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Now is The time to Review Your Business Plans and Financial Results

Mark Swenson, Business Banker, provides suggestions to help you prepare your business finances for the new year.

January 04, 2017

By: Mark Swenson

A business banking customer recently met with me and another banker.  We discussed taxes and year-end financial planning.  The couple wanted to complete their 2016 financials and taxes as quickly as possible and asked for suggestions.  While driving away from their office I wondered how a CPA might have answered their questions.  To find out I called one.

As expected the CPA suggested that clients get better results when they are organized and don’t procrastinate.  He provided the following suggestions:

  • Develop an organized synopsis of the past fiscal year.
  • Summarize income and expenses.
  • Provide details on loan balances, interest paid and other expenses.
  • Explain health insurance and retirement plan expenses.
  • Summarize information on asset purchases.
  • Gather and deliver information to tax preparers as soon as possible.

The holiday season is a time for parties and family gatherings.  It’s also a good time to review business plans and financial results.  As you prepare for a new year and a meeting with your banker, consider these suggestions:

  • Compare your prior year’s budget to actual results.
  • Determine strategies that worked and ones that need to be changed.
  • Create a plan to replace business activities that aren’t working.
  • Set revenue, profitability and cost-saving goals.
  • Consider fixed-asset acquisition needs for the next 12 months.

We at Great Western Bank hope 2017 brings you increased profits, improved liquidity and manageable debt.  After celebrating the New Year, call your business banker and arrange a meeting to review your plans.   

All of us at Great Western Bank wish you a profitable New Year.

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