Having business goals and working hard to reach them is important if you want to accomplish long-term success. As you look forward to 2024, you must assess the financial status of your business and include some concrete actions toward financial security. You can start the year right for your business by making realistic resolutions.
Quarterly results from the SWS Social Weather Survey shows that the leading items on 2023 New Year’s resolutions were improved fitness (31%), improved finances (16%), and improved outlooks on life and mental health (27%).
As 2024 approaches, you need to take care of your business’ financial health, too. Here are 5 financial resolutions to have a fresh start this 2024 and turn it into a fantastic year for your business.
1. Pay taxes, employees, and suppliers on-time.
As Filipino citizens and business owners, it is your obligation to pay taxes, workers, and suppliers on time. Failure to make the necessary payments can have legal repercussions. Penalties may also be applied when taxes are not fully paid by the due date. These problems can derail your finances and business strategies.
It is a must to pay employees and suppliers on time. Employees work hard to earn their salary. Delayed payments will have an impact on employee satisfaction and may can even lead to legal action against the employer. Paying suppliers on time builds trust and fosters good relationships. This helps a business negotiate better terms with them.
2. Set attainable goals for earnings and budget cuts.
Start the year by setting realistic financial goals that include earnings and budget cuts. Vague goals will sidetrack your resolve to stay motivated. Follow the SMART approach to goal setting: Specific, Measurable, Attainable, Relevant, and Time-bound.
Set an achievable income goal for 2024 that includes a measurable number and deadline. For instance, you can set a goal such as generating a specific amount of income in six months or growing profits by a certain percentage at the end of the year. Do not hesitate to make budget cuts, especially if these are unnecessary expenses in the business. Evaluate your commercial financial status to know where you stand monetarily.
3. Analyze and trim the fat from your marketing plan.
A marketing plan is more efficient when you trim the fat. It is a detailed guideline that can enhance business reputation, help reach the target customers, and promote the goods and services. However, there may be some processes that do not contribute to the financial goals you want to reach and may hold back the growth of the business. You may follow the following tips:
- Analyze the marketing efforts carefully to see the hits and misses. Eliminate strategies that fail to produce profits.
- Minimize unnecessary expenses to save money which includes cutting back on excessive spending, lowering overhead costs, and eradicating waste.
4. Prepare for the future with digital tools.
Advancement in technology has changed the business landscape at a fast pace. Digital tools can help a business keep up with the evolving market situation and customer needs. Digital transformation must be a top priority for every business owner who wants to prepare for the future. It can help automate the system, improve efficiency, and grow the business further.
Promoting even a small business is now much easier with just a click on the button on social media accounts. As business owners, you must adapt fast to stay relevant in this digital age.
5. Future-proof your business with insurance.
Insurance protects profits and employees, as well as their families when unexpected events like injuries, accidents, and financial losses happen. Without insurance, you may be at risk together with your profits and employees when life surprises occur.
You should not be caught unprepared. Look for a reliable insurance company in the Philippines that offers a wide array of insurance products that suit your business needs. Sun Life offers group life insurance to help companies and organizations provide affordable life insurance to their members. This includes the following:
- Group Life Insurance is an insurance plan designed for employers and organizations so employees and members are protected through a unique benefits package that is customized to the needs of a business or organization. The coverage is 24/7 on and off the job and renewable every year.
- BIP Emergency Fund + Lifetime Protection is an insurance plan that allows business owners to maintain profitable operations through turbulent economic periods, such as pandemics, skilled worker shortages, and recessions.
- The BIP Key Employee Protection plan can help you keep your organization running when a key person with unique and untransferable skills, business relationships, and talents, passes away.
Make 2024 an excellent year for your business by taking care of its financial health. Resolutions concerning finances must be attainable to keep your determination from dwindling. Do you want to start the year right by seeking financial advice for your business? Talk to Sun Life financial advisors today!