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Year-end financial planning: Is your business ready for 2018?

November 21, 2017

Christopher Neros - Chief Commercial Banking Officer
Christopher Neros - EVP/Chief Commercial Banking Officer
By Christopher Neros | The Bellingham Business Journal

The end of the year is a busy time. Between the holidays and travel plans, it’s easy to temporarily lose focus on your business finances.

That’s what the New Year is for, to take stock and set resolutions, right?

When it comes to your finances, the ideal time to review your plan, and create fresh targets and goals, is well before the year ends. Certain actions taken now can have a sizable impact on your tax obligations and overall financial success in the future.

As a commercial lender for many years, I’ve seen very successful businesses experience unwanted financial “surprises” because they put off this important step.

Instead, take steps to enhance your financial security by setting resolutions now.

Here are a few tips we give our clients at Peoples Bank.

Develop a plan: The most successful businesses we work with have a solid business and financial plan, and reference it often. Fall is a great time to review your plan and set goals for the New Year.

Keep in mind, a plan doesn’t need to be a strict doctrine; think of it instead as a roadmap, something that charts where you want to go in the next year and possibly beyond. If you don’t know where you want to go, you won’t know how to get there. Read more...