The excitement of a new year often brings a refreshed outlook and new energy for small business owners. But how can you take advantage of this boost to ensure your business gets a big start when the calendar rolls over? Here are three tips anyone can take to get started towards a strong year ahead.
Get Your Goals Together for the Year
The first step towards moving forward is taking a step back and reflecting on the past year. It’s important to reflect on last year’s goals and determine what worked, what didn’t, and what you could go back and improve (if you could). Use those ideas as the building blocks for next year’s goals.
Although your goals should be aspirational and look forward to what you can achieve with your business, they need to also be realistic to the stage your enterprise is in and your overall trajectory. Consider using the SMART framework to build goals that are: Specific, Measurable, Achievable, Relevant, and Time-Bound.
Revisit Your Business Plan for the New Year
When was the last time you looked at your business plan? If it’s been over a year, it’s time to take that document off the shelf and give it another look. No matter how much time has passed between writing your plan and now, things have probably changed at your business. Perhaps you’ve focused on new products and services or have rewritten your marketing identity altogether. The beginning of the year is a good time to study your original ideas and compare them to what has changed today.
This doesn’t mean that you need to rewrite your entire business plan to start next year. Instead, revise sections that have changed and consider carefully how you may adapt to take on next year’s business conditions. Through dedicated work and consistent output, your business plan can serve as the roadmap for this year, and further years to come.
Review your Budget and Financial Outlook
With goals set and your business plan revised, the next step is to evaluate your budget and financial outlook. Now more than ever, creating a realistic budget for your business can help you avoid pitfalls like overspending, not having enough savings for difficult times, and taking on unnecessary debt. Taking this step now with trusted partners will help your business stay strong no matter how the markets change.
A business banking team isn’t just there to open your deposit account and credit cards to get your business started. They can be a strong ally in your corner to help you understand your cash flow and make suggestions about how to financially improve your standing. Make time to talk to your business banker at least once per year to go over performance and revisit which products can help your business get to the next level.
When you need help bringing your business ideas together with your finances, SESLOC’s Business Banking team is here to help. Whether you’re a small store or looking for a large business loan, our credit union team offers persona, one-on-one service that is tailored to your industry. Contact our business banking team today to learn how we can help you get ahead and build an enterprise that will stand the test of time and create a legacy for your loved ones.