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What's your New Year's Resolution? It's probably a question you've already heard a zillion times as January approaches and signals the beginning of a brand-new year.
More than likely, you already know the systematic response—eat better, be friendlier, exercise more—by heart. You are a small business owner, though, so these new year's resolution is intended specifically for you:
Create a financial projection for the upcoming year.
Go over the terms of payment with your clients and remind them.
Make an investment today to safeguard your company from cybercrime.
Use industry-leading software to manage cash flow to save time and money.
Make use of invoice financing to control cash flow after late payments
Examine your data agreements to make sure they abide by GDPR.
Before starting a project, agree on the scope of work. 9. Determine whether asset-based financing is a good fit for your company.
Create a succession plan for your business.
Obtain the appropriate financing to meet your business objectives.
Benefit from bad debt protection.
If your company didn't have a clear plan for 2022, developing one now will enable you to see things much more clearly in 2023. Regular performance monitoring will enable you to adjust your plan as needed throughout the year.
You may need to adjust resource levels, the budget, or even staffing levels throughout the course of the year. You will have the building blocks you require for the upcoming year if you have a clear plan in place for 2023.