As the seasons change, now is an excellent time to assess and refine your business’s financial habits. Taking time periodically to reflect on your business goals and progress will help you stay on track and motivated to reach your dreams. Here is a quick guide to help you reset your business’s financial habits for a stronger foundation.

1. Revisit your “why”

  • Review your business goals and your company vision.
  • Ask yourself, “Why did I set these goals, and what do I want to accomplish?  
  • Remember what drives you – growth, financial stability, a stronger bottom line.
     

2. Check your financial health

  • Review your company’s income and expenses, account balances, savings, and debt to clearly understand your current standing.
  • Ask yourself, “What are we doing well, and where are our weak spots?”
  • Review your financial tools, processes, and daily financial management. Ask your banker for a free cost analysis to see if there are ways to reduce costs or automate processes.
     

3. Look at your spending patterns

  • Are your business spending habits bringing you closer to your goals or taking you off course?
  • Look at your monthly transactions to see exactly where the money is going.
  • Are there areas where you can scale back expenses or make adjustments? Your banker is a good sounding board to help you analyze your financial habits.

 

4. Set small, achievable goals forward

  • Pick one or two changes you can make that will positively impact your business without overwhelming you or your team.
  • Maybe start by identifying one thing you can stop doing and one thing you can start doing to help move your business closer to meeting your overall vision and long-term goals.
  • The key to building good financial habits that will last is to take one step, make one change, at a time.

5. Celebrate the journey

  • Take time to celebrate the small steps forward.
  • Words of congrats, pot-luck lunches and even jeans days are fun ways to recognize achievements and motivate your team to support your company’s overall vision.
  • Teamwork makes the dream work – celebrate victories with your team!

 

Take time this season to revisit and reset good financial habits that will set your business up for ongoing success. We are here to help if you want to talk about ways to help strengthen your business financials. Connect with one of our bankers today.