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New Year’s Resolutions – Financial Goals for Your Business in 2018

The New Year is often considered an opportunity for a fresh start. People begin the year with the best intentions to improve their lives and overcome bad habits. Talk to anyone that you know, and most people will have a theme for the year or some sort of personal goal that they are focusing on.

Personal Goals Impact Business Results

Often, these goals are centered around health and fitness. For example, people set resolutions to exercise more and eat less to achieve their desired weight loss results. Or, these goals might be focused on overcoming addictive behaviors, improving sleep habits, or buying a new home.

As a business owner, these personal goals can be important to help you feel better about yourself. By improving your physical and mental health, you will be in a good place to improve your business as well. Many entrepreneurs know that their business results are directly related to their personal successes.

But, setting personal goals won’t be enough to maximize the business results that you desire. If you want to increase your income this year, then you need to be willing to put in the work. It all comes down to the daily, weekly, and monthly systems that are in place to manage your business finances, inventory, client management, and more.

Do you need help choosing the right resolutions for your company this year? Here are a few suggestions to help you start 2018 on the right foot:

Resolution #1: Put a Stronger Focus on Customer Service

The satisfaction of your customers is one of the most important things that will affect your business results. If you have happy customers, then they will continue coming back to your company when they are ready to buy again. It is easier to maintain a list of satisfied customers than it is always to generate new leads.

The business world is shifting from basic customer service to personalized relationships. Instead of a scripted phone call to handle a customer inquiry, customers want to know that the company has a vested interest in the outcome of the situation.

So, companies need to step up and show customers that they are putting in the effort to outshine the competition. A few small changes in your customer service systems can go a long way to help you create the life-long relationships that you need for business success.

Also, remember that many customers are turning to the internet to share their experience with others. If someone has a good interaction with your company, then it increases the likelihood that they will share a positive review online. On the other hand, a negative experience could be detrimental to your company because of the bad review that drives other potential customers away.

If you want to succeed in this social world, then you need to be willing to put in the work that will create a good environment for your clients and customers.

Resolution #2: Strengthen Your Online Presence

There is no doubt that the internet is now an integral part of the business world. As mentioned above, many customers turn to the internet when they are looking for a local company or service. If you put in the effort to create an online presence, then it is easier to bring in customers who are interested in the things that you are selling.

Not only do you need to maintain a social media presence, but you also need a website that outlines the products and services that are available. These tools can be used to feed people into your sales funnel, resulting in an increase in your sales for the year.

There are other ways that you can leverage the internet to improve your business results. Sometimes these tools aren’t about customer interactions. Instead, you can find tools that can be used for team management and financial tracking. The dynamic nature of the internet makes it easier than ever to oversee the company success from anywhere in the world. You can go on vacation and still view reports about sales numbers, cash flow, and more.

Resolution #3: Improve Financial Tracking

Business finances are often the details that people push to the backburner. When you are facing immediate needs, such as stocking shelves and inventory orders, then it is hard to find the motivation to tally receipts or enter expenses into the financial system.

Even though these boring tasks seem like busy work, they are essential to ensure that you are meeting requirements for taxes and financial reports. The details will have a big impact on the long-term results that you achieve in your company.

If you are stuck in the rut of procrastinating your business financials, then you need to set a goal to make it a priority this year. Keep track of the costs that are incurred every day. These expenses are important business write-offs so that you can minimize your tax burden.

At the same time, you need to look at cash flow projections to determine the anticipated costs that are coming up. These factors can help you make big financial decisions so that you can improve the overall results for your business. If you don’t know the current cash standing for the company, then you could be making the wrong decisions that can have a negative impact on your cash position in the future.

Resolution #4: Outsource the Busy Work

Do you feel overwhelmed as you are trying to find the time to keep up with the data entry and financial tracking? If you are already loaded down with too many responsibilities, then it could be beneficial to outsource some of the busy work.

Some business owners choose to hire employees who can take over these tasks. But, then you still carry the responsibility to make sure that the employees are performing the work correctly. Plus, you will need to bring on the added costs of salary, benefits, office space, and more.

A cheaper solution is to outsource the tasks to an outside team instead. For example, you can hire an accounting service to oversee the financial tracking and tax preparation details. These services might cost a little money and impact your overhead costs. But, they are cheaper compared to the cost of bringing on another employee.

It is hard to quantify the benefits that are gained from these outsourced accounting services. Not only will you have an easier time tracking cash flow and other business details. But, you will also be able to maximize tax write-offs. Calculate the savings that are available for your company, and you will likely see that it is worth the investment to hire these financial services.

Resolution #5: Commit to Simplification in the Workplace

One of the drawbacks of workplace initiatives is that these goals can complicate the processes that need to be followed in the workplace. Even though your intentions are good, you need to be careful so that employees aren’t overloaded with unreasonable expectations. Employees still need the time to focus on the core job duties, instead of getting distracted with other tasks to meet the required goals

So, as you are choosing goals for the year, look for ways that you can simplify the process for everyone involved. Outsourcing is a great example of simplification. You can assign the tasks to a professional team, and let go of the worry about how these tasks will be completed. In most situations, outsourcing is an effective way to simplify your business efforts and still achieve the results that you desire.

Also, consider simplification for your daily tracking. For example, if you are still keeping financial records by hand or in a spreadsheet, then you are missing out on the benefits that are available from a good accounting software program. There is no reason why you should be doing these calculations by hand if there are tools that can do the difficult work for you.

If you don’t already have a good financial tracking system, then right now is the perfect opportunity to talk to our team about the options that can be implemented. We are focused on streamlined business solutions. Hiring an accounting service means that you can simplify your business finances, and at the same time free up your responsibilities to focus on business growth.

We have proven systems that will transform your finances and help with your goals this year. There is no reason for you to re-invent the wheel when we already know the best systems in the industry. If you want to tap into this expertise, then contacting us is the best thing that you can do for your company.

Are you ready to make 2018 the best year yet? Our team here at Easier Accounting wants to support your business goals for the year. If your resolution is to improve your accounting and financial systems, then right now is the perfect time to call us. We will take care of the financial details so that you can grow your company to higher levels of success this year. Call to learn more: (888) 620-0770

New Year Bookkeeping Resolutions to Improve Business Finances in 2016

Now that 2016 is in full swing, it is the perfect time to consider your business goals for the year. Have you set resolutions to help your business grow and expand this year? Good financial tracking is essential for proper management of the cash flow throughout the year. If you are ready to make your business more profitable than ever, then you should set these resolutions:

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Use the Right Financial Tracking System

Getting the right financial tracking system in place is the foundation to bookkeeping success. If you don’t already have a good computer software in place, then you should talk with your small business bookkeeper about the best system that will meet the needs of your business.

Set a Budget and Stick to It

Do you know how much you are spending in business expenses every month? Make sure that you have a solid budget, and stick with your spending plan throughout the year. As a result, you will be more effective at managing cash flow, which can have a direct impact on the long-term success of your company.

Keep Business and Personal Spending Separate

Everyone knows that they are supposed to keep business and personal spending separate, but there are many situations where these finances get mixed together. Make it a point to use separate accounts for your spending, and you will find that it is much easier to use exclusive credit cards and checking accounts for business expenses.

Stay Ahead of Weekly Financial Tracking

It is hard to catch up on months of financial transactions, especially because you can forget the details as time goes by. Instead of procrastinating financial tracking, make sure that you keep up with the weekly transactions to keep things simple. If you don’t have time for these tasks throughout the week, then one of the best things that you can do is hire a business bookkeeper to help with the ongoing financial management.

Hire a Bookkeeper to Help

If you aren’t already taking advantage of the bookkeeping services that are available, then right now is the best time to get started! Here at Easier Bookkeeping, we offer a variety of full service bookkeeping options to make it easy for you to manage your business finances. If you are ready to maximize your business success in 2016, then we invite you to contact us right away for more information about the services that are available: (888) 620-0770

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