5 New Year’s Resolutions for Your Business

With 2017 knocking on the door, you might be thinking of New Year’s resolutions you want to make (and stick with). Maybe you want to hit the gym more, or maybe you’re considering clocking some more volunteer hours in the upcoming year.

In planning resolutions for yourself, have you stopped to take time to think about what you could do to better your business in the New Year? Here are five New Year’s resolutions to help your business have a successful 2017.

Get Real

Setting goals for your company is a great way to kick off 2017 on the right foot. Having goals set for your business can be a great roadmap for what you want to accomplish in the coming year. These goals can provide you with KPIs, checkpoints and motivation. However, having goals that aren’t quite realistic can result in just the opposite. If you are struggling to reach your goals, it may lead to a lack of motivation and a sense of failure, which could eventually lead to giving up all together. Keep your 2017 goals realistic, and watch your business be successful in reaching them.

Make Dates…With Your Accountant

Make a resolution to actually spend some time with your accountant. Why? Spending time with your accountant can help you get to know each other better, which can result in a better relationship for your business. Along with forming a better relationship, it’s likely your accountant will give you information on your business that can be extremely beneficial for your success. Who knows – they might even help you understand what they’re talking about, which will ultimately help you get a better understanding of the health of your business. Not sure what you should be asking your accountant? Check out these tips for some questions to ask regarding taxes.

Review, Review, Review

A great resolution to make for your business in 2017 is to actually review all of those receipts, invoices and financial statements you have laying around. Looking at these items can help you get a good idea of where your business is spending money, saving money and even where it should be cutting back. Along with reviewing receipts and statements, it’s also smart to review financial trends in your business from the last year or so to get an idea of where your business will head in 2017. Reviewing these periodically throughout the year can also help make sure your business is on track, and can help you catch any potential errors before they become big headaches. If you’re struggling to make sense of what all the numbers mean, it’s probably time to find a professional who can help you (see above.)

Shameless plug: If you’re trying to read your statements and nothing is making sense, we have trained professionals who can help you make sense of all those pesky numbers.

Get With the Program

Staying up to date on rules and regulations that impact your business is always important. Resolving to stay on top of those changes in 2017 can help you make sure your business is always ready for any surprises that might come up. Some things to keep on track with include tax laws and deadlines, changes to employee regulations such as the new overtime ruling and updates to healthcare policies. With a new presidency beginning in 2017, there is a good chance that changes are going to be taking place. Be prepared for them, and act accordingly.

Get Involved

Make a resolution to get involved in your community this year. Whether you have your entire office volunteer at an event, or just a few employees helping out, getting involved can make a huge difference for your company. A study in 2013 by Cone Communications showed that 91% of people surveyed were likely to switch brands to one that supports a good cause. The Pulse Survey from the Reputation Institute showed that a corporate social responsibility (CSR) program is responsible for roughly 40 %(!!) of a company’s reputation. Not only does volunteering and being involved with great causes help the outward reputation of your business, but it may also help you pull in more job seekers. PriceWaterhouseCoopers found that nearly 88% of millennial job seekers are gravitating towards companies that have established CSR programs.

We hope these resolutions, as well as all of your business and personal resolutions, lead to success in 2017. From all of us at Eide Bailly, we wish you a Happy New Year.

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