by Debi Enders
Small businesses – like the people who own and operate them – need an annual checkup to stay healthy, on track and prepared for the future. Now is an excellent time to review the financial situation of your business so that you’re ready for 2015.
Start by assessing your current situation and immediate business needs. Is your income in line with your projections? How about your expenses? Think about any upcoming needs and plan now for equipment purchases and other capital expenditures that may be needed in the coming months.
An important step in any financial review is an evaluation of your financial goals. Ask yourself where you want to be in three years, five years or 10 years. Do you want to grow your business and increase profitability? Or do you plan to sell your business or transition it to a family member? Is retirement in the near future?
Your immediate business needs as well as your long-term goals should be considered as you prepare for a financial checkup. If you’re not sure where to begin, make an appointment with your banker, accountant or other financial professional. They can help you assess whether your business is on track to deliver the returns you need to make your business successful in 2015 and your longer-term goals possible. n
Debi Enders (debi.enders@commercebank.com) is assistant vice president, small business banking at Commerce Bank.
Submitted 9 years 355 days ago