FINRA's BrokerCheck

Five New Years Resolutions For Your Business

A new year means new possibilities. Put your business in the best financial position with these five tips for 2014.

1. Go Mobile
2014 is the year of mobilization; everything and everyone is going mobile. This strategic move highlights the importance of having constant access to accurate and up-to-date information. Business owners that take advantage of cloud-based software may see a huge increase in productivity. Cloud-based software improves your ability to make quick decisions based on precise real-time information, which is crucial in an increasingly competitive market.

2. Succession Planning
It's never too early to focus on succession planning. Being prudent is a necessary aspect of contingency planning. The future of your company is obviously at the forefront of your mind, but have you considered exit strategies? Navigating the complex and delicate future of your business can be especially important if you have a partner or partners. Everyone with a stake in the company should have an exit strategy and should also consider life insurance as part of their buy-sell agreement strategy. This is the year for you to outline the future of your company.

3. Balance
There is no better time to improve your balance sheet. Consider your accounts receivable and your accounts payable. You need to be certain that your accounts receivable is equal to or greater than the value of accounts payable. The higher your solvency ratio, the more attractive your business. As always, avoid late payments that would negatively affect your credit score. You want to make sure that your business is always in a good position to sell, even if it's not in your immediate plans.

4. Tax Planning
Preparing for tax season can have a direct impact on your profits. What defines a good tax strategy? Work with a tax advisor to make sure that you don't pay more than you absolutely have to.

5. Go Social
A new year means new goals for growing your company. This year, consider using paid social media marketing. Internet marketing has never been more lucrative and using social platforms not only reaches out to a large, diverse audience, it's also relatively inexpensive. Outsourcing your marketing content ensures that you get more for your money and that you don't get lost in the shuffle of social media.

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