How to financially prepare your small business for 2016 [The Spectrum]

With the holiday season underway, now is a good time to take stock of your small business finances and plan for 2016. Making time now to review your business’ financial health and update business plans will help you be better prepared for success in the coming year.

How profitable was your business in 2015? Are staffing needs being met? What goals are you hoping to achieve over the next 12 months? These are important questions to ask while preparing for 2016. Here are six tips to help you get started:

  1. Assess hiring needs.
  2. Conduct a financial review.
  3. Update your business plan.
  4. Prepare for year-end tax reporting.
  5. Meet with your banker.
  6. Plan for capital expenses.

Read more: How to financially prepare your small business for 2016 [The Spectrum]

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