A new year, a new start. But what if 2023 brings the same economic headwinds?
High inflation, supply chain issues, and a war for talent all impact small businesses. With an expectation of near-zero growth in 2023, it would be prudent for entrepreneurs to prepare for a rocky year ahead.
How can businesses prepare? The predicted recession is expected to be small and mild, so business owners who stay optimistic while optimizing their businesses can navigate choppy waters.
Discover how to build a stronger, leaner, and more successful company with our resolutions for small businesses. Stay the course and take advantage of opportunities after the financial storm has passed.
If you’re interested in getting help to reach your HCM goals, contact us.
Small Business Resolutions for The New Year
Next year’s predicted recession presents an opportunity to reassess business plans.
With 76% of small business owners saying they have a plan B, it might be time to pivot, find new and different customers or consider adding new products to your offering.
Continue reading for handpicked resolutions for small businesses and propel your business forward.
1 – Find The Best Payroll Provider
The best payroll provider for your business is one that meets your growing needs, keeps you compliant, and gives you guidance on complex legal and tax issues.
Also, the right provider doesn’t charge hidden fees and avoids making expensive payroll errors, protecting you from IRS penalties.
If your current payroll provider is below par, maybe it’s time to consider Asure for all your payroll needs. With Asure as your payroll provider, you can:
Save time and money – Asure will streamline your payroll and management processes.
Trust your business is always compliant – Asure will maintain all tax rates, brackets, and statutory limits to reduce liability concerns. How? By assuming the liability of managing payroll, all HR data, and filing taxes on your behalf.
Avoid costly penalties – Asure will keep you compliant with the Affordable Care Act (ACA).
Free staff from manual data entry – Asure’s General Ledger Integration allows payroll data to be automatically uploaded, so there is no need for data entry. Also, import labor hours with just one click.
Improve employee engagement – Asure’s self-service allows staff easy access to pay and other related information.
Have peace of mind – Asure, a provider with the highest standards in security, will keep your data safe.
Switching payroll providers may save your business thousands, so don’t miss this opportunity. Check out Asure’s payroll and tax filing solutions for your business.
2 – Don’t Let The ERTC Clock Run Out
There’s still time to claim the Employee Retention Tax Credit or ERTC – the most considerable business tax credit in the history of our country.
If you qualify, you could be in line for $26,000 per employee, so start 2023 right and don’t miss out on this potential windfall.
Introduced as part of the 2020 CARES Act, the ERTC is a refundable payroll tax credit created to keep companies afloat and encourage them to retain staff during the pandemic.
Employers could initially claim a maximum tax credit of $5,000 per employee per quarter from March 13, 2020, through December 31, 2020. New legislation extended the amount to a maximum of up to $7,000 per employee per quarter beginning January 1, 2021, and ending on September 30, 2021.
While the program has expired, business owners can still file for a refund from the relief period.
If your business (or nonprofit) meets one of the criteria below, you might qualify.
The company was partially suspended or closed during the pandemic.
The employer lost a lot of money compared to before the pandemic.
Asure has empowered small business customers to claim over $300 million in ERTC, and it will review qualified wages, calculate the credits, and file amended payroll tax returns to claim your ERTC credits.
3 – Examine Your Expenses
In a time when rising prices for raw materials, utilities, fuel, and wages have piled pressure on companies, 83% of small business owners say rising costs have impacted their businesses.
Like 70% of other business owners, you may have to raise prices to cover the increasing costs. However, keeping your company lean by taking stock of your expenses might be more sensible.
Start by streamlining and renegotiating expenses. Review all costs, from office supplies to corporate entertainment. Audit spending by asking these questions:
Do we need this to be successful?
Are there any items we can eliminate?
Are there more competitive suppliers?
Can we replace expensive external meetings with free virtual ones?
Also, check your software subscrip
tions. Do you need them all?
Assess your energy use; you might be able to make substantial savings. Consider hybrid working to save money on rent.
Bootstrap your business now to help you survive the predicted tough times ahead.
4 – Diversify Your Customer Base
A recession might affect various industries differently.
For instance, a downturn might hit the hospitality industry hard while the electronics sector thrives. Diversifying your customer base can make the difference between surviving a recession and filing for insolvency.
Explore these ideas to attract different customers:
Discover the power of testimonials and referrals – feature customer case studies online, and give referral discounts to your customers. When a customer is happy, check if they would like to provide a testimonial and refer your business to a friend.
Optimize marketing channels – social media can be powerful for attracting a new customer base. Follow your competitors to learn what works.
Analyze your competitors’ strengths and weaknesses – find a gap that you can fill if you improve your marketing, products, or services.
Create partnerships with other companies – research your partner’s reach to see if the partnership would help you attract different clients first.
5 – What Areas Can You Automate?
Maximizing efficiency will make your company more productive, scale, and grow.
Adopting automation can ease the pressure on staff and free them up to help grow your customer base.
You can automate many areas, from eliminating manual data entry to using chatbots in the customer service department. Consider introducing an Integrated Human Capital Management System. It can make a vital difference to your bottom line.
With Asure as your payroll provider, your business stays compliant, retains staff, and scales for growth.
If you make only one new year resolution, make it this one.
At the end of the year, we look to the future.
With a possible recession projected next year, a clear plan and a positive mindset will help small business owners survive the storm.
Get your business in good shape by following these resolutions for small businesses:
Switch payroll providers,
Check if you qualify for the ERTC,
Cut out unnecessary expenses,
Diversify your customer base,
If you’d like to speak to an HR representative about your business, contact us.