How to Set Financial Business Goals for 2025
Last year, 5.5 million new businesses were started in the United States. Whether planning to start a business or grow an existing one, the new year is a time when many entrepreneurs look at where their business is heading and set goals for it.
Fortunately, the business bankers at Citizens Bank are here to help business owners in Tennessee set and reach their goals in 2025. Below, we highlight some of the financial and other goals we have helped our business members reach.
Financial Goals to Set for Your Business in 2025
While you know that you want to start or grow your business this year, you may not be sure where to begin. Below, our business bankers share some ideas for goals you can set for your business in the new year and how to best reach them. These tips can apply to both new and existing businesses looking to grow.
1. Make a Budget for Your Business
A budget is a valuable tool for any business as it helps you keep track of your income and expenses. If you don’t have one already, the new year is a great time to create a budget for your business. Use spreadsheets and online banking tools to create your budget, as these provide you with the information you need to do so.
If you already have a budget for your business, the new year is a great time to look at it and gain insights into your current financial situation. From there, you can use the information gleaned to make business decisions like reducing expenses or increasing the prices of your goods or services to grow your profits.
2. Build Your Savings & Your Business
If your business is turning a profit, consider putting the extra money into a savings account or investing it. Whether you want to grow your business in the future or save for an equipment purchase, there are many options available to help you.
Opening a business savings account can be a great place to start, as you do earn some interest. However, to grow your business savings further, consider using investment tools like certificates of deposit (CDs) or a money market account.
3. Empower Your Employees Financially
If you have employees, one goal you can set is to empower them financially. With the help of free resources available online, including those from Citizens Bank, you can provide them with financial literacy education about topics like saving for retirement.
To help them start saving for retirement, consider offering an individual retirement account (IRA) or other option. You can even match employees’ contributions to their retirement savings plan to further boost their financial stability and overall morale.
4. Give Back to Your Community
Giving back to the community can improve the reputation of your business. Whether through charitable giving or employee volunteer opportunities, your customers will appreciate your efforts and be more likely to work with your business. Employees will also enjoy the opportunity to serve their community.
Consider partnering with a local nonprofit for a cause relevant to your business or customer base. For example, as a Black-owned bank, Citizens Bank supports efforts related to racial equality and economic development through our partnerships with various nonprofit organizations.
5. Prepare to Purchase Equipment or Property
Perhaps you’ve decided that 2025 is the year you’re going to expand your business by opening a second location or moving into a larger one. The new year is a great time to start preparing for this type of purchase.
Research mortgage options and look at your budget to help you determine if you can afford to make this purchase. Consulting with a business banker can help you find the right lending option based on your budget.
Set Business Goals in Tennessee With Citizens Bank
Setting goals for your business in the new year goes beyond improving your bottom line. Citizens Bank can help you set and reach your business goals in 2025. To get started, contact us online, call (615) 327-9787, or visit us in Nashville or Memphis. Our business bankers would be happy to help you reach your business goals this year.
Reach Your Business Goals in Tennessee With Citizens Bank
You have many goals that you want your business to reach this year, but you may not know where to start. Citizens Bank can help you create a plan to reach your business growth and development goals. We offer savings and lending options for businesses of all sizes and types.
To learn more, contact us online, call (615) 327-9787, or visit one of our branches in Nashville or Memphis today. We can help you explore your options for reaching your business goals this year. It’s part of our commitment to supporting businesses in the communities we serve.