Financial Matters: Resources

PORTSMOUTH, Va. (WAVY) - For some small business owners, 2011 was a difficult year, but  you can make changes now to wrap up your year on a high note and gear up for 2012.

Resources for small business owners:

• Raise a glass to getting through 2011. Unfortunately many small businesses closed in 2011 - not being one of them is a reason to celebrate.
• Consult your tax adviser. There is still time to make year-end tax adjustments that can help lower your taxes for the year. It may make sense to purchase equipment, defer income, contribute to a charity or set up a retirement plan.
• Thank your employees. In an economic environment where we are all working harder and wearing more hats, make sure your employees know that you recognize their hard work and the role they played in the success of your business. Thanking your team is a great way to end the year on a high note and gear up for 2012.
• Clean up your files. December is a great time to clean off your desk, purge old files and check the status of open proposals or projects. It is also a good time to check data backups.
• Take time to evaluate your business. What did 2011 look like? What was successful? What experiences did you have that you enjoyed? On the other side, what areas were most challenging?
• Set goals that excite you. If you can't get excited about your business, why would anyone else. You should be excited about what you are looking to accomplish over the next year.
• Make your goals specific and attainable. The more specific and realistic your goals are the more likely you will be to make it a reality.

For more information for business owners, stop by any of the 14 BayPort Credit Union locations across Hampton Roads or click here to visit BayPort's website.