But small businesses often look to tighten their financial belts, too. Here's some tips from local financial institution professionals Pete Soraparu, Andrew Katrichis, Rick Dusil and Wayne Breckon for small businesses looking to make the most of 2012.
Position your company/yourself as an essential and reliable partner for your customers
* Understand customers' needs and expectations, then strive to meet or exceed them.
* Source and deliver information and products that are important for your customers.
* Always follow up.
Deploy appropriate technology as much as possible
* Understand how your customers are using technology; that should drive your business' technology strategy.
* Simplify access and payments for your customers, making it easy for them to do business with you (point of purchase, online, mobile).
* Don't get too far ahead (or behind) the technology curve for your business.
Search for local financial solutions and readily available information and support
* Your time is your most scarce resource -- keep solutions easy to understand and close to home.
* Cash management is vital for near-term surviving and long-term thriving.
* Anticipate, and plan for, success, and find a financial partner that will work hard to help you achieve it.
Don't mix business with personal
Do your best not to mix business income with personal expenses. Business owners should pay themselves a salary or make formal distributions rather than cutting a check out of the business account to pay for a mortgage, entertainment, etc. This will ensure that an owner knows exactly what the business is doing -- and will make it much easier on the accountant come tax preparation.
Remember that a budget is a tool, not law
A small business owner should be reviewing the budget on a regular basis and if tweaks and changes need to be made to ensure a budget is realistic and attainable, make the changes. Many small business owners take the time to make a budget, but then do not look at it until the end of the year and then they wonder why things went wrong. Don't be afraid to admit extreme optimism and make the necessary changes to ensure success.
Get outside help
Don't be afraid to ask an accountant or consultant if a budget makes sense. A small business owner's accountant is an ideal person to review the budget, as they probably have some valuable industry information in that business' marketplace. They have seen successful companies and unsuccessful companies and they can give an owner some advice to ensure that the business is a successful company.
