Having a successful business – what business owner can say they don’t want one? It’s not January anymore, but it’s still early enough in the year to prepare for a strong business year. We have a few key questions to ask yourself for having the successful business you desire.
As you review your business’ performance throughout the year – not just the last quarter but the entire year – how does it compare to the year before? Were your sales as strong? Was your cash flow healthy and consistent? Did you have the people and the resources you needed to meet your growth goals? Were they the right goals?
With that in mind, look at your projections for the coming year. If you’re expecting to continue on having a successful business and a better year than last year, good – but are you sure you can do the things you need to do to meet those expectations? Do you have the capital you need? Do you have the staffing? Do you have the equipment? If you don’t have any of the above, you might want to talk to us about a working capital loan to help bridge the gap.
What if you’re not projecting as good a year as last year? If that’s the case, you need to consider whether you can improve your marketing to drive more business. Also: Can you improve your cash flow – perhaps by working differently with customers or adjusting your billing terms? There are financing options available for businesses who struggle with cash flow, but the first thing you want to do is see if you can make adjustments to improve it.
Maybe there are also some additional adjustments you can make over the course of the new year that will put you in a stronger position come next year. Throughout the process, use your business plan as a guide. If you don’t already have one, we have tools that can help and utilize small business resources like the SBA and SCORE. A Quickbooks Pro Advisor can also help you to analyze your numbers.
Planning is crucial. Following it up with smart action is essential. The result should be smart growth that puts you in a better position to succeed now and in the future. Having a successful business every year, is possible.