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  • 21 January 2014
  • Kabbage Inc.

New Year Strategies for Small Business

With 2014 just beginning, now is the time to prepare your small business for everything to come in the year ahead; healthcare, taxes, inventory, risks and strategies. Here are a few tips to help navigate the next few weeks so that your small business stays strong and primed for success. .

1. Get your Financials in Order: take the time to review your business’s revenue and expenses in order to project what your company should look like in the coming year. Clean up your books and analyze your spending reports to see if they can be minimized in the future. Review and break down your financial reports so that you’re able to measure how successful your business was in 2013 and ensure your books are up-to-date and accurate to start the year right.

2. Inventory: check out your inventory and business processes to see if anything can be adjusted to make your business run more smoothly, soundly and possibly even at less cost to you. Get rid of any old, or damaged, inventory. It costs you to keep it, and these items could be used as tax write-offs. Make the most of your deductions by stocking up on office supplies, upgrading equipment and paying off vendors and bills early. However, don’t spend money that you wouldn’t normally spend.

3. Strategy: work on growth opportunities for your business: think about the progress you want to make with your business and outline the steps you need to take to get there. Solicit ideas from your employees, customers and thought leaders. Then brainstorm creative ways to bring those ideas to life – including your own thoughts, of course. Check out kabbage.com to see how Kabbage cash can help your small business grow.

4. Double check your payroll and benefit plans: The New Year is a perfect time to reevaluate your benefit plans and project payroll costs and savings potential for the coming year. The Affordable Care Act includes a variety of measures specifically designed for small businesses that help lower premium cost growth and increase access to quality, affordable health insurance. Depending on whether you are self-employed or an employer with fewer than 25 employees, different provisions of the Affordable Care Act may apply to you. Learn how you can take advantage of The Affordable Care Act. It is important to protect yourself, your business and your employees and manage your health care budget at the same time.

Follow these tips and your small business will be off and running, on the way to a healthy and prosperous 2014.

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