Take 5: Spring Cleaning Your Business Finances
Spring has sprung! Each year, seeds turn to buds and buds turn into flowers. So why not help your business blossom this year?
Here are five things to consider when doing some spring cleaning for your business:
1. Clear out the clutter
Every business has something that prevents it from moving forward. In many cases, it could be outdated procedures that prevent the business from operating efficiently. Often, an established business put a policy in place years ago that is now inefficient or redundant as a result of new technology. Take this time to review your internal operations and see if there is something you’re doing that doesn’t make sense and scrap it.
2. Clean the business’ windows
Windows are not only a way to see outside of your office, but they are also a way to see into your business. Brush up on the ways that your customers and clients can see what you and your company are doing. Is your website stale? Maybe you should revamp it. Is there a good chunk of time between social media posts? Maybe you should hire someone to specifically manage that part of your business. It may cost more initially, but it’ll pay off down the road.
3. Donate your lightly used goods
Just as we do with unwanted gifts or rarely used household items, donate some of your products or time to charity. While this won’t lead to any immediate profitability for the business, it will pay dividends for you in terms of public opinion and overall goodwill with your customer base.
4. Plant seeds for the future
It’s a great time to consider making investments in your company today that will pay off in the future. Do you accept electronic payments? Is the company prepared to work with the customers of tomorrow? Have you rewarded staff that you expect to be a part of the long term plans for the business?
5. Dust off your business plan
Related to the point above, it’s a great time to revisit that business plan that you worked hard to create years ago. Odds are that many things have changed not only in your business but within your industry. What new technology has emerged that has changed your business? How have you adapted your business plan to account for that? Is your financing structure updated? Do you have to increase your line of creditto support your operations?
To sum it all up, it’s a great time to do some spring cleaning for your business. For a bud to blossom into a beautiful flower, one must cut the overgrowth to promote new growth. These tips will help you dothe same for your business.
Ren Cicalese III, CPA, MST is an associate partner at Alloy Silverstein in Cherry Hill. Contact him at 856-667-4100, firstname.lastname@example.org or on Twitter at @R3CPA.
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Published (and copyrighted) in South Jersey Biz, Volume 9, Issue 5 (May 2019).
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