As we look forward to the new year, here’s what you need to know about the new tax bill; the national and local economic forecast for 2018; how to determine the real value of your time; and more!

1. New tax bill – The final version of the tax bill pegs the maximum corporate rate at 21 percent, and pass-through entities may now deduct up to 20 percent of income. Here’s a summary of what’s in the final bill and what it means to your business.
   
2. Economic forecast for 2018 – Kiplinger sees a moderate lift in the economy for 2018 along with motor vehicle sales slowing significantly. The Grand Rapids Business Journal says that West Michigan is the cheapest place in the world for certain types of business, and we should look for an influx of investment. The worker shortage will ultimately force many firms to raise wages and even pay market rates rather than the “going rate.” More workers coming to the state will aggravate the housing shortage in some areas. Read Brian Long’s outlook.
3. Do you know the value of your time? “Either you spend time, lose time, or someone steals it,” says Ron Gibori. Use his simple thought exercise to figure out the value of your time. Going forward in 2018, use this calculation to make the best choices for your schedule.
4. Business resolutions for 2018 – Make this the year you work on your business, not in it, improve your focus and diversify your skill set. See all 15 resolutions set by the Young Entrepreneurs Council here and choose one or more to take your business to the next level in 2018.
5. 2018 marketing calendar – With the free marketing calendar and templates from Search Engine Journal, it’s like they’ve done the homework for you! Take advantage of these tools as your plan your marketing year.

Thank you to all our business members for a successful 2017. We wish you all the best for a prosperous 2018!

Thank you to our Friday Five Sources: Inc., Kiplinger, Grand Rapids Business Journal, Noobpreneur and Search Engine Journal.

Do you have business banking questions? Contact our knowledgeable commercial loan officers or call 800-991-2221. We’re here to help you grow your business!

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