Attention women entrepreneurs and business owners: With 2022 just around the corner, many of you are probably planning for the coming year. Whether your business is just getting off the ground or already established, the end of the year is a great time to take stock of your business, review your goals and aspirations, and make sure you haven't missed any growth opportunities (is your head still spinning?)

It's hard to summarize all at once, so as always, let's start with three key questions and look ahead to 2023.

Question 1: Have you considered all funding sources?

When was the last time you researched the latest and greatest funding sources for your business? You may be surprised to find funding sources you have never used before.

"We talk to women entrepreneurs every day, and we constantly hear that they need funding but don't know where to turn," says Sharon Miller, president of small business and head of specialty banking and lending at Bank of America.

"And the good news is that there are more options than ever before."

Some sources to consider are:

1. Traditional business loans. Learn more about loan options and application requirements online. Also worth considering are Small Business Administration (SBA) loans. These are guaranteed by the SBA and usually have eligibility criteria that are achievable by new business owners.

2. Credit Cards. A line of credit or credit card provides continuous access to funds up to a limit, and the amount paid depends on the amount used. You may want to issue a business credit card to enjoy all the rewards available to your business, such as points and cash back.

3. Venture Capital. Raising money from venture capitalists may sound like a long road, but you may be surprised. In the venture capital world, there is a growing energy for women-owned businesses, and many funds are committed to empowering other women entrepreneurs: Coyote Ventures, Chloe Capital, Fearless Fund, etc.

4. CDFI Community Development Financial Institutions (CDFIs) are financial institutions focused on building relationships with and serving business owners in low-income communities. If you are struggling to obtain funding from other sources, a CDFI may be able to provide you with resources and products to meet your needs. Learn more.

5. Grants. These are guaranteed funds that do not require repayment. Grants often have a waterfall effect, meaning that once you win a grant, you are more likely to win another one; you can find hundreds of grant proposals on Grants.gov.

If you are looking for funding outside of a traditional bank loan or credit card, Miller recommends Bank of America's Access to Capital Directory. The directory is specifically designed to help women business owners find the best financing options for their situations, including equity, debt, and grants.

Question 2: Do you effectively manage your cash flow?

It is not always easy to closely manage the funds coming out of the gate and the funds coming in, but it is very important.

"One of the keys to cash flow management is to look ahead," Miller says. 'It's easy to get caught up in what's happening in the moment, but losing that long-term perspective can lead to trouble. Whenever possible, it's best to look months ahead, allowing enough time to assess cash flow needs, identify risks, and secure funding if necessary."

In a recent Bank of America survey, 38% of women business owners said cash flow management was a topic they wished they knew more about.

If you need help getting organized, digital tools like Bank of America's Cash Flow Monitor can help.

Question 3: Am I utilizing all available resources?

Whether you started your business many years ago or have recently become an entrepreneur, it never hurts to research and review the resources available to business owners.

Here are a few resources to consider:

1. Free educational resources, such as SCORE and Bank of America's Small Business Resources site, provide answers to many common questions and are They are useful to have on hand. If you are interested in obtaining a more formal education, organizations such as LinkedIn and the SBA offer online learning platforms. Bank of America also offers a free online program for women to earn a business certificate from Cornell University.

2. Small Business Bankers Building a strong relationship with a business banker is key to your success and will make your life much easier. There is no reason not to take advantage of a financial expert who can help you solve the complexities of business planning and financing.

3. Networking and mentorship opportunities. Organizations like the U.S. Small Business Chamber of Commerce and the National Association of Women Business Owners (NAWBO), as well as the resurgence of in-person events, create opportunities to meet other women entrepreneurs with whom you can collaborate and mentors who can support you along the way.

4. Women Business Owners Certification. If your business is not already certified, consider becoming certified to secure benefits such as increased visibility, access to new opportunities, and the chance to win corporate and government contracts Several organizations, including the SBA and the Women's Business Enterprise National Council, and several other organizations accept applications. Eligibility and application procedures vary, and typically require submission of financial documents and payment of a fee that varies based on the company's revenues.

One final piece of advice: don't try to take over the world at once. The last few years have been challenging for business owners, but you don't have to tackle all of your business goals at the same time. Set measurable goals to keep you focused, celebrate your successes, and take time to enjoy the holiday season with friends and family."

To learn more about how Bank of America supports women business owners, visit their website here.