Practical Steps to Achieve Business Goals

Now is the perfect time for business owners to set their sights on growth, improvement, and new opportunities. Whether you’re looking to reduce expenses, grow your team, save for a big project, or dive into the possibilities of Artificial Intelligence (AI), there are practical strategies you can adopt to help your business succeed. Here are some key goals business owners are focusing on this year—and how to approach them effectively. 

Goal 1: Reduce expenses 

Managing operational costs is a constant challenge for businesses, and fees can add up quickly in unexpected places. These might include monthly maintenance charges on business accounts, transaction fees for payment processing, or penalties for exceeding account limits. Over time, these small expenses can significantly erode your profits. 

To address this, start by conducting a thorough review of your financial statements to identify recurring fees. Reach out to your bank or credit union to negotiate better terms or explore options that align with your business’s needs. For instance, some institutions offer business accounts with no monthly maintenance fees or reduced transaction costs, which can save you money over the long term. 

• Tip: Look for service providers that prioritize transparency and offer cost-saving benefits, like General Electric Credit Union's business checking accounts. 

There are many ways to reduce expenses that don't involve your business banking needs. From outsourcing non-core tasks to building a budget, we talk through some of these methods in our brief guide, 5 Money-Saving Tips for Small Businesses.  

Goal 2: Grow your team 

As your business expands, building and retaining a strong team is critical. Managing payroll effectively is one of the key components of employee satisfaction, but it can also be time-consuming. Automated payroll solutions can streamline the process, reduce errors, and free up time for strategic planning. 

Beyond payroll, offering financial wellness benefits to employees can boost retention and morale. Programs that provide banking perks, such as low-interest loans, savings incentives and health savings accounts, demonstrate your commitment to their financial well-being and help position your business as an employer of choice. 

• Tip: Consider workplace banking programs that deliver value to your employees while simplifying financial management for your business. 

Goal 3: Save for an upcoming project or purchase 

Whether you’re planning to purchase new equipment, expand your facilities, or invest in new technology, having a dedicated savings strategy is essential. Business Advantage Money Market Accounts can help you grow your funds more quickly. Tools like investment sweeps also ensure you’re consistently setting money aside by moving idling funds into your savings. 

No matter what you’re saving for, start by estimating the cost of your project and setting a realistic timeline. Pairing competitive saving rates with disciplined contributions can make a significant difference in achieving your goals faster. 

• Tip: Look for financial solutions that simplify the savings process while maximizing your returns. 

Goal 4: Start understanding and utilizing AI 

Artificial Intelligence (AI) is no longer just a buzzword; it’s a transformative tool! If you’re wondering how AI can help small businesses, there are many opportunities to start exploring. From AI business name generators to business plan generators, many tools exist to help you get an idea off the ground. However, there are also tools to assist existing businesses. Consider using an AI solution to automate repetitive tasks or provide valuable insights through data analysis.  

To get started, identify areas in your business that could benefit from automation or enhanced analytics. Research accessible AI tools that fit your budget and technical capacity.  

Every business has unique goals and challenges and achieving them requires the right strategies and tools. By focusing on areas like cost management, team growth, savings, and innovation, you can set your business up for success..  

Our Business Services team is ready to assist you with all of your business banking needs. Whether that’s matching you with the right accounts, such as our Business Advantage Money Market Account, or exploring tools like Autobooks¹ and Positive Pay, you’ll find the best solutions to work towards your business goals here at GECU.