The new year is upon us, bringing both new opportunities and pitfalls for business growth. There’s a lot you can do now to set your business up for success in 2020. Here are Counteractive’s pointers on preparing your business for the year ahead:
Review what worked (and what didn’t)
The new year brings a chance to reflect on your business’ strengths and weaknesses. An annual review of all key business processes is vital for business growth. Here are some questions to ask yourself and your team about your business:
- How well did the business stick to its yearly budget?
- How well did you predict business cash flow?
- To what extent did the business meet its financial goals?
- How satisfied are you with the accuracy and completeness of your accounts?
- To what degree did the business keep up with tax administration?
- How satisfied were you with your payroll system?
Answers to these questions will indicate which business processes need tweaking for 2020. Based on this information, you can implement brand-new strategies to help you take your business to new heights.
Make changes based on 2019’s weak points
If you were unsatisfied with the quality of work delivered by a service provider, it’s time to begin a new business relationship. It may also be a good idea to consider outsourcing for tasks that filled you with dread throughout the past year. After outsourcing problem tasks to a relevant expert, you’ll have much more time and energy to invest in growing your business.
Many business owners experience tax, payroll and accounting as problem areas. Contact us for a personal and proactive accounting service, along with tax and payroll administration.
Learn new skills
Some challenging tasks central to your role as business owner cannot be outsourced. For example, public speaking and written communications often cause business owners stress. Investing time into developing associated soft skills will make you a better business owner in 2020.
Hold yourself accountable for maintaining business goals
Implement strategies to ensure you stick to those changes you made for a better business. It’s also important to have an opportunity to review changes and make sure they’re still working for you. Here are some ways to ensure your business stays on track:
Schedule frequent business planning sessions
Consider scheduling weekly sessions with your team and monthly/quarterly sessions with consultants. As business consultants, we pride ourselves on facilitating frequent planning sessions to keep clients’ businesses on an upward trajectory.
Attend networking events
It’s much easier to stick to your business plan if you can discuss your goals with like-minded people. Networking events bring business owners together from diverse fields and gets them talking on common topics. By making time to share and grow alongside other business owners, you’ll set your business up for success in 2020.
By applying these tips ahead of time, you’ll set your business up for the success it deserves. We’re here to support your business ventures in the new year! Contact us for expert accounting services, taxation, payroll and more.
Contact Counteractive if you would like some help setting yourself up for financial success in 2020!
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