It’s hard to believe it, but another year is almost drawing to an end. 2022 has been a year full of ups and downs for many businesses, as companies scrambled to retain or find employees, inflation increased, and a recession loomed.
As the year comes to a close, you may be looking forward to 2023. Working with a virtual CFO can help your company prepare for the next 12 months and beyond. Here’s how a virtual CFO can help your company prepare for 2023.
Making a Plan for Growth in the New Year
Growth is often a goal for small and medium-sized businesses. But, you may not be sure how to go about achieving that growth. Is it better to expand into a new market or introduce a new product?
A vCFO can help you decide which direction to take. They can then help you develop a strategic plan to achieve your growth goals.
Some companies might want to grow but feel stagnant or stuck. In those instances, a vCFO can provide an outside eye. They can examine your company objectively and provide advice and insight on what to do next to help you get out of a rut.
Finding More Capital
Interest rates are rising, which can make it more challenging for companies to afford to borrow money. If borrowing has become too expensive for your business or you expect it will become too expensive, a vCFO can help you explore other financing options, such as working with investors. They can also facilitate relationships between your company and potential investors.
If borrowing is the right choice for your business in 2023, a vCFO can help you find loans that have favorable repayment terms.
Preparing for Taxes
The end of the calendar year means that tax season is right around the corner. Your vCFO can help you get your receipts and other documents in order so that 2023’s filing season is a breeze. Depending on your company’s situation, your virtual CFO might recommend deferring income until next year, accelerating expenses, or both. They can also help you think strategically about your taxes in 2023.
Planning Your Next Steps
2023 may be a big year for your company, or you may want it to be. Your virtual CFO can help you plan the next steps for your business. For example, you may be approaching retirement age and are ready to move on to something else. A vCFO can help you start the process of selling your company or naming a successor. You want to ensure your company thrives and survives, even when you’re no longer at the helm.
It could also be the case that you’re ready to expand your company by acquiring or merging with another business. A vCFO can help you review your options and research businesses to potentially acquire. While the process of merging or acquiring a company is similar to that of starting a new one, there are some steps to take to ensure your existing company is protected.
2023 will be here before you know it. To make sure your new year gets off to a great start, contact New Direction Capital to hire your virtual CFO today.
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