEO at Visa Business Plans, a Miami-based boutique consulting firm providing attorneys and investors with business planning services in the areas of U.S. and Canadian immigration, SBA loans, and others.