Strategic Success: How to Finish Strong and Plan for 2025

As the year winds down, it’s time to evaluate your progress toward end-of-year goals. While assessing your company’s performance, it’s also a good time to ensure financial resources are allocated effectively to meet future objectives. There are several key factors that can impact your business’s financial planning and budgeting that you should consider.

From the uncertainties of political change and a new administration to the seasonal demands of holiday spending, and the importance of meeting end-of-year goals, strategic planning is an essential part of running a successful business. And it’s well worth your time. Staying on track with debt or loan obligations is crucial, and a banker can support you with cash flow management, short-term financing options, and end-of-year tax planning.

Consider the following points as you plan for the rest of the year and the upcoming calendar year.
 

Think Through the After-Effects of an Election Year

Election years can have their own impact on planning and budgeting. It often means economic uncertainty and potential changes in economic policies, regulations, and taxes. Try scenario planning and contingency planning to anticipate different financial possibilities related to a changing administration.

It might be a good time to minimize unnecessary spending and preserve cash flow. A banker can help with planning and forecasting in addition to offering credit and financial solutions that can help you no matter what economic and regulatory shifts may be coming.
 

Look at Your End-of-Year Goals

It’s time to take a hard look at how close you are to meeting end-of-year goals. Assess your company's performance, and make sure financial allocations are being directed toward achieving goals. If you have debt or loan obligations, stay on track to meet end-of-year payment deadlines.

A banker can help you reach your end-of-year financial goals by helping with cash flow management and/or offering short-term financing options and treasury management services. They can also help with end-of-year tax planning and optimization.
 

Factor in Holiday Spending

Don't underestimate the holiday budget! Consider costs of things like decorations, parties, gifts, holiday pay and bonuses. Depending on how generous you are, gifts and bonuses can be a significant cost. Make sure you have a plan. It's a good idea to have a dedicated holiday budget and speak with your banker about setting up an account specifically for these expenses so you can allocate funds without interfering with others.
 

Plan for 2025

Look ahead to the new year. Use the end-of-year strategic planning and budgeting cycle to focus on setting goals, allocating resources, managing risk, and ensuring growth. Increase your financial stability and look for ways to improve operational efficiency.

"In addition to keeping your business's finances on track through the upcoming year, a budget should also help your business keep its values and culture on track," notes Stephen King at Forbes.¹ "Be sure to budget for costs that will help to improve employee retention through increased employee engagement, satisfaction and happiness."

A trusted banker can help you plan for the new year by forecasting, providing access to capital and credit options, and offering expense management tools and account options to get the new year started right.

There are many things to consider with strategic planning and budgeting, and it can be overwhelming for any business owner. Just remember that you don't have to do it on your own. Our dedicated bankers look forward to helping you navigate your company's financial future for both the short and long term.