In addition to the usual chaos of the holiday season, year-end can bring a lot of anxiety to small businesses. They come face-to-face with the ambitious goals they created in January, for better or for worse! Either way, now is the time to close out the year as strongly as possible and prepare for a successful New Year!
If your business is on track to bring in far more in profits than you initially anticipated, congratulations! Naturally, this also means that the IRS will want to share in your success. Be sure to meet with your accountant in November to review your projected year-end numbers and plan for tax time so you aren’t hit with a big surprise in April. You may even be able to spend or re-allocate some funds before December 31 to reduce your tax liability, so don’t delay!
For some small businesses, this has been a year of ups and down. The holiday season and year-end financial responsibilities may also mean more expenses and less immediate revenue. If this sounds like your business, you may need to prepare for a cash shortfall in the coming weeks and months. In addition to doing whatever you can to bring in more revenue, you may also want to consider getting a helping hand from Merrimack Valley Credit Union. A small business loan or a line of credit could carry you into next year while you wait for customer payments or year-end sales to come in.
Contact our Business Services professionals to learn more about the opportunities that may be available to you, and what will work best for your situation.
Category: Business
In addition to the usual chaos of the holiday season, year-end can bring a lot of anxiety to small businesses. They come face-to-face with the ambitious goals they created in January, for better or for worse! Either way, now is the time to close out the year as strongly as possible and prepare for a successful New Year!
Summer is the perfect time for small businesses to gain a competitive advantage. It’s like overtaking a runner in a race while they’re stopping for a water break; you have an opportunity to gain an edge while others are slowing down. When the weather heats up, here are five ways you can get the edge on the competition:
There’s a common misconception that life insurance is only for those married with children.
Where to Focus in July to Ensure the Best December. The month of July signals the halfway mark on the calendar, and a time when things typically slow down for many small businesses. With customers and clients taking time off for vacation, it’s tempting to leave the office early to catch a game of golf or head to the beach for the weekend.
MVCU is proud to highlight the achievements of small business owners in our community. Meet Evelyn, owner of Hair’s Evelyn Salon in Waltham, MA.