7 Ways to Prep Your KC Business for 2023 Like a Boss
Have you ensured that your small business is ready for the new year ahead? As you order your new calendar and ring in the new year, don’t forget also to take stock of your business.
Make sure you’ve got 2022 wrapped up and you’re poised for a successful 2023. Our checklist of seven financial and logistical tasks will help ensure your new year will be the best yet.
1. Assess your tax situation.
It’s always a good time to meet with your accountant or bookkeeper. But touching base toward the end of the year can be especially helpful. Now is the time to make sure you understand tax deadlines and are poised to claim deductions and credits.
What deductions apply to you depend on your specific business situation. But common deductions include the costs of:
· business insurance
· legal and professional services
· business property rent
· advertising and marketing
· business use of car
· bad debt
· employee salaries and benefits
· office supplies and expenses
· travel expenses
Again, talk to your financial professional to ensure you’re poised to take advantage of the tax breaks that apply to your business.
If the basics of small business finances aren’t your forte, you’re not alone – and help is available. In February, KCSourceLink Resource Partner SCORE KC is hosting a series of financial classes, including financial statement basics, sources of funding and financial projections. Check out our calendar to find more educational opportunities.
2. Evaluate your business entity.
The legal structure of a business isn’t set in stone. Maybe you started out as a sole proprietor but now need to hire employees. Or perhaps your small LLC is blooming into a big ol’ venture. It may be time to upgrade your business entity.
LLC, S Corporation or who knows what? Our Guide to Starting a Business provides a helpful overview of the structure options. Talk to a legal professional to find the entity type that best fits your current needs and future goals. And if you need a little guidance, KCSourceLink is here to help. Just give us a call at 816-235-6500 or connect with us here and we’ll connect you with the KC experts who can help at little or no cost to you.
3. Look at staffing – or lack thereof.
Will 2023 be the year to hire your first employees or increase your existing team? Take an honest look at your projections and make sure you’re ready for these changes.
Before you hire anyone, you’ll need to apply for an employee identification number (EIN) and register to pay payroll taxes. You’ll also need workers’ compensation insurance and have a plan for providing benefits.
If you plan to increase your staff size, talk to your accountant. A larger workforce may impact what regulations apply to your business. It may also mean new options for insurance and other protection.
Explore hiring best practices with KCSourceLink’s Guide to Growing Your Business. Then, learn how to hire your first employee with our hiring checklist and then ask the best questions that go beyond a candidate’s resume with our top seven hiring questions.
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4. Revisit your IT situation.
When’s the last time you backed up your computer system? Make sure that important files – including contacts, accounting documents, client info and important emails – are backed up. An external hard drive or cloud-based storage system can make this easy.
Look, too, at your security. Hacking and cyberattacks don’t just happen to huge corporations. Small businesses are now cybercriminals’ prime targets. Avoid losing valuable data and time – and money, if ransomware comes into play. Learn how to ensure your business’s cybersecurity.
5. Review marketing.
What worked? What didn’t? Or where do you even start? Answer these questions before you spend time and money on marketing in the new year.
A workshop can help jumpstart your marketing and help you see your business in a new, energized way. SCORE KC is hosting helpful seminars in January:
· Branding for Small Business
· Marketing Strategy
· Social Media Marketing
Also, don’t forget an important piece of housekeeping: a website audit. That’s a fancy name for looking at each page of your site. Make sure all the info is accurate and displaying correctly. And test all the links to make sure they work. Something as simple as a website error can turn off potential customers.
6. Reflect on your successes.
Maybe you exceeded your targets in 2022. Or perhaps your main achievement was surviving. Either way, it’s important to assess and be proud of what you accomplished. Owning a business can mean you don’t get feedback unless something goes wrong. So take the time to look at where you’ve been and where you’re headed.
Review your goals and pat yourself on the back for the steps you’ve made. And reevaluate the goals you’re working toward. Are they still SMART – specific, measurable, attainable, relevant and time based? If not, it may be time to update your business goals. Here’s some insight into how goals can power your success.
7. Take your business to the next level.
Make 2023 your year! KCSourceLink’s Resource Partners can give you the know how to make it happen.
Check out the KCSourceLink Calendar to find upcoming programs and classes that can help you meet your goals. Our Resource Navigator™ can help you find the organizations that can educate, connect and empower you, too.
Not sure where to begin? Start with a Personal Action Plan. Our Network Navigators will create a FREE individualized checklist of who to meet and what to do. Share a little information about your venture and we can help you on your way to success.
Thumbnail image courtesy of fauxels via Pexels.
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