2013 is barreling down on us. It’s time to start planning.
The hardest part of any New Year is the unknown. You can plan for huge success or a down year in 2013 based on the best news available, but think of how much could change. As we mentioned yesterday, there is a fiscal cliff and impactful discussions around potential tax increases taking place in Washington now. It’s not easy to summon up a ton of optimism for the year ahead.
Of course, those are national stories with national importance. In your community, your small business can certainly thrive, and small businesses will thrive and survive because they are strong. At Direct Capital, we see examples of this every day. You just have to be aware of the approaching trends and be ready to capitalize on them.
This is by no means an exhaustive list, and we’ll be taking more looks over the next couple of months. I do hope that it will help you steer your business through the uncharted waters of 2013.
- Social media will continue to grow. If you haven’t hopped on the bandwagon yet, now is the time to reach customers young and old through platforms like Twitter and Facebook.
- Taxes may rise, and you should prepare your business for that eventuality. An agreement to avert to the fiscal cliff is not just likely but virtually certain, and it may be that taxes are a part of that. FranchWire recently covered Maine Sen. Susan Collins’ plan to exempt small businesses from any tax increase, but you can’t completely count on that. Build in a few extra expenses there.
- The health care law is unlikely to be repealed now, so businesses need to prepare for that. It’s being implemented in various forms even as we speak, so figure out where you can get tax breaks and begin planning for the health care changes, if you haven’t already.
- Loan demand will continue to be sky high. Banks are still as reluctant to lend as they’ve ever been, as we’ve noted before. Independent lenders are growing across the country, however, so the lending volume is finally starting to catch up. Consider whether you need a loan or lease in the upcoming year.
There’s many more, naturally, and we’ll start covering them in the next few weeks. The most important things you can remember for 2012 is that additional costs may be coming, but help is available to get you through it.
What are you expecting for your small business in 2013?
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