Monday, February 25, 2013

How can businesses make 2013 the best year ever?

Here is my advice:

1 - Get out of "hunker down mode". The economy seems to be picking up in many areas of business. A small business owner needs to know when to grow and when to retract. In my opinion, 2013 will be the year to begin growing again. This means considering hiring, spending on technology, raising prices, etc.)

2 – Raise Your Credit Line. Now may be the time to increase your company’s credit line. With increased revenue comes increased working capital needs. Also, with the Federal Government’s push to ensure that banks are lending to small businesses the timing is right to double (or triple your line).

3 – Look into strategic partnerships. When the economy grows, your company may want to increase it’s market share. Now may be the time to form a relationship or merge with another company in your field.

4 - Take advantage of the tax package. Tax incentives for buying equipment (Section 179) still exist and will help add to your bottom line.

5 - Use New Technology. We experienced the internet for the past decade. Now we have social media, smart phones and tablet PCs. Use this technology to your company’s advantage. Consider hiring a social media expert to help you company (e.g. our company published an iPhone and Android app to help companies and individuals know the tax rates).