Set Your Business Up for Success in 2025

As 2024 comes to a close, we at Sunbelt Business Advisors extend our warmest wishes for a joyful holiday season and a prosperous New Year.

For business owners, the end of the year is a natural time for reflection and planning. If you’re looking for a goal that can make a significant impact in 2025, we suggest prioritizing the value of your business. The saying, “Manage your business as if you were going to sell it,” holds true whether you intend to sell soon or not. Understanding and enhancing your business’ value now can lead to a stronger, more profitable future.

Here are some New Year’s resolutions to consider as you prepare for 2025:

1. Know Your Business’s Value

Invest in a professional business valuation, equipment appraisal, and, if applicable, a real estate appraisal. These tools provide a clear starting point for strategic planning.

2. Refresh or Create Your Business Plan

If you have a plan, ensure it reflects your current operations and future goals. Update your sales and expense projections to keep them realistic. If you don’t have a plan, now is the time to create one. A strong business plan isn’t just a guide—it’s an asset for securing financing when needed.

3. Conduct a SWOT Analysis

Evaluate your business’s Strengths, Weaknesses, Opportunities, and Threats. Be honest in your assessment and set actionable goals to build on strengths, capitalize on opportunities, and address weaknesses and threats.

4. Reduce Owner Dependency

If your business relies too heavily on you, its value may be limited. Identify team members to mentor and delegate responsibilities. A business that runs smoothly without constant owner involvement is more valuable and scalable.

5. Focus on Your Balance Sheet

While profitability is essential, the health of your balance sheet is equally critical. Commit to strengthening it in 2025, positioning your business for long-term growth and stability.

6. Separate Personal Expenses from Business Finances

Removing personal expenses from your P&L statement may increase your tax liability slightly, but it will significantly boost your business’s perceived value to potential buyers.

7. Enhance Relationships with Key Advisors

Keep your trusted advisors—attorney, accountant, banker, and others—aligned with your goals. Their insights and guidance are invaluable as you plan for the future.

Local Resources to Help You Achieve Your Goals

The Greater Dayton and Greater Cincinnati regions are rich with resources to support your business resolutions. Organizations like Aileron, SBDC, S.C.O.R.E., and the Goering Center at UC offer valuable tools and expertise. Additionally, part-time CFOs, CEOs, and other strategic advisors can provide cost-effective support tailored to your business’s needs.

From all of us at Sunbelt Business Advisors, we wish you a holiday season filled with happiness and a New Year brimming with success. Let’s make 2025 your business’s best year yet.

Warm regards,
Kate Vriner, Gerry Chadwick, Roland Rapp, Dori Gabriel, Eric Cluxton, Greg Beck, Jelani Johnson, Amy Farst, and Doug Bolton