Originally published in Industry Week

By Mark Abell

It’s that time of year when all of us can benefit from reflecting on how far we’ve come and where we’re headed. For small manufacturers, it’s a process that could make a big difference in performance and profitability in 2020.

As part of a financial year-end check-up, owners should ask themselves some fundamental questions about their vision for the new year and what they need to execute on it. Do you need to hire new employees? Buy equipment? Expand your business premises? Add new product lines or locations? These could all be reasons to contact your bank for additional financing.

Then factor in the bigger picture.  What external factors could negatively impact your business, and how can you protect yourself? For example, how would your business be impacted if interest rates rise in 2020?

That leads to one of the most important parts of a new-year assessment: Is your current loan still right for your business? Many businesses, especially those on floating interest rate loans, might want to re-examine them in the face of the most recent interest rate cuts.

Read the full article at Industry Week.