Small Business Owners: Review These 5 Items Before the New Year
The holiday season is a crazy time personally and professionally, especially for hard working small business owners. However, the New Year is coming fast. Prepare for 2016 by taking a look at these five important components of your small business.
Do you have the staff to manage the plethora of tasks required to run a successful small business? Review your business plan to determine if additional employees can help you reach long and short-term goals.
Instead of hiring a full-time or part-time employee, take a look at where you could use extra support from a remote contractor. Do you need a copywriter, publicist or bookkeeper? There are a number of placement firms that match contractors to specific responsibilities.
If you need additional cash flow to bring on new employees or contractors, explore small business funding options like an SBA loan. Funds from an SBA loan can help finance additional salaries and staffing costs.
The end of the year is the perfect time to review vendors and suppliers. They’re also reviewing budgets and might be open to cost-cutting deals. Ensure that each vendor can scale up as your business expands.
If you’re not happy with a vendor, consider obtaining a quote from a competitor or placing a small order to try out a new vendor.
You may not rely on heavy machinery but every small business needs some type of equipment to function. From computers to vehicles, small business owner should perform periodic equipment reviews.
If you have equipment you’re not using, eliminate that expense and allocate the savings to another area. If you need new equipment, do you have the working capital on hand to finance? There might be expenses you can cut to fund equipment purchases. This is another time to explore your small business funding options.
Quality of Life
The holidays can take a mental and physical toll. Instead of charging ahead into the New Year, take baby steps to rejuvenate and energize. Here are a few easy things you can do before the end of the year.
- How does your office look? Now is the perfect time for a sweeping cleanup of your desk and thorough office organization. Buy some new office supplies like pens or a mouse pad and maybe give your workspace a fresh coat of paint.
- If your office isn’t green already, consider bringing in some plants. In a recent study, participants were 12% more productive and less stressed than those who worked in an environment with no plants.
- Check out your office ergonomics. Hit up Google to discover the correct height for your chair and the proper way to sit while working. An ergonomically correct keyboard is important to avoid wrist and hand pain.
- Plan to keep healthy snacks available when you’re working so you won’t be tempted to grab an unhealthy treat.
Explore additional funding
SBA loans are the best bet for small business owners who want to grow their business. SBA loans offer the lowest monthly payments and rates with no prepayment penalties. A small business should always check out the SBA loan first since it’s the cheapest capital and only explore other loan options if they don’t qualify. Find out if you’re qualified for an SBA loan up to $350,000 in 5 minutes or less on the SmartBiz website & use the promo code BLOG when you pre-qualify.