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Small Biz Insights: Preparing Your Small Business for 2024
running-a-business | Read Time: 2 minutes
By Eric Springer | Published: October 2023
2023 has presented many challenges for small businesses, with inflation and rising costs impacting many owners’ bottom lines.
Why it matters: Difficult economic conditions are expected to continue well into 2024, so small business owners should be looking at their 2023 results to guide 2024 planning.
Your planning checklist:
- Optimize your cash flow.
- Consider financing options if you need cash.
- Evaluate your expenses.
- Boost your online presence.
- Need equipment? Take advantage of 4th quarter tax breaks.
- Expand payment options for customers – make it easier for them to buy from you.
- Seek alternate vendors and adjust your own pricing to stay competitive.
- Protect your business from fraud.
Go Deeper: Leverage your banking and partner relationships to discover new paths to increased cash flow, sources of capital, and tax advantages like IRS Section 179 to equip your business for success in 2024.
About the Author – Eric Springer
Eric Springer is Vice President, Integrated Communications Manager at WSFS Bank. He brings nearly 20 years of experience in corporate communications and marketing for banking, professional services and nonprofit organizations.
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