Celebrate the turn of the calendar by making proactive steps to propel your business into a success. With the right goals, operations plan and expert advice, 2020 can be your year to turn over a new leaf. Consider these tips:
REFLECT ON LAST YEAR
Consider how your business operated in 2019. If you didn’t make a list of goals previously, incorporate this year’s plans and look back on how you performed. Some questions to ask yourself are:
• Did you meet, exceed or fall short of your goals? • What was the greatest failure and what did it teach you? • What did you take away from your greatest accomplishment?
Physically write the answers to these questions down in a journal or business plan. It’s beneficial to share this honest list with your employees, business partners and investors to brainstorm ideas to move forward.
FIND ROOM TO CUT COSTS
Analyze your 2020 budget and find ways to cut costs and boost annual profits. While you’re likely already operating on a tight financial plan, take the time to review your expenses. For instance, check your bank account for charges from subscription or account services. During your busy schedule as an entrepreneur, it’s common to forget small fees for software or programs that you signed up for in the past. While subscription charges can add up fast, you should also investigate your payroll department. Are you outsourcing work to contractors that could be managed in-house? Consider extending the role of a current employee for a smaller cost than paying an additional salary.
SET PERSONAL GOALS
As a business owner, you should always ask yourself how you can improve. Take advantage of conferences or learning opportunities to enhance your knowledge and view perspectives from other successful leaders. Make it a goal to network with other experts in your industry. Use social media to set up appointments and discuss ideas with similar business owners. If you have room in your budget, consider hiring a consulting firm to review your company. An expert can provide great insight into getting your name to the public and help rebrand your image.