It's the start of a new year, but many small business owners are doing what they always do best: juggling everything at once. This January, they're closing last year's books, settling into 2026, and planning for the years ahead.
Just like personal New Year's resolutions, business goals don't need to be grand or overwhelming to be effective. In fact, the most successful small businesses tend to focus on a few practical priorities that create stability first and opportunity second. This year's most important resolutions come down to one word: preparedness.
Chris Ward, Head of U.S. Small Business Banking, TD Bank, provided insight into effective goals that will help small businesses get closer to achieving their best success even in the face of the complexities in the economy, increasing competition and unforeseen events impacting their business.
1. Focus on cash flow first
Cash flow is the lifeblood of every small business. With economic uncertainty still weighing on business owners’ confidence — whether about availability of credit, rising expenses or uneven sales — financial preparedness can make a huge difference between reacting to challenges and taking advantage of opportunities.
"Cash flow management is critical to long-term success," Chris said. "It allows business owners to grow, invest and adopt when opportunities arise."
Key goals for the year should include:
- Building and maintaining cash reserves
- Establishing or strengthening creditworthiness
- Creating a 12-month cash flow forecast
- Reviewing revenues and expenses on a weekly and monthly basis
Accounting software can play a foundational role here. "By tracking their debits and credits consistently, business owners gain a clear picture of where their money is going and where it's coming from," Chris said.
Chris suggested small business owners consider using tools like the TD Small Business Dashboard, which can take this one step further by integrating with accounting software to forecast cash-flow trends, benchmarking performance against similar businesses nationwide, and alerting owners to potential issues or opportunities ahead. The dashboard was created to meet the needs of small business owners with insight from thousands of businesses that TD serves and the expertise of the bank's small business team.
The new year is also an ideal time for small business owners to visit or revisit the U.S. Small Business Administration (SBA) loan programs. SBA loans can help bridge short-term cash flow gaps or fund long-term expansion. Working with an SBA Preferred Lender like TD Bank, which has been ranked No. 1 in SBA lending in its Maine-to-Florida footprint for nine consecutive years, streamlines the process.
2. Make sure business and personal finances are separate
Many small businesses, especially sole proprietors and microbusinesses, still mix business with personal finances. While Chris said it was understandably easy to do so, it also adds unnecessary risk.
Opening a dedicated business checking account is one of the simplest yet impactful goals a small business owner can set this year. It provides:
- Clearer cash flow visibility
- Easier accounting and tax preparation (no need to look back through individual transactions to determine what was business vs. personal)
- Better financial creditworthiness for future growth
Every business owner, including those just starting out or with low revenue, should open a business checking account, according to Chris. TD Bank offers tiered options designed to meet small business owners where they are and help avoid unnecessary fees while laying the groundwork for growth.
3. Invest in your employees and yourself
For small businesses with employees, people remain the most valuable asset. Hiring, training, and retaining a skilled workforce should be a core goal this year, according to Chris.
Payroll tools and systems can help streamline operations while ensuring taxes and reporting are handled correctly, and staff are paid on time.
Just as important is taking care of the person at the center of it all: the owner. Small business owners wear every hat imaginable — CEO, marketer, salesperson, administrator, human resources and more. Burnout is real with these many responsibilities and ignoring it comes at a cost.
"Business owners’ personal well-being is vital to business success," Chris said. "They are the business."
Prioritizing physical health, mental health, and work-life balance isn't indulgent; it's strategic.
4. Use technology to work smarter
From accounting and payroll to lending and AI-powered productivity tools, technology continues to reshape how small businesses operate.
This year's goal shouldn't be about adopting every new tool but choosing the right ones. Simple upgrades can:
- Save time and reduce errors
- Improve decision making
- Speed up access to capital
For example, digital lending platforms, such as the TD Bank Small Business website, allow businesses to apply for loans and lines of credit more efficiently. These funds can be used to buy equipment, expand inventory, or hire staff. For businesses not yet ready to borrow, the site also offers information about grants and resources such as Community Development Financial Institutions (CDFIs).
5. Review your business plan and treat it as a living document
A business plan isn't something you write once and then forget. It's a living roadmap that should evolve as your business grows. Chris encourages small business owners this year to:
- Review their business plan regularly
- Update goals and strategies as conditions change
- Define clear measures of success
Without a documented plan, "it's nearly impossible to track progress or set realistic targets," Chris said.
For many small business owners, it can be challenging to know what to include in a business plan and how to lay it out. Resources such as SCORE
or the TD Small Business Dashboard provide templates to help busy owners put structure around their ideas and the steps needed to achieve them.
Marketing plans matter too. Even when traditional advertising feels out of reach, social media offers an affordable and powerful way to connect to customers, build a brand, and open new doors.
6. Make resolutions that stick
The most effective business resolutions are specific, realistic, and broken into manageable steps. Tracking progress weekly or monthly and celebrating milestones along the way builds momentum and confidence, Chris said.
Above all, Chris encouraged small businesses to develop a trusted relationship with a financial institution that understands their challenges and goals.
"Communication matters," Chris said. "When your bank understands your business, it can truly support your success."
As 2026 unfolds, small business owners don't need perfection or pie-in-the-sky goals to succeed. They need clarity, preparation, and support. With the right goals and relationships, this year can be one of progress, resilience and renewed confidence.
We hope you found this helpful. This article is for informational purposes only and is based on information available as of January 2026 and is subject to change. This content is not intended to be used or acted upon with respect to any client's specific circumstances. For specific advice about your unique circumstances, consider talking with your qualified professionals.
No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission. All rights reserved. All trademarks are the property of their respective owners. The TD logo and other trademarks are the property of The Toronto-Dominion Bank or a wholly owned subsidiary, in Canada and/or other countries.