If you’re in business, now is a great time to plan for next year. Here are our top 10 tips for doing so.
1. Consider your biggest limiting factor. What is preventing growth in your business? If you can identify what is preventing growth you can tackle it head-on.
2. Make a list of limiting factors and how you will tackle them.
3. Do you need help in tackling the factors that are limiting your business’ growth? Perhaps a business loan, extended credit, or online banking will help?
4. Tackle these limiting factors early on in the year. Get your business off to a good start in 2020. You can spend the last weeks of 2019 scheduling meetings, time to plan, and working on your budget for the year.
5. It doesn’t hurt to revisit and revise your business plan. If you are struggling with areas of your business but others are thriving, then you might want to look at taking the business in a different direction.
6. If you are not able to find solutions, seek advice from fellow business owners and entrepreneurs in the area. You may find they have already walked in your footsteps and can help.
7. Set goals for finding solutions and reducing your obstacles for growth. A timeline is a useful tool if you want to rid yourself of limiting factors by a certain date.
8. Make a plan and write it down. Who is going to help you, how are they going to help you, and what are the goals? Whether you have a team, it’s you and your partner, or you bring in outside help you don’t have to face this alone.
9. Again, go back to your business plan. Review, refresh, and follow a revised path that suits you, your business today, your budget, and accessibility to loans, credit, and opportunity for growth.
10. Finally, you are on your way to resolving your limiting factors, growing your business, and taking it in the direction that suits you, your environment, and customers/clients. You have done so much already. Look at what you can achieve by examining obstacles, tackling limitations, setting new goals, seeking support, and seeing your business soar.
If you have any questions about business loans, business credit cards, or business accounts please stop in at one of our four branches in New Berlin, Springfield, Modesto, or Palmyra.