As a Coral Gables small business owner, you should know that without goals to guide you, nothing gets accomplished. Though New Year’s has passed, you can still make financial resolutions for your small business. They’ll allow you to evaluate where your business is at and where it needs to go in the coming calendar year. Whether you’re looking to expand, rebrand, or jumpstart your business, the first step to making any sort of lasting change requires a concrete vision. It’s a lot to take in, but you need to consider everything from updates to business taxes to employee satisfaction. With 2017 already under way, there is no better time to get organized and start fresh so that you and your team can flourish in today’s competitive market.
Here are five financial resolutions your business should consider in 2017:
If you haven’t already started planning for the fast approaching tax filing season, there’s no need to panic. However, you do need to start planning now. Ideally, you should be thinking about your taxes all year long, but if you’re like a lot of small business owners, your time is stretched thin as it is. We understand that. The best thing that you can do for your business if you waited to make a plan is to hire a pro. Financial professionals like those in our office are well versed in the changes happening in small business taxes. For instance, did you know that the due dates have changed? C-Corporations now have to file form 1120 by April 15, 2017, instead of March 15. On the other hand, Partnerships and S-Corporations have to file a month earlier than usual on March 15.
You may realize as you get your documentation together that your business’s tax situation could be better if you restructured it. Corporations, LLCs, Partnerships, and Sole Proprietors have different tax requirements to follow and benefits they can take advantage of when filing. If you see that this is the case for your business, begin making the necessary preparations for the coming year.
Set Monthly Goals
Having a dream for your business is fine, but without incremental benchmarks to get you there, you’ll be dreaming your whole life. Sit down with your team and come up with a list of improvements that you need to make as an organization in order to achieve your mission. Make sure that you set goals that are realistic yet challenging.
Reward Top Performers
Without your team, where would you be? It’s important to show appreciation for the hard work that they do to keep your business growing. Most companies show their best employees gratitude in a couple of ways. There are, of course, incentives such as monetary compensation and increased benefits, but sometimes all it takes to show appreciation is recognition for a job well done. It’s so simple that you can start incorporating it into your meetings. The recognition you show fosters loyalty to your brand and your mission, which means better performance and increased productivity.
Look Ahead to 2018
Just because you’re still dealing with this year’s taxes and goals doesn’t mean you can’t look ahead. In fact, going through your finances should give you an idea where you want your business to be next New Year’s Day. Remember that you don’t have to do everything yourself. Delegate some of your preparations to a professional that is familiar with strategic business planning.
As the due date for your Coral Gables business taxes approaches, consider teaming up with CALAS Group Accounting and Financial Services. Our experienced tax and business professionals will help you find a clear way for your small business in 2017. Call us today!