2022 Small Business

Reviewing key aspects of your small business can help you realign your goals and resources to help prepare for a successful year and new opportunities.  Prepare for 2022 with this checklist.

Prepare Key Financial Documents

The three main financial documents to prepare are a balance sheet that lists your assets and liabilities, an income statement that lists your revenue, expenses and profit, and a cash flow statement.  By preparing these documents, it allows you to determine if you are running a healthy business or if adjustments need to occur.  Additionally, if you are looking to expand your business or plan to apply for a loan, these documents are usually required.

Start Getting Tax Documents Together

These forms include, but might not be limited to, Form 1099-NEC and Form 1096, W-2 Forms and W-3 Forms, State and federal payroll returns (Form 940).  By preparing financial statements, it will make preparing tax forms much easier.

Review 2021 Goals and Reevaluate Goals for 2022

What did you accomplish 2021 and what remains for 2022? What are your goals for 2022?  Make sure these goals are measurable and achievable.

Meet with Employees

Don’t forget about your employees.  They are the most important aspect of your business!

Evaluate Vendor Relationships

Do your vendors still meet your business needs?  Are there any adjustments needed to be made to your contracts, if applicable?

Review your website and marketing plan to ensure it is dynamic and current

In the end reflect on your business at a high level as well as the details to ensure it is headed in the direction you envision.  As you continue growing your business, CFR is always able to help with your consulting or factoring needs.