Plan a Business Year You’ll Fall in Love With

Keeping your finances in order is one of the most important aspects of any business venture. A clear understanding of your budget, factoring in potential costs, can help you plan for the upcoming year with confidence. This, in turn, can ensure that you stay on track to reach your financial goals.

This blog post is intended to provide entrepreneurs with simple steps to financially plan a business year that you can love, regardless of the economic weather. By breaking down the entire process into achievable tasks, you can move forward with confidence, making sounder financial decisions.

This article considers these subjects:

• The cost of doing business will probably keep rising
• Small business staffing issues & costs can be mitigated
• You’ll love comprehensive planning’s other impacts
• Believe it or not, 2023 could be a great year for you

The Cost of Doing Business Will Probably Keep Rising

Inflation and volatility are two forces that can have a significant impact on a small business. By definition, Inflation is an economic phenomenon characterized by a general rise in prices over time.

This can be caused by any number of factors, including too much money in circulation, increased demand for goods and services, or increased taxes and tariffs. Ultimately, it results in the diminishing value of currency, such as the United States dollar. This is why the cost of doing business will likely continue to increase over time due to inflationary pressures on the U.S. economy.

Volatility is another factor that can affect your bottom line. This refers to sudden fluctuations in stock market prices. These, in turn, can cause the prices of goods and services to change quickly and unexpectedly. We saw in 2022 why volatility’s unpredictable nature means you have to prepare for sudden price changes (assuming you want to remain competitive).

However, don’t write the year off just yet. As you’ll see in the next section, in many cases, it is possible to offset some of this expense by taking a long-term approach.

Small Business Staffing Issues & Costs Can Be Mitigated

For small business owners, staffing issues can arise from both the cost and complexity associated with finding and keeping quality employees. Fortunately, the expense of these challenges can often be mitigated with long-term comprehensive planning.

Start by looking at the roles you need to fill and then determining the skills or qualifications necessary for success in each role. It’s also important to consider what kind of growth or changes you anticipate in the near future. This information will form the basis of your staffing plan.

Once you have a clear picture of your current needs, you can set realistic goals for hiring new staff members or filling existing roles. Consider how many employees you need right now, as well as where those employees should come from (in-house promotions versus outside hires).

Once you have a solid understanding of your current needs and future goals, it’s time to create a flexible financial plan that factors in both your short- and long-term objectives. It’s always a good idea to allow wiggle room for things like budget restrictions or industry trends that could affect your staffing decisions in the future.

A well-thought-out, comprehensive, long-term financial plan can potentially pay off by mitigating your possible employee turnover costs while helping to ensure maximum productivity across all areas of operations. In other words, it may save you both time and money in 2023 and beyond.

Could Solid Financial Planning for Small Business Owners Make This a Great Year?

You’ll Love Comprehensive Planning’s Other Impacts

Every business needs a money roadmap in order to remain competitive. I’m not talking about your business plan, either. A financial plan will include elements of your business plan, but it supplements it rather than replacing it. For example, tax planning is an essential part of any financial plan for businesses of any size.

Knowing when and how much you owe in taxes, as well as which tax deductions are available to you can help you avoid overpaying and plan accordingly. Additionally, aligning your financial objectives with the current tax code can help ensure that you maximize the potential benefits available to you without straying into the IRS’s crosshairs.

This is especially important now that they overtly make a point of targeting the successful for audits. You probably don’t want to try a D-I-Y approach to planning your taxes for the same reason. That’s why the Ironclad LLC team specializes in business tax and financial planning for Atlanta-area entrepreneurs.

Meanwhile, cash flow management is critical for ensuring that there is enough money coming into your business to cover everything from payroll to purchases. Doing it well begins with tracking your income and expenses, setting payment terms, analyzing/managing your inventory levels, optimizing accounts receivable processes, and monitoring accounts payable processes.

Risk management is also an integral part of any comprehensive financial plan for a small business. This involves assessing potential risks that could have an impact on your profits or operations and then developing strategies to mitigate them before they become issues. For instance, you might review company data security measures against cyber threats to determine the type of insurance coverage you need to protect both you and your employees.

Believe It or Not, 2023 Could Be a Great Year for You

Again, even in another year of inflation, supply chain issues, and market uncertainty, it’s still possible to make your venture(s) profitable, long-term. That’s why it’s important to take your business to the next level this year with the kind of comprehensive financial plan tailored to Georgia entrepreneurs’ needs.

And I do mean “tailored:” 2023 Ironclad support means sitting down to discuss your financial goals with us. As a result, we create a financial plan unique to your personal and business financial situation. This can include your budgeting, investments, taxes, insurance, retirement planning, and more.

By analyzing all of these elements together rather than separately, we can help you ensure that you’re getting the most out of every dollar. At the same time, it can allow you to budget for expenses today while also investing for long-term goals, such as your retirement or college funds for children or grandchildren.

It may also provide clarity with regard to how taxes affect your overall wealth, making it easier to minimize them as much as possible. Additionally, comprehensive financial planning can also help protect you against unexpected events such as job loss or illness through insurance coverage and other proactive measures. Contact us to learn more.

If Patrick Can't Save Your Business $5,000 in Taxes, You Get Your Money Back

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