Give your business a thorough spring cleaning! (Business Newsletter article)
Spring is in the air in Southern Colorado! The birds are chirping, the mountains are losing their snow caps and people around the region are cleaning their windows and cabinets, and preparing their lawns for another summer.
In the spirit of spring cleaning, your BBB of Southern Colorado wants to provide your business with some seasonal tips as you prepare for a profitable 2014. There are many wonderful distractions in our part of the country (hiking, biking, climbing and travel) and we want to ensure you keep your eye on your goals to make this year your best. Consider these five items:
- Taxes for 2014: Now that your 2013 taxes are filed, consider working with your tax professional to ensure your 2014 is on track to be lower and easier to report. Your professional should be able to set a plan for your business.
- Review your insurance: This is the perfect time to review options for your life insurance, disability insurance, long term care and health insurance options.
- Analyze your cash reserves: Have you planned for an emergency where cash on hand is needed? Make an appointment with your financial advisor to review your plan or create a new one to increase your reservoir of funds to best protect yourself against a ‘rainy day’ scenario.
- Evaluate your systems: This is the perfect time of year to review the effectiveness of your vendors, refresh your online presence (such as web content and social media) and set a plan for additional items of importance such as new hires, additional (needed) equipment or even new facilities.
- If you aren’t doing it, consider embracing the cloud: Organizations in Southern Colorado increasingly use cloud technology such as ‘Google Aps’ to store data, including financial records. These tools make it easy to organize your data. If you are not a tech wizard, assign the project to someone on your staff, or look to a consultant. This can be important (for example) if you plan on applying for small business funding in the near future. Banks typically ask for three years’ worth of financial records in their loan application forms.