December 2019

8 resolutions your business needs to grow in 2020

Follow these resolutions from small business expert Rieva Lesonsky to keep the money flowing in 2020 and beyond.

RESOLUTION #1: “I will start accepting mobile and digital payments.”

Accepting digital payments makes your business more efficient — and customers appreciate the convenience.

RESOLUTION #2: “I will protect my business’s financial data.”

Cybercrime is on the rise, putting your business’s and your customers’ data at risk. Update security software and train employees in the importance of cybersecurity.

RESOLUTION #3: “I will keep an eye on my cash flow.”

Review cash flow at least once a month to avoid an unexpected cash crunch.

RESOLUTION #4: “I will plan ahead for financing needs.”

The time to get financing is when you don’t need it. Research your options now and create sales and financial forecasts.

RESOLUTION #5: “I will make the most of my accountant.”

Your accountant is more than a bookkeeper or tax preparer. Set up regular meetings with this valuable resource.

RESOLUTION #6: “I will charge what I’m worth.”

Charge what your services are really worth. Clients and customers are looking for value, not rock-bottom prices.

RESOLUTION #7: “I will build value in my business.”

Whether or not selling your business is on the horizon, building its value is always a good idea. Review your financials and take stock of assets and liabilities.

RESOLUTION #8: “I will save for retirement.”

SIMPLE IRA, SEP IRA and 401(k) plans may be available to your business (and help to attract and retain employees).

Bank of America is committed to your success. From our collaboration with Cornell University to our partnership with the Small Business Administration, our Fraud Resource Center and the Small Business Community — we have the resources you need to help you start and grow your business.