3 months ago
5 New Year’s resolutions for your business
January 7, 2016
By Aaron Hoffman
One of my favorite movie genres is the Underdog Story, and perhaps no movie better typifies this genre than the original Rocky from 1976. We cheered Rocky Balboa as he trained to beat Apollo Creed for the heavyweight title. Remember when he ate raw eggs, chased the chicken around the yard, or punched raw meat in a refrigerated warehouse? Yes, that was an unorthodox training regimen, but it helped him “go the distance” against the champ.
Fortunately, you don’t need to eat raw eggs to help your business succeed. Here are some things that you can do to get your business into Fighting Form for 2016:
1. Workplace posters
Did you know that state and federal law requires that all employers post certain workplace posters at their business? We recently made a change to the Job Safety and Health Law poster, so make sure you have the current version. If you don’t have posters, you can download or order them from us for free at www.Lni.wa.gov/RequiredPosters.
2. Rate and risk classes
If you’ve been in business awhile and you’ve changed operations over the years, get in touch with your business’s account representative and see if your business needs different risk classes. Why? If you’re due cheaper risk classes, you’ll save money. If you get a more expensive risk class, you reduce the chance of facing penalties and interest if your firm gets audited.
3. Manage cash flow
Put each month’s actual sales and expenses in your cash flow budget. Why? This will help you manage cash flow and know the natural ebb and flow of your business cycle.
4. Financial discipline
Check if your business’s accounting records and processes are up to the Generally
Accepted Accounting Principles (GAAP). Why? This will save you money because your CPA won’t have to spend time cleaning up your books. Also, be sure to save receipts and track the Return on Investment (ROI) on any marketing or advertising.
5. Invest in you
Set up some time to take a vacation or a break from your business. Build the business so it can run without you!
More resources for your business
Our Small Business Liaison Office is here to help throughout the year. Visit www.Lni.wa.gov/SmallBusiness or contact us at SmallBusiness@Lni.wa.gov or 1-800-987-0145 any time you have questions.
Now. Does anyone remember the name of Rocky’s trainer? Answer: Mickey — played by none other than Burgess Meredith. Still don’t recognize him? He was better known as “The Penguin” from the original Batman TV show that ran from 1966-1968.
Share: