2019 is a thing of the past, but 2020 is full of opportunity. The start of the new year is an ideal time for businesses to review the past and renew the future of what is ahead. Here are three tips we suggest at True North to start or grow your business in 2020.
Revisit Your Business Plan
You should always be reviewing and updating your business plans. More often than not, businesses will cohesively create one in the beginning before the launch and leave it to collect dust over the years, never to be read over again. Even though a business plan can serve as a GREAT resource (and roadmap), it needs to be modified and rewritten as the business changes. What if the target audience is different? What if strategies aren't pulling in the results you hoped for? What if your research is outdated?
You may be surprised to find how much insightful information can be gained from revisiting your business plans. Despite if your business is in year one or year eight, reviewing your original goals do not only help you evaluate your goals, but doing so can also help you see which goals you have accomplished!
Create/Maintain Your Budget
Creating and maintaining your budget will not only benefit your business throughout the upcoming year, but years to come afterward as well. While many businesses think of budgets as a limit, True North advises you to think of them as a guideline. Creating and maintaining a budget will force your business to make reasonable and smart financial decisions. When creating a budget, estimate your income and expenses, but be aware that these numbers may change. As the fiscal year progresses, do not be scared to modify and update the budget. Budgeting is a trial and error process, and the accuracy of your numbers will become more accurate the more you do it.
Set New Goals
Even though having a business plan and a budget are great, they are weightless without goals. These goals are powerful by focusing attention toward success, and will be unique to the purpose of your business. Whether your goals are to increase profit margins or provide better customer service, they should be S.M.A.R.T.
S - Smart
M - Measurable
A - Attainable
R - Realistic
T - Timely
Setting clear and compelling goals will shift your focus toward actions that are both motivational and accountable. The purpose of setting goals is to show your employees what they need to focus on the most during a certain period of time and helps them prioritize their tasks at work.
Setting goals also helps your employees work more cohesively. When all employees are working toward the same goal, they are more apt to come together and help one another out to accomplish it.
Statistics show that less than 10% of people actually commit to and meet their New Years resolutions. Let's make a resolution to be greater than 10% by striving to make our businesses better in 2020. To learn how True North can help your business succeed in 2020, visit our services page or contact us today.