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7 Things Small Business Owners can do now to Plan for Success in 2023

As a small business owner, the beginning of the fiscal year is a critical time to plan for success. It's a chance to reflect on the previous year, assess your current situation, and set goals for the year ahead. Here are some things you can do at the beginning of your fiscal year to plan for success:

  1. Review your financial statements from the previous year. This includes your income statement, balance sheet, and cash flow statement. By looking at these documents, you can get a sense of how your business performed financially over the last year. This will help you identify any areas where you may need to make improvements, such as reducing expenses or increasing revenue.
  2. Create a budget for the upcoming year. A budget is a financial plan that outlines your expected income and expenses for the year. It's important to have a budget in place so that you can track your spending and ensure that you have enough money to cover your expenses.
  3. Set goals for the year. Goals are important because they provide direction and motivation for your business. When setting goals, make sure they are specific, measurable, achievable, relevant, and time-bound (SMART). This will help you stay focused and on track throughout the year.
  4. Identify potential challenges and come up with solutions. As a small business owner, you will likely face challenges along the way. It's important to anticipate these challenges and come up with solutions in advance. For example, if you know that cash flow is a challenge for your business, you might want to explore financing options or look for ways to increase revenue.
  5. Create a marketing plan. Marketing is a crucial part of any business, and a solid marketing plan can help you attract new customers and retain existing ones. Your marketing plan should include a description of your target market, your marketing objectives, and the strategies and tactics you'll use to reach those objectives.
  6. Invest in your team. Your team is the backbone of your business, and investing in them can pay off in terms of increased productivity and morale. Consider offering training and development opportunities to help your team members grow and improve their skills. You might also want to consider offering perks and benefits, such as flexible work schedules or health insurance, to help retain and attract top talent.
  7. Review and update your business plan. Your business plan is a document that outlines the goals and objectives of your business, as well as the strategies you'll use to achieve them. It's important to review and update your business plan regularly to ensure that it stays relevant and reflects your current situation.

In conclusion, the beginning of the fiscal year is a great time for small business owners to plan for success. By reviewing your financial statements, creating a budget, setting goals, identifying challenges and solutions, creating a marketing plan, investing in your team, and reviewing and updating your business plan, you can set yourself up for success in the year ahead.

Need working capital to start the year on the right track? If you're a small business owner who needs up to $350,000 in working capital to purchase inventory, hire seasonal staff or invest in marketing, Fundomate's small business funding program or our new interest-free program may be the solution for you. Unlike other traditional forms of loans and financing, Fundomate's working capital product for small businesses does not impact your credit score, require a personal guarantee, or set restrictions on how or what you can use your funds for.

‍Plus, the process is not only quick and easy but offers attractive advantages:

  • get funded within one business day
  • no restrictions on how you use the funds
  • generous eligibility requirements including a minimum of $10,000 monthly gross revenue, 12 months or more of business history and a low minimum credit score of 600 and above

Contact us today to see how we can help you get ready for the biggest shopping day of the year with up to $350,000 in working capital or up to $20,000 in interest free small business funding.