The beginning of a new year is an important time to reevaluate your goals and adjust your actions so they’re in line with your goals. Check out some small business financial resolutions to observe in 2022.
1. Learn from the Past
While it’s not a good idea to live in the past, revisiting the past can provide you with valuable information about your business. You can identify your business’s strengths and shortcomings and see what items were profitable for your business and what offerings weren’t worth the cost and resources. You should also revisit your goals for last year. Were there any goals you didn’t achieve? Are these goals still relevant, or is it time to make and focus on new goals? If the old goals are still relevant, what changes should you make to achieve them in 2022?
2. Review Your Monthly Budget
An astounding 61 percent of small businesses report that they don’t have an actual budget. If you fall in this category, budgeting is an excellent small business financial resolution for 2022. Not only do you need to set a monthly budget, but you also need to monitor your spending so that you know what areas you need to cut back on and if your budgeted amounts are realistic. If you’re consistently going over in a specific category, this may indicate that your budget isn’t practical for your business’s actual needs.
3. Get Rid of High-Interest Debt
Sometimes, it’s necessary to use debt to purchase property, cover unexpected expenses, or take advantage of a terrific opportunity. However, if your business has a lot of high-interest debts, like credit cards or lines of credit, work to pay these debts down so that you’re not spending hundreds or even thousands of dollars on interest expenses. If possible, use a credit card balance transfer or debt product with a more attractive interest rate to help you expedite your paydown. Need more tips for setting achieving small business financial resolutions in 2022? Schedule time with us today! We make happy business owners.