Planning for small business in 2021


Planning for your business in 2021 might seem like an uphill struggle given everything 2020 has thrown our way, but now is the time to set goals for the year ahead. We have put together a checklist to help you get started.

Be specific with your goals

Do not only create goals for the year ahead but also break these down per quarter as you will feel accomplished achieving and moving from goal-to-goal. When it comes to revenue-related goals, break the final amount down into months or quarters so that it becomes more manageable.

Lean on technology to do the heavy lifting

Nowadays, there are a host of platforms available to help automate your business processes, from Honeybook if you are a photographer to Sprout Social and Hootsuite if you market your business through social media, and MailChimp, and Constant Contact for e-mailers.

When it comes to finances, Warren-Boynton State Bank's commercial cash management service, available through online banking, allows you to manage the financial needs of your business. In addition to internet banking and internet bill payment services, with the commercial cash management service, you can do the following:

  • Account Inquiry
  • Generate ACH Payments
  • Initiate account transfers
  • Generate Stop Payments
  • Add sub-users

Cut unnecessary costs

If you have an office, do you need it? If you have a lease agreement, can you sublet all or part of the space to another business?

Maintain flexibility

To survive 2020, many small business owners have pivoted either by creating new products and services or by offering existing products and services to new customers. It is vital to maintain that flexibility. Next year will look different from 2020, but even when we begin to return to a life we knew before the pandemic, we will be experiencing a new normal. Consider this when planning for the year ahead.

Self-care is still vital

Burnout is real. It is hitting small business owners hard. Take time over the holidays for some relaxation and make time in your schedule over the next 12 months too. Through self-care, you will have the energy to achieve the goals you have set.

Build and expand your network

Finally, you may not be able to meet in person, but that does not mean you cannot pick up the phone or connect with vendors and/or customers on social media. LinkedIn is a great place to connect with fellow entrepreneurs and business owners, and Facebook and Instagram are jam-packed for the picking when it comes to new customers.

If you have any questions about our commercial cash management service, please reach out to our business team.