The beginning of a new year is a good time to take stock of your small-business finances and plan for 2016. Making time to review your business’s financial health and update business plans will help you be better prepared for success in the coming year.
Here are six tips to help you get started:
• Assess hiring needs. If you plan to hire new employees, develop a clear job description, post the job on appropriate job listing platforms, seek referrals from employees or fellow business owners and conduct effective interviews. Also, stay apprised of changes to Affordable Care Act coverage mandates. Beginning in 2016, businesses with 50 or more full-time employees that do not provide health benefits to their workers will face a penalty.
• Conduct a financial review. Ensuring you have categorized expenses correctly and understanding how much your business earned and spent is key to starting the new year in good standing. A thorough review will keep your business organized and put you in the best position to complete your bookkeeping and prepare your taxes.
• Update your business plan. Start by evaluating the list of goals you hoped to achieve in 2015 and document your progress. Consider using online business plan tools and examples to simplify the process. Make any necessary adjustments and establish new goals to be sure your business is on track for the year ahead.