Financial Planning Checklist for Your Business

With just barely a month into the new year there’s still plently of time for business owners to lay the groundwork for financial success in 2025. A well-thought-out financial plan not only ensures stability but also provides the clarity needed to seize growth opportunities.

Here’s a quick checklist to help you stay on the right financial footing this year:

Review the Previous Year’s Financial Performance - Analyze your 2024 financial statements, including bank statements available in VeraBank’s convenient online and mobile banking tool, income statements, balance sheets, and cash flow statements. Identify what worked well and areas that need improvement. Understanding your past performance is crucial for planning next steps.
Set Clear Financial Goals - Outline specific, measurable, achievable, relevant, and time-bound (SMART) financial goals. Whether it’s increasing revenue by a certain percentage or cutting unnecessary expenses, having defined targets will help keep you on track.
Invest in Technology - Consider upgrading to tools that streamline financial management, like Autobooks or Paychex – both offered by VeraBank. Autobooks is a one-stop hub for your financial workflow, and Paychex will help you effectively manage payroll and workers across the entire employee lifecycle.
Stay on Top of Your Finances - Gain an exceptional understanding of your finances with Financial Insights, our newest money management tool! Available to our small business customers through the same convenient banking platform you use for online and mobile banking, Financial Insights helps you create budgets, categorize transactions, view cash flow, and more.
Create or Update Your Budget - A comprehensive budget is essential for managing expenses and ensuring profitability. Factor in potential changes, such as rising costs, investments in technology, or hiring new staff.
Plan for Tax Season - Work with your accountant to prepare for the upcoming tax season. Take advantage of available deductions and ensure you’re compliant with any new tax laws or regulations.
Reassess Your Pricing - Evaluate your pricing structure to ensure it reflects the value you provide while covering costs and contributing to growth. Adjust as necessary to stay competitive.
Build an Emergency Fund - If you don’t already have one, start setting aside funds for unexpected expenses. An emergency fund can provide a safety net and peace of mind.
Explore Growth Opportunities - Identify areas for potential growth, such as new markets, product lines, or services. Allocate a portion of your budget toward driving expansion. Efficiency gains can save you time and money in the long run.
Seek Expert Advice - Looking for more business banking products to help you tackle the obstacles facing your business? Our experienced team of Business Banking Specialists can help you with that! Contact one of our team members today for a full list of resources and services we offer.