A CBP – What Is It?

A CBP is a tax-advantaged defined benefit pension plan. Like other pension plans, it encourages long-term savings. However, unlike traditional pension plans, CBPs offer individual accounts for each participant and define an individual’s benefit in terms more characteristic of a defined contribution plan.

In a CBP, the participant’s account balance is credited each year with a “pay credit” – typically a percentage of their salary – and an “interest credit.” The interest credit may be either a fixed or variable rate linked to an index such as the one-year Treasury bill rate. The underlying benefit of the CBP is the guarantee that the investment strategies will earn a specific return, reducing the risk for plan participants.

Why CBPs may be attractive to business owners

CBPs may be particularly attractive to business owners for several reasons. For one, they enable more significant, tax-deductible contributions, facilitating effective tax management strategies for companies. Furthermore, the higher contribution levels typically associated with these plans significantly increase the duration at which retirement savings can accumulate.

As plans are age-weighted, older business owners and high-earning employees close to retirement can benefit significantly. Participants can “super-fund” their retirement savings since these plans allow for larger contributions for older workers, thus enabling them to catch up on contributions if necessary. The catch-up feature of CBPs is conducive to rapidly contributing to a retirement savings plan as the participant works toward an independent retirement.

Advantages of CBPs

There are numerous advantages of CBPs that business owners may find appealing:

Asset preservation

Along with the benefits above, CBPs provide excellent asset preservation. The Employee Retirement Income Security Act of 1974 (ERISA), under which these plans fall, offers protection against creditors. Thus, business owners can more effectively protect their retirement savings assets.

Retaining and attracting top talent

CBPs are attractive to business owners and vital in retaining top employees, such as management and employees critical to the company’s success. CBPs are also an effective recruiting tool to attract top talent to the company.

Dual retirement plan participation

If a business owner participates in another retirement savings plan, such as the company’s 401(k) plan, they are also eligible to participate in the company’s CBP. However, the contribution limit for the CBP is often three to four times higher than that for a 401(k). The contributions are tax-deductible to the company, saving thousands of dollars in annual taxes.

CBPs are easy to understand

CBPs are straightforward when calculating benefits since benefits are stated as a balance rather than calculated based on position in the company, years of service, etc.

Flexibility

Another feature of CBPs is that different participant classes with varying contribution levels can be set up – only some receive the same contribution. For example, the business owner, partners, or senior management may receive differing contributions.

Understanding the costs and risks of CBPs

While the CBP has several benefits, business owners must understand the associated costs and risks of this type of retirement plan. CBPs must be managed by a plan administrator, much like a 401(k), which incurs management and fund costs. However, CBPs also must utilize the services of actuaries, which come at an additional cost. Here are other risks business owners must be aware of before considering a CBP retirement savings plan:

Contributions, regardless of company profitability

When having a CBP, the company must commit to making annual contributions irrespective of their profitability, and there can be potential penalties if the plan is terminated early.

Liable for benefits

The company is also liable for ensuring funds to cover all accrued benefits, meaning that if the investments in the CBP underperform, the company is responsible for covering the shortfall. Companies should diversify their CBP investment portfolios or employ a liability-driven investing strategy to mitigate such risks.

Limitations on contribution limits

Like all retirement savings plans, CBPs also have IRS income limitations. Business owners must know the IRS limits, which may change occasionally. Also, the income of plan participants may change yearly based on factors such as company profitability tied to salary. For this reason, a yearly actuarial calculation determines how much each plan participant will contribute to the CBP.

Because CBPs can be complex, business owners must work with a financial professional who works with business owners, understands CBPs, IRS rules on this type of plan, and the various company retirement savings plans available. Because a business owner’s situation differs from others, they must also rely on tax professionals who understand the business owner’s unique situation.

In conclusion, CBPs are a retirement savings option that may provide substantial tax deductions, allow for rapid savings accumulation, offer asset preservation, and provide higher contributions for older workers. However, understanding the cost and potential risks is fundamental when implementing a CBP retirement savings plan. Therefore, before implementing a CBP retirement savings plan, business owners should consult with financial and tax professionals to understand the benefits and risks of CBPs and how to integrate this unique retirement savings plan into their broader retirement savings strategy.

Sources:

https://www.journalofaccountancy.com/issues/2023/jan/rise-of-the-cash-balance-pension-plan.html

https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans

Important Disclosures

This information was developed as a general guide to educate business owners and/or plan sponsors but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.  In no way does advisor assure that, by using the information provided, business owners and/or plan sponsors will be in compliance with ERISA regulations.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

This article was prepared by Fresh Finance.

LPL Tracking #536071

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What is corporate cash management?

Cash management is a multifaceted strategy designed to optimize a company’s financial operations and enhance profitability by efficiently managing liquidity and investments. Business owners must manage their capital in such a way that they can work toward their short-term financial obligations, make suitable investment decisions, and maintain a positive cash flow for their company. Here are some areas included within corporate cash management:

Managing cash flow

Cash flow management involves planning and controlling cash receipts and payments to ensure adequate cash is available when required. Better collection policies, efficient inventory management, and prudent purchasing procedures improve cash flow. The ability to manage the cash flow ensures predictability and security in operations, thereby reducing financial uncertainty.

Monitoring cash balances

Business owners must maintain a suitable cash balance and determine the appropriate level of cash required by analyzing their operating and financial cycles. Too much cash on hand may indicate lost investment or expansion opportunities, whereas having insufficient cash can disrupt company operations. Monitoring cash balances aids in maintaining an appropriate cash balance by providing timely and accurate financial forecasting.

Investment opportunities

Business owners can benefit from short-term investment opportunities through corporate cash management. Effective cash management prioritizes liquidity and recognizes the potential for returns from short-term investments. When surplus funds are available, they can be invested in low-risk, short-term investments, providing additional income for the company and thus boosting its overall profitability.

Banking relationships

Corporate cash management also assists in managing banking relationships, which involves effectively communicating with financial institutions to understand their service offerings and negotiating better terms. The interaction with banks and lenders is critical for business owners as it directly influences the cost of financial transactions and the availability of financial services.

Risk management

Moreover, corporate cash management incorporates risk management policies by identifying potential financial risks and creating measures to safeguard the company’s financial health from unforeseen disruptions. These risk management strategies may entail diversification of investments, restricting financial exposures, or purchasing insurance on sensitive company assets.

Professional guidance

Implementing suitable corporate cash management strategies and policies for a company must involve the appropriate people. These include the business owner, management, and specific company departments such as accounting, purchasing, etc.

It’s vital that business owners also include outside professionals, such as financial and tax professionals experienced in corporate cash management and working with business owners. Cross-collaboration with teams central to cash management must be adequate so that the execution of the company’s cash management strategy occurs promptly.

Technology

Corporate cash management may include using sophisticated technology to improve the company’s financial operations’ accuracy, speed, and ease, thus saving human capital hours. These technologies can range from automated payment arrangements to real-time tracking of financial transactions. By leveraging these technologies, business owners can benefit from managed operational costs, improved financial transparency, and enhanced decision-making capabilities. Here are examples of technologies that may enhance a company’s corporate cash management:

• Banking APIs
• Same Day payment technology
• Direct bank (FTP) connections
• ACH, SWIFT connectivity.
• Two-way connectivity between bank and accounting solutions
• Inventory management technology
• Investment portfolio access and monitoring

Measurement and forecasting

When incorporating cash management best practices into a company’s overall growth strategy, appropriate measurement and forecasting must occur. This strategy includes estimating the amount of cash flowing into and out of a company and comparing the estimate to the actual cash flow over a period such as a month or quarter.

Once the measurement has occurred, the appropriate individuals receive the information and the forecasting updates. Measurement and forecasting are ongoing processes that may be affected by geopolitical factors, supply chain issues, economic factors, a skilled and ready workforce, etc., impacting the company’s profitability.

In conclusion, corporate cash management is vital in ensuring a company’s financial effectiveness and sustainability. By appropriately controlling cash flow, maintaining suitable cash balances, taking advantage of short-term investment opportunities, managing banking relationships, incorporating risk management, working with professionals, leveraging technology, and forecasting, the business owner can seek to optimize their financial operations and improve the stability and profitability of their company.

Sources:

https://www.treasurefi.com/blog/integrating-commercial-cash-management-into-your-business-strategy

https://www.investopedia.com/articles/investing/041515/why-cash-management-key-business-success.asp

Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by Fresh Finance.

LPL Tracking #536271

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The importance of building credit can’t be overstated. Here are a few strategies to consider to help build it:

Register your business

Registering your business establishes it as its own legal entity and provides better access to securing loans from banks and capital, which you can use to build business credit. Along with building a solid business credit score, registering your business also offers legal and tax benefits and helps you mitigate personal liability suits brought against you from any business dealings.

Open a business bank account

A business bank account can help to build a relationship and track record with the bank. This can be beneficial when you apply for a business credit card or a loan. Being an existing customer may help you to build your business credit.

Apply for a business credit card

Having a business credit card helps to establish your business’s credibility. If the payments are made on time, that also helps build your business credit and acquire a higher score. A business credit card also works to improve business cash flow and to obtain higher credit limits over time.

Borrow from lenders that report the payments to the business credit bureaus

Borrowing from lenders that report the payments to the major credit bureaus is beneficial as it helps to raise your business credit score and develops your creditworthiness.

Establish credit with suppliers and vendors

A quick way to build business credit is by applying for net terms with suppliers and vendors. For example, net 30 accounts allow you to buy now and pay later. The accounts extend you 30 days to pay in full after purchasing of a product. This type of practice is known as supplier credit, vendor credit, and trade credit. Suppliers and vendors then, in turn, report the payments made to the three major credit agencies, helping your company build a strong business credit score.

Regularly monitor your business credit report

There are three major credit reporting agencies, each compiling data about businesses, and it is essential to monitor your company’s credit report to ensure the information is accurate. The credit agencies allow you to update general information about your business. Sometimes, incorrect or outdated information makes its way onto your credit file, and you would want to contact the credit agency to dispute the information and request a revision to your report.

Consult a financial professional

Consider consulting a financial professional with experience in building business credit who can teach you strategies to raise your business’s credit score while also providing guidance on creating manageable goals and financial projections based on decisions you make now.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

Sources:

How to Build Business Credit Quickly: 5 Simple Steps | U.S. Small Business Administration (sba.gov)

What Are The Benefits Of A Business Credit Card? – Forbes Advisor

Consumer reporting companies | Consumer Financial Protection Bureau (consumerfinance.gov)

6 Benefits of a Business Bank Account – NerdWallet UK

5 Reasons You NEED to Register Your Business. (linkedin.com)

This article was prepared by LPL Financial

LPL Tracking # 523055

The post The Importance of Business Credit and How to Build It appeared first on Tribox Private Wealth.

1. Modify your business plan

Each day, we wake up, brew our coffee or tea, tap the news app on our smartphone, and watch as the world has inevitably changed again or is undergoing some transformation; generally, it seems these days, technologically. One thing that never changes is how the world is constantly evolving, and if you are a business owner, staying on top of these changes is critical to working to ensure your business plans and strategy remain aligned with your financial and business goals.

It is critical to regularly review your business plan and modify it when necessary. An excellent example of a company that not only evolved with the changing world and market and did so by reinventing themselves is Netflix. Netflix was founded in 1997 as a mail-order subscription DVD company. As technology changed and developed, providing viewers the opportunity to stream movies instead of having to rent one, the industry changed, and Netflix changed with it. They modified their business plan and model, which has proved to work so far.

2. Revise your target operating model (if necessary)

The target operating model encompasses the principles of your business and a comprehensive scope of the business blueprint. It allows business owners to pursue a more strategic approach capable of absorbing changes in technology, customer interest, local demographics, business growth, and product diversity and evolving to supply new demands.

3. Explore potential growth opportunity

With the competition businesses faced, the need to stand out and stay relevant is part of the willingness to seek growth opportunities when they present themselves or create new opportunities. To do this often requires business owners to step outside their comfort zone, adopt new trends that may radically transform the way they do business, and view the changing business landscape as a breeding ground for innovation and new ways to problem solve while staying true to your values and beliefs.

4. Study your target market

What is impacting the market at any given time? Is your business affected? Can you capitalize on it or mitigate unnecessary risk? Businesses can study the market to learn more about customers’ changing needs and preferences. As the business landscape becomes more crowded with new companies planting roots, how can you get a competitive advantage? There are a lot of questions that arise when it comes to studying your target market.

5. Consult your financial professional

The financial decisions you make are critical to the growth and evolution of your business. Taking the initiative to consult a financial professional could help you revise your overall business plan and strategy, mitigate any unexpected risks or obstacles, and help reduce financial stress by being prepared.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by LPL Marketing Solutions

Sources:

Netflix History, Founding & Popular Shows | Study.com

The Importance of Regularly Reviewing and Updating Your Business Plan (linkedin.com)

The Importance Of Embracing Change In Business (forbes.com)

End-of-Year Review Tips for Small Businesses to Finish Strong (yourdigitalresource.com)

KPMG Target Operating Model – KPMG Global\

5 Things To Do After Launching Your Business – Rocket Lawyer

LPL Tracking # 508625

The post You started a business: Now what? appeared first on Tribox Private Wealth.

Getting Started

Before estimating your quarterly tax payments, you must gather some information. The types of information you will need to complete your estimates will depend on whether your company is a pass-through entity or a corporation. Some of the items you are likely to need to include are:

• Your total personal income, including dividends, pension, etc.
• Your estimated business income for the upcoming year, which may be based on the previous year’s earnings.
• Your estimated expenses based on your last year and expected increases.
• Your calculated self-employment tax, if applicable.¹

Calculating Your Estimated Taxes

There are a couple of ways that you may calculate your estimated tax payments. If you are not as confident or comfortable with tax matters, you may want to ask your tax preparer to run an estimate based on your previous tax return. If you know your numbers well and have completed your tax returns before, you may feel comfortable filling out Form 1040-ES from the IRS to calculate your payments. A final option to consider if you are using small business tax software is running out of estimates when you prepare your return for the year. These estimates will be based on your previous return and deductions you will likely have in the upcoming year.²

Making Your Quarterly Payments

Once you have completed your 1040-ES form, you enter the payment amounts for each quarter on the blank vouchers and mail them with your check to the address listed on the form. If you are set up for payment in the Electronic Federal Tax Payment System, you may enter your information and payment directly online. This is an excellent option as it confirms payment immediately.¹

Payments are due four times a year and need to be postmarked by the following dates:

• April 15
• June 15
• September 15
• January 15

It is important to note that if you end up having a more profitable year than expected, you always have the option of increasing the estimated taxes in the next quarter. The taxes paid don’t have to reflect the same amount each quarter.

Making Sure You Pay Enough

Ultimately, you will want to pay enough each quarter so that you don’t owe any taxes or only owe a small amount by the end of the year. The main way to work toward this is by paying 110% of the taxes you estimate you may owe and then applying any overage to the next tax year. If your cash flow is a little tight, and you don’t expect to make as much this year, you may go as low as 90% but could possibly face an underpayment penalty. If you are on track to make the same amount or slightly more then 100% of your previous tax liability should put you in a good position.²

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

 All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking #503492-02

Footnotes:

¹ Self-Employed Individuals Tax Center, IRS.gov, https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

² Quarterly Taxes, The Basics, SBA.gov, https://www.sba.gov/blog/quarterly-taxes-basics

The post How to Estimate Your Quarterly Taxes as a Small Business Owner  appeared first on Tribox Private Wealth.

Many Eggs, Many Baskets

As the adage goes, you never want to put all your eggs into one basket—and jumping headlong into a financial strategy recommended by one person does just that. What if their advice is outdated or does not fit your particular financial situation? What if the person providing the advice may actually be receiving a commission based on the products you select? By getting a second opinion, you will have a stronger strategy and a way to confirm that the initial advice you received was either on target or not suitable for you. 

Another benefit of a second financial opinion is that it can encourage you to reevaluate and reassess your goals. If your personal, employment, or financial situation has changed since the last time you reviewed your portfolio, it is an excellent time to make sure these changes are taken into account in future decisions. You may also need to reevaluate your investments or rebalance your asset allocation. 

Finally, by getting a second opinion, you will also have a chance to compare the costs and fees charged by different financial professionals. You may discover that you are happy to pay a higher fee for more tailored advice; on the other hand, you may decide that your financial situation does not warrant advice from someone whose fees are more at the high end of the scale.

When You May Need a Second Opinion

Situations in which you could benefit from a second opinion include:

• You are a DIY investor. If you have been managing your own investments, it is a good idea to bring in a professional to give your portfolio a top-to-bottom review. You may discover some opportunities you have missed. 
• You have been using the same financial professional since you began investing. If the second opinion matches up with your original financial professional’s advice, you may feel more confident that you are on track. If this advice is different, you will know there is a disconnect somewhere and can work to track it down.
• You do not have a relationship with a financial professional. If you have not yet partnered with a financial professional, you may not be aware of all the services and strategies available. It is important that any financial professional you choose is a good fit for your style and financial situation. An initial interview can help you assess their investment strategies, values, and principles before you become a client. 

There are more circumstances in which a second opinion may be warranted, but these three situations cover a great deal of ground. If you’re concerned about taking your next financial steps or just want a comprehensive review of your balance sheet, a financial professional can help.

Schedule Your 15-Minute Phone Call Today!

In our 15-minute call, we’ll learn more about you and your situation to ensure we’re a good fit.

We are dedicated to providing expert advice tailored to your specific situation.

Schedule a call today!

Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.

Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and does not assure a profit or protect against a loss.

Asset allocation does not ensure a profit or protect against a loss.

This article was prepared by WriterAccess.

LPL Tracking #1-05318847

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As a small business owner, your employees are the heart and soul of your organization. Many entrepreneurs understand the importance of a diverse, inclusive workforce and the benefits it brings, not just to the business, but to the community at large.

Your commitment to hiring practices that uplift veterans, marginalized communities, and those facing barriers to employment is commendable. But did you know the federal government offers incentives that can support and reward these practices?

Beyond the satisfaction of providing jobs and supporting community members, there are tangible financial incentives available for businesses.

Four Credits and Incentives

Here are four credits and incentives that can make a significant difference:

Employee Retention Tax Credit: The ERC was born out of the need to address economic challenges stemming from the Covid-19 pandemic. If your business has faced disruptions, but you’ve worked hard to keep your team together, this credit offers a financial cushion. By retaining your staff during these trying times, you may qualify for this advantageous tax break.

Work Opportunity Tax Credit: Are you looking to expand your team? The WOTC offers an opportunity to benefit from hiring within 10 specific groups facing employment barriers.

This credit not only helps decrease your tax liability but also supports the broader goal of workforce diversity and inclusion. With its recent extension until December 31, 2025, there’s ample opportunity for businesses to take advantage of this incentive.

Differential Wage Payment Credit: If you’re an employer who continues to pay employees while they’re on active military duty, this credit is for you. You could be eligible for a credit amounting to 20% of up to $20,000 of differential wage payments for each qualifying employee. This initiative supports businesses that stand by their employees who have chosen to serve the country.

Paid Family and Medical Leave Credit: Recognizing the importance of work-life balance and the need for time off during critical life events, this tax credit is designed for employers offering paid family and medical leave. By supporting your employees during moments that matter most, you’re not just nurturing a positive work environment, but also receiving financial rewards for doing so.

Thriving Together

Being a business owner is more than just profit margins and balance sheets – it’s about nurturing a community, fostering growth, and making a positive impact. The above incentives underline the fact that when businesses take care of their employees and the community, everyone wins.

If you’re already utilizing these practices, ensure you’re availing these credits. If not, consider them as avenues to further your community support while benefiting your business.

As always, it’s essential to consult with tax professionals to ensure compliance and optimize the benefits of these incentives.

Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

This article was prepared by FMeX.

LPL Tracking #1-05377832

The post Little Known Tax Credits for Business Owners appeared first on Tribox Private Wealth.

Important Disclosures:

Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by Fresh Finance.

LPL Tracking #502413-03

Sources:

The post Key Considerations for Small Businesses Enrolling in the Affordable Care Act appeared first on Tribox Private Wealth.

Pitfall: The Pro-Rata Rule Challenge

When you convert a non-deductible IRA to a Roth IRA, the IRS’s pro-rata rule requires that you consider all your IRAs as one. This means the amount you convert to a Roth IRA could be largely taxable if you have substantial pre-tax IRA funds. For business owners, who often accumulate significant pre-tax assets in IRAs or SEP-IRAs, this can lead to unexpected tax liabilities.

Strategy 1: Roll Over Pre-Tax IRA Funds into a 401(k)

If you have a 401(k) plan, either through your business or another employer, consider rolling your pre-tax IRA funds into it. This move can effectively isolate your non-deductible IRA contributions, making the Backdoor Roth conversion more tax-efficient.

Strategy 2: Timing Your Conversion

The market’s ebb and flow can impact the taxable amount during conversion. Consider converting when your IRA investments are down, as this could reduce the taxable income generated during the conversion. Additionally, timing your conversion at the beginning of the year gives your investments more time to grow tax-free in the Roth IRA.

Strategy 3: Segmenting IRA Accounts

While the pro-rata rule considers all IRAs as one for tax purposes, you can still strategically segment your IRA accounts based on their tax nature. This means maintaining separate accounts for deductible and non-deductible contributions. While this doesn’t circumvent the pro-rata rule, it allows for clearer tracking and management of funds.

Conclusion

The Backdoor Roth IRA strategy can be a powerful tool in your retirement planning arsenal. However, it requires careful navigation, especially for business owners with diverse retirement assets. Consulting with a tax professional or financial advisor is paramount to tailor these strategies to your unique financial situation and goals.

If you’re looking for personalized advice or wish to discuss these strategies in detail, feel free to reach out. We’re here to help you make the most informed decisions for your financial future.

LPL Tracking #511771

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1. Beef Up Your Online Presence

Your business’s online presence is a crucial component of marketing your company. In today’s society, many first look at a company’s online presence before deciding to call. The new year is the perfect time to take stock of your current online marketing collateral and presence and find areas where it can be improved or revamped to keep up-to-date and relevant to consumers.¹

2. Give Your Brand a Boost

Give your brand a look from a customer and consumer angle and see if it still fits the target market you are trying to serve. If you feel like your brand messaging is dated or no longer appeals to the customer base you are trying to attract, consider a revamp.¹

3. Find Ways to Promote a Work-Life Balance

The pandemic changed the way people approach employment. After weeks and sometimes months of working from home, many employees now are seeking a work-life balance that makes them happy. Review your current employee policies and see if there are ways to help employees achieve the work-life balance they wish for.¹

4. Create Efficient Workflow Processes

The more efficiently your business operates, the better you will be able to handle customers’ needs and keep a healthy bottom line. Sometimes, you need to take a step back with a discerning eye, honestly review your current processes, and find out areas that need improvement and how to improve them.²

5. Give Your Business Plan an Update

The one thing that you are always able to count on in life is the fact that things change. What used to work for your business may not work in the current economic climate or for your current and prospective customers. You may find that expanding the business is necessary or that the business may benefit from taking on a new investor. By taking the time to review your plan, you will make sure that it is still relevant to any changes your company has experienced since its inception.²

6. Grow Your Network

Growing your network is a great way to grow your business. Networking will allow you to grow your customer base, find vendors to suit your needs, and help you get your business name in front of the correct people. Make a goal this year to expand your network, whether it is through social media networking or business events.²

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking #490642-02

Footnotes:

¹10 New Year’s Resolutions Every Business Owner Should Make For 2022, Forbes, https://www.forbes.com/sites/theyec/2022/01/18/10-new-years-resolutions-every-business-owner-should-make-for-2022/?sh=24a4008c3888²10 Best Business New Year’s Resolutions for 2022, Nerd Wallet,https://www.nerdwallet.com/article/small-business/business-new-years-resolutions

The post 6 Business Goals for a Prosperous New Year appeared first on Tribox Private Wealth.