The start of a new year is a great time to set goals for success—not just for yourself, but for your business as well. Whether you’re a first-time entrepreneur or a seasoned member of the Wilmington business community, now is the perfect opportunity to make plans that will position your business for success in 2025 and beyond. 

Here are seven financial resolutions to consider as you look to the year ahead:

1. Review your budget regularly.
Make it a habit to assess your budget on a consistent basis. Take a close look at past performance, market trends, and sales forecasts to set realistic revenue projections. Break down your expenses into fixed costs (like rent and insurance) and variable costs (like shipping and inventory). Don’t forget to include debt payments, investments, and savings for growth. Review your budget every month or every quarter, and adjust it as needed.

2. Cut unnecessary expenses.
Look for areas where your business may be overspending. Are you paying too much for internet services? Switch providers. Do you have subscriptions for tools or software you aren’t using? Cancel them. Are you spending a lot on travel? Try virtual meetings. Resolve to find creative ways to spend smarter this year.
3. Build an emergency fund.
Prepare for unexpected challenges with a financial safety net. Aim to save three to six months’ worth of operating expenses for emergencies like natural disasters or equipment breakage. Start small and contribute regularly to build your reserve over time. A good rule of thumb is to save 5-10% of your monthly revenue. In the future, you’ll thank yourself for building this rainy day fund.
4. Keep learning and growing.
Constantly improve your knowledge of best business practices, and get to know others in your business community. Attend conferences, join networking groups, and take classes. Wilmington offers a wide variety of opportunities for networking and continuing education. Check out the following fantastic resources to find out what is happening in the Wilmington community: Wilmington Chamber of Commerce Events Calendar, WILMA Events, and Wilmington Biz Events. Make professional development a priority in 2025!
5. Go greener.
Integrate sustainability into your business strategy. Start with simple steps like installing energy-efficient lighting and appliances. Environmentally friendly practices—such as minimizing paper use, sourcing sustainable materials, and buying in bulk—not only help the earth, but they can also cut costs. Challenge yourself to discover new ways to conserve, recycle, and save.
6. Prioritize cybersecurity.
Protect your business and customers from cybercrime. Invest in robust security measures, including advanced encryption, regular system updates, and multi-factor authentication. Train employees on the latest security practices and conduct regular audits to prevent data breaches and cyberattacks. Stay vigilant to keep your business and your customers safe!
7. Find financial tools and services tailored for your business.
Choose a financial institution that provides resources designed to meet your unique needs, including customized business accounts, flexible loan options, a range of financial tools, and personalized guidance. Avoid the pitfalls of a one-size-fits-all approach! Find a trusted financial partner that understands your requirements and delivers solutions.

Now is the perfect time to plan for success.
Take your business to the next level with Excite Credit Union. Our Business Banking Team is dedicated to empowering Wilmington’s entrepreneurs, small businesses, and community organizations with strategic and individualized support. Plus, Excite offers competitive rates, low fees, and tailored financial resources. Reach out to a team member today to discuss how we can partner with you for success. Together, let’s make this the best year yet for your business!

Discover why we are The Community’s Credit Union: excitecu.org.