What are you going to do today to make 2020 a success?
Is it time to start thinking about pushing your business to the next level? It’s best to start as soon as possible and begin strategising for the coming year.
It’s always smart to avoid waiting until later in the year when it becomes difficult to reap the rewards of what could be done right now. Make sure you have the right goals in place and you’re using your free time to push forward in the right direction.
A lot of small businesses have to deal with other problems at the end of the year and may also see an increase in traffic due to the holiday season. This makes it challenging to focus on progress as the goal is to simply handle everything that is happening right now, which can be quite difficult. For this reason, hiring a business management consultant can make life a whole lot easier.
However, you can still prepare for the future with the right mindset.
Here’s what you need to do when it comes to using the right strategy in 2020.
1) Analyse your business reports
It’s best to take a look at the previous 3-5 years as a way to see patterns and determine what’s gone right or wrong for the business. Think about what you can plan for in the coming years as you start to make adjustments.
Have there been issues with regards to your sales and net profit?
Are you still growing as a business or has it stagnated?
You want to make sure to stay honest and focus on the underlying details of the business. Think about the changes that can be made whether it has to do with contracts, suppliers, or pricing.
2) Focus on your obligations
Do you have specific contracts in place when it comes to the coming 3-4 months?
What about insurance policies, subscriptions, and deals with suppliers?
You want to take the time to focus on expenses related to these contracts because they are guaranteed to come up soon.
3) Sit with qualified financial/legal advisors
It’s never a bad idea to take a look at the books and see whether or not things are in order. This includes taxation requirements for the business and what’s being done on the legal side to stay safe.
The tree removalists at Cheaper Trees know all about the trials and tribulations of running a small business. They say, “we’re the tree experts not the financial experts. That’s why we like to talk to financial experts to ensure we’re optimising the potential of our business. For this reason, getting in touch with a business growth guidance expert is important for that competitive edge.”
It’s never a bad idea to think about retirement and what you’re doing towards meeting those specific goals too.
4) Analyse your funding sources
If you are going to be growing in the coming year, it’s important to know where the money is going to come from (i.e. loans, line of credits). This information is important as you look to build a larger business without burning through your assets.
Franchise loan expert Shane Perry has extensive experience finding solutions to large financial questions and says it’s important to outline your goals before you seek a funding source.
He explains “ideas are free, which means everyone has the ability to make 2020 a success. But execution can be costly. The first step, before even looking for funding, is to write down where you want to go this year. This will help define your path, as well as show potential investors and creditors of your plan. Remember, if you don’t know where your business is going, it’s likely you’ll end up somewhere you didn’t want to go.”
Having a plan right now is going to make it easier later on.
5) Focus on your staff
Are you going to need additional staff members in the growth phase of your business?
Will you have to promote employees that are already in place?
How much is it going to cost to increase the staff to a reasonable size?
These are pertinent questions as you look to ramp things up a bit.
6) Write a list of personal and professional goals
You want to have a good feel for how the next year is going to look. This includes your business and your personal life too. While not all of these goals are going to be met, it still creates a guideline for you to keep in mind.
7) Invite important staff members to a goal-setting meeting
It’s never a bad idea to have your main employees sit together and start brainstorming ideas for what needs to be done moving forward.
This information can open your eyes to new concepts and can refine the goals that are in place for the entire team. It’s also a great idea to reward these employees for their work.
8) Don’t forget to emphasise training
There is nothing worse than having a workforce that isn’t keeping up with modern requirements for their position. It’s best to allow them to train and build the necessary skills to generate results. The same applies to your ability as a business owner.
It’s often recommended to bring in a professional consultant to help with the training and focus on using in-house training sessions to speed things along.
The team at Smart and Faster Electrical ensure their staff are always up to speed on the latest technology. They say, “working in the electrical sector is extremely fast paced and competitive. If you’re not ahead then you’re already behind. Rather than try and muddle through”
9) Find weaknesses in your business
What doesn’t seem to be working well right now? What systems are useless? It’s important to optimise the systems and/or processes to help minimise workloads and increase your bottom line. It’s smart to ask employees to learn more about what they deem to be inefficient.
10) Declutter your workplace
Make sure all of the excess junk has been removed as soon as possible. It’s important to keep the area well-maintained and clutter-free throughout the year.
Keep this information in mind and start making changes heading into 2020.
For further information on growing your business, visit proCFO.