December 05, 2022
The holiday shopping season is now in full swing, and small businesses throughout the greater Philadelphia and Delaware region are looking to capture consumers’ spending to propel their business to financial success in 2023 and beyond.
In fact, a new WSFS Bank Small Business Trends study found that small business owners and leaders are optimistic about their revenues in the next year, with 83% believing their revenue will increase or stay the same, despite the impacts of inflation and rising costs.
As we head toward the home stretch of 2022, here are a few ways to position your small business for sustained success and financial health.
However, 76% are optimistic their business will still be operating in a year, which is great news. That also means that nearly one-quarter of small businesses surveyed do not expect to be operating, underscoring the importance for short and long-term planning for any business.
With inflation’s grip still strong and rising costs for everything from supplies for the business to healthcare for employees, mapping out a financial strategy is crucial. Speak with your banker and accountant to develop and set in motion a plan that works best for your business.
Be ready to offer loyalty programs for new customers using the gift cards they received as presents and keep the program running throughout the year to keep current and new customers coming back to buy your products and services!
Purchasing certain categories of equipment or software for your small business in the last quarter of the calendar year allows you to apply a tax deduction to 100% of the equipment’s purchase cost to that year’s profits. This benefit applies to new and used equipment and includes computers, office furniture, certain types of work vehicles and equipment for business use, like a pizza oven.
Often times, these types of loans can be approved and funded within days, allowing you to act quickly before the year ends to not only improve your business, but add extra cash flow in the process.
Whichever approaches work best for your business, always remember to consult with your banker, accountant and tax advisor to ensure your plan is in place and regularly reviewed and adjusted as needed as we navigate the current economic environment.
Candice Caruso is Senior Vice President, Chief Retail Lending Officer at WSFS Bank. She brings more than 20 years of experience in the financial services industry, including 12 years as a business funding expert, and has been featured on Bloomberg Radio, CNBC’s Closing Bell, The Wall Street Journal and Franchising World.