Business Spring Cleaning

  • January 23, 2020
  • By Sarah Solomon

As spring slowly approaches us, it’s time to declutter. Many people focus on cleaning out that garage they always said they would, but never did. Sometimes, they even focus on organizing their car or closets. But what about your office and business?  Have you ever dedicated some of your spring cleaning to your business? If not, prepare for this spring. You can declutter your office financially, revise business plans, and simply restart your finances. REIL has some tips below on how you can include your business in spring cleaning this year. 

Be Aware of Your Business Expenses 

As a small business, there are tons of finances you have dealt with over the years.  Are they organized? Do you file your taxes, or hire a separate company? Regardless of your answer to these questions, work towards organizing your business anyway.  Establish separate bank accounts for your expenses. One for your taxes, and one for purchases of inventory, products, and your marketing. Additionally, make sure all your personal accounts and expenses are separated from all and any business accounts.  This way, you can maintain an accurate record of all your business-related income and expenses. 

Increase Your Cash Flow 

In order to keep a business running, profits and a great cash flow are a must.  Spring generally symbolizes a time of growth. What better time than to increase your businesses growth and cash flow.  You can start by constantly tracking your cash flow each week. Focus on whether you are profitable, and if you are by how much.  Identify potential gaps and problems to know whether you do not have enough cash on hand to face those upcoming challenges. 

During spring cleaning, consider small business funding.  There are many products and services that can help keep your cash flow constant while allowing you to pay off any debts or potential costs.

Revitalize Your Business Plan 

As a small business, upon starting you should have developed a formal business plan.  This plan is the foundation and guidelines of your business. Has it been updated to match the current times?  Can you identify any better ideas or changes that should be made? Doing so can help business owners to better run their business and reach their goals.  

Giving your business plan a good overview is a productive and strategic task. You will be better able to manage your cash flow, finances, and employees through an updated and formal plan.

REIL Advice 

Spring cleaning is always necessary.  Quite frankly, it also feels good to reorganize things and start with a fresh slate.  Make sure your small business is ready to head into spring. Be prepared for prosperity and success.  Reach out to one of our REIL representatives if you are in need of funds to kick start your businesses spring cleaning! 

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