As we look ahead to 2026, now is the perfect time for business owners to take a step back and plan for financial success. Whether you run a small local shop, a growing startup, or a family farm, thoughtful financial planning can help you stay on track, make confident decisions, and seize new opportunities throughout the year.
Here are a few friendly tips to help you get started:
1. Review Last Year’s Finances
Before you can plan for the future, it’s important to understand where your business stands today. Take a few minutes to look at your 2025 numbers – you might be surprised at what you learn. What worked really well last year? And where did money sneak away from you? Identifying patterns now will help you make smarter decisions in 2026.
2. Set Clear Financial Goals
What does success look like for your business in 2026? Maybe it’s increasing revenue by 10%, launching a new product, or saving for major equipment upgrades. Jot down your goals and make them clear. The more specific, the easier it is to hit them. Clear goals will guide your budgeting, spending, and investment choices.
3. Build a Realistic Budget
Think of your budget as a roadmap. It shows you where your money is going and helps you stay on track. Start by outlining fixed costs like rent, utilities, and payroll. Then estimate variable expenses such as marketing, supplies, or seasonal fluctuations. Don’t forget to include a buffer for unexpected surprises!
4. Keep an Eye on Cash Flow
Cash flow is the heartbeat of your business – keep an eye on it so nothing surprises you. Even profitable businesses can struggle if cash isn’t available when it’s needed. Make it a habit to track cash flow monthly – or even weekly – so you always know what’s coming in and going out.
5. Plan for Taxes and Retirement
Taxes can be one of the biggest surprises if you’re unprepared. Sit down with your accountant early and chat about taxes, deductions, and retirement contributions. It’ll save you headaches later. A solid tax plan now can prevent headaches later.
6. Consider Financing Options
Sometimes giving your business, a boost means borrowing wisely. Whether it’s a line of credit, a business loan, or equipment financing, make sure you explore your options early. Planning ahead gives you the flexibility to take advantage of opportunities when they arise.
7. Review and Adjust Throughout the Year
Financial planning isn’t a one-time task. Check in regularly to see how your business is tracking toward your goals. Celebrate the wins, adjust your plan when needed, and stay proactive to keep your business on a path to success.
Final Thoughts
2026 is full of possibilities, and a little planning can go a long way in helping your business thrive. By reviewing your finances, setting clear goals, and staying flexible, you’ll be ready to handle challenges and make the most of opportunities that come your way.
Planning your finances isn’t just about numbers, it’s about feeling confident and ready for whatever comes your way.
Written by
Taylor Herman, VP of Treasury Management. NMLS# 938973
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