Smart business owners are constantly working to improve their business. As the New Year approaches, many are finding themselves asking one question: What can I do to put myself in the best position for next year?
Considering the previous year and identifying opportunities to grow are crucial when looking to jump start a new year. The following is a list business owners should consider while heading into 2018:
- Reflect on your goals from the previous year. Did you reach your goals? If so, how did you do it? If not, how can you better position yourself to succeed this year? When trying to achieve their goals, some business owners find it helpful to set a series of smaller objectives in order to achieve an overall goal. For example, if you want to increase your social media presence, minor goals could include establishing a strategy, setting aside money to invest in a social media platform and reaching 100 profile views every two weeks. Recognize what works for you and your business and commit to a “New Year’s Resolution for your Business.”
- What can I do differently? Hindsight is 20/20. Whether you want to make a difference by reducing costs, consolidating departments or adding a new revenue source such as a landscaper who is adding weed spraying to his lineup, or a physician adding a telemedicine component to their practice to serve more patients. These are all examples of potentially effective ways to make positive changes for your business.
- What are the best methods to grow? Consider how you want your company to grow and the best way to do so. Many companies enter the last quarter of the year and try to spend their profits on equipment purchases such as new company vehicles for the sole purpose of getting more write-offs and reducing taxes. However, if they are planning for financing in the New Year (maybe buying a building, acquiring a competitor, purchasing a large piece of equipment, etc.), it may make more sense to maximize profits and reduce expenses to attempt to improve the credit and financing profile of the business. As a business owner, it is crucial to think long-term when making decisions in order achieve optimal success.
- How can I continue to learn? This is probably one of the most important questions business owners can ask themselves. It does not matter how long you have owned a business or how much you have mastered your industry, it is always important to learn more as the market is always evolving. While this is an important question to ask at the beginning of the year, it can help you reflect on the business year. It is crucial to think of ways to develop your business acumen. This can be as simple as dedicating 30 minutes every day to reading up on your industry, or can be as adventurous as attending conferences and networking with other business leaders.
When a year ends, it is an opportunity to reflect on your business and carry forward the knowledge you have learned and build a foundation for your business’s success in 2018. QCBN
By David Dinerman