Just as you’d have an annual physical with your doctor, it’s good to review your business agreements and accounts. Since you're likely revisiting your tax documents now and planning for the year ahead, it’s a great time to consider key areas that could make a big impact. We’ve rounded up a few places where adjustments could bring you cost savings, and better align you with your goals.
Review Your Business Plan: It’s always good to keep an eye on your goals but specifically, what are the things you accomplished in 2022 or hope to accomplish in 2023? Do the goals and objectives you’ve outlined; still align with the direction you’re moving. Do adjustments need to be made?
Get help from a mentor: Do you have an obstacle or new idea that you’d love expert advice on? Reach out to org or the Hampton Roads Small Business Development Center. Both companies offer FREE mentorship, along with training, document templates, and more.
Forecast your cash flow: We always recommend following a 13-week cash flow forecast to manage your capital. If you have a plan but still find that you’re stuck waiting on payments from your customers, before you can order new materials or move on to the next step, you may benefit from a consultation with our Flexent team, who offers alternative lending solutions.
Estimate your taxes and pay in advance: Want to get ahead of your taxes in 2023 but not sure how to go about it? Consider these tips from Ramsey Solutions on how to Calculate Taxes for Your Business. -Or reach out to a local Certified Public Accountant (CPA) for one-on-one advice.
Evaluate your insurance coverages: Whether or not you already have coverage for your business, it may be helpful to discuss your options with your current provider. Not only can you save money, adjusting your premiums but there may be new solutions to fit your ever-changing needs.
Not sure what all you should consider for your business? Reach out to Bankers Insurance to learn what’s available.
Assess your merchant services program: Likewise, it’s a great time to have an expert from our Chesapeake Payment Systems (CPS) team review of your processing costs, previous transactions, and future projections, along with any equipment changes that may be needed, which could result in savings and upgrades.
Take action to prevent fraud: With hacking on the rise nationally, fraud is undoubtedly top of mind for any business owner, and helping you to prevent it is a top priority for you and for us. Positive Pay is a trusted solution that gives you more visibility over checks and other debits positing to your account, along with the control to disallow suspect items.
The Best Part is our Business Development team can help.
As you know, life is always changing. That means the needs for your business do to. Financial check-ups allow us to make sure we’re running as smoothly and efficiently as possible. Thankfully, our team can help with most of the items on this list while reviewing your accounts. Through our connections in the community, we can make recommendations, and also connect you with other resources—beyond banking—to help you meet your goals.
