With the end of the year quickly approaching, now is the perfect time to take stock of where your business stands, especially if you’ve been using an SBA loan to fuel your growth. Whether you’ve had a stellar year or faced a few challenges, a little planning now can set you up for even greater success in the coming year. Here are a few things to consider as this year wraps up.
- Check In on Your Loan Compliance: Start with reviewing your loan terms, have you been staying current on payments, using the funds as intended, and meeting any reporting requirements? It’s a good idea to double-check everything now to avoid any hiccups later.
- Reflect on How You’ve Used Your Loan: Take a moment to think about the goals you had when you first took out your SBA loan. Did the funds help you achieve them? Whether it was starting your new business, purchasing equipment, expanding your space, or boosting your working capital, evaluating how those investments paid off can help guide your business’ next financial steps.
- Get Your Financial Records in Order: No one loves paperwork, but keeping your financials tidy is a must—especially for SBA borrowers. Make sure your loan-related transactions are accurately recorded, and your books are ready for tax season.
- Take a Fresh Look at Your Cash Flow: How’s your cash flow looking? If things have been a bit tight, now’s the time to identify any problem areas and plan for improvement. And if you foresee any challenges in making your loan payments, reach out to your lender sooner rather than later, we’re here to help.
- Plan for Tax Time: Good news: the interest you’ve paid on your SBA loan may be tax-deductible! Work with your tax advisor to maximize those savings. If you’re thinking about buying equipment or stocking up on inventory, doing it before year-end may bring even more tax benefits.
- Think About What’s Next: What does growth look like for your business in the coming year? Whether it’s opening a new location, launching a product, or hiring more staff, start mapping out your plans now. SBA loans are designed to help you grow, when you're ready to take the next step, connect with your lender to explore whether securing additional funds aligns with your financial goals.
- Put Together a Budget for 2025: A solid budget can be your best friend in keeping your business on track. Make sure your SBA loan payments are included, and plan for other big expenses like payroll, marketing, and supplies. Having a clear financial picture will make the new year feel a whole lot less daunting.
- Stay Connected with Your Lender: Your lender is more than just a bank—we’re your partner in success. If you’ve had a great year, we’d love to hear about it! And if you’re planning something big for 2025, let’s talk about how we can support you. Keeping the lines of communication open is always a smart move.
- Learn from the Year’s Ups and Downs: Every year comes with lessons. What went well? What could have gone better? Use these insights to fine-tune your strategy for next year. Growth is all about learning, and we’re here to help you navigate the journey.
- Celebrate Your Wins: You’ve made it through another year of running your business, and that’s no small feat. Whether you hit your goals or overcame challenges, take a moment to recognize everything you’ve accomplished. You’ve earned it!
Let’s Make 2025 Your Best Year Yet
As we close out the year, remember that wrapping things up isn’t just about checking boxes—it’s about setting your business up for even bigger wins in the future. At First Bank of the Lake, we’re proud to be part of your journey, and we’re here to support you every step of the way.
Here’s to a successful finish to 2024 and an exciting year ahead! If you have questions or need guidance, don’t hesitate to reach out. We’re always here to help.