With the near year just around the corner, small businesses all over the world are getting ready to wrap up 2023 and prepare for 2024.
As a small business owner, preparing for the new year is an essential step in ensuring your continued success. Here’s a comprehensive guide to help you get ready for the upcoming year:
Review and Analyze Your Financial Performance
Gather your financial reports, including income statements, balance sheets, and cash flow statements, for the past year. Analyze your financial performance to identify areas of strength and weakness. Track key performance indicators (KPIs) such as sales growth, profit margins, and customer acquisition costs.
Look at your invoices and clients history data on Finli, to see exactly how you did.
Perform a Thorough Inventory Management
Conduct a year-end inventory count, to make sure everything is up to par. With Finli’s inventory management feature, this task can easily be performed fast and effectively. Review inventory levels and turnover rates. And, since we do start a new year, plan for inventory needs for 2024.
Set Clear Goals and Objectives
Establish SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) goals for the new year and align your goals with your overall business strategy and vision. Break down larger goals into smaller, actionable steps to create a clear roadmap for success.
Evaluate Your Sales Cycle
Assess the effectiveness of your current sales process and Identify any bottlenecks or areas for improvement. In order to make customers more likely to work with you, implement strategies to shorten your sales cycle and increase conversion rates.
Are you offering your clients an easy way to pay? With ACH, credit card options and even pay-by-link, we have made payments a breeze for you and your customers.
Settle Accounts and Manage Cash Flow
Ensure all accounts payable are settled before the end of the year. As a small business owner it’s important to collect any outstanding receivables to improve your cash flow. If you struggled with getting paid, develop a cash flow management plan for the new year to maintain financial stability. Read more: Quick Tips to Streamline Your Small Business Payment Collections
Tackle Housekeeping Tasks and Organize Your Business
Address any pending tasks or administrative duties that have been overlooked: organize your files, both physical and digital, to enhance efficiency and productivity. Streamline your workflow and processes to eliminate unnecessary steps and time wastage.
When it comes to your financial situation, Finli helps you keep all data in one place: customers, products and services, invoices, total payments received etc.
Invest in New Technology and Tools
Evaluate your current technology stack and identify areas for improvement. Research and invest in new technologies or tools that can boost productivity, enhance customer service, or streamline operations.
If you are still not using a reliable digital payment system, look into Finli. With a simple subscription plan and a plethora of features, we are ideal for small business providers all over the US.
Check How Much You Paid in Transaction Fees
One of the biggest revelation our clients have is when they calculate how much money they wasted every year using various payment processors. We have made ACH payments free of charge for your business (0% transaction fees) and also allow you to pass on the credit card charges to your customers.
With just $39/month ($397 if you pay yearly), you are saving thousands of dollars every year from transaction fees alone.
Sign up now and get ready for a prosperous 2024!