You’re a smart small business owner, so you know that it’s a good idea to approach the new year with positivity and optimism. It’s also not a bad idea to mix in some practicality. As you set your goals for 2020, you will want to take into account just where you are in the life-cycle of your business, what your successes look like at this point, and the type of industry you are in so that you can set your sights on goals that make specific sense for your business.
Some important areas for goal-setting:
- Setting a budget for your business is one of the most important first steps you could take, and it’s also one you will want to revise and update each new year. It’s not a glamorous step, but it is crucial to your success. Any smart small business owner knows that it is wise to be ready for anything! Sure, the economy is on a fantastic trajectory right now, but it’s a good idea to plan for a downturn or a slowdown, just in case. An accountant can go over your last years’ financials and help you with budgetary projections, or you could employ accounting software to do the job. Agencies such as SCORE can also be a help. They often provide free budget templates for small business owners for this purpose. While you are creating your 2020 budget, make sure you establish an emergency fund, if you haven’t already. It’s best to look for capital when you don’t need it! A few ways you can do this:
- Apply for flexible, affordable financing through a business line of credit or a business credit card with a low interest rate.
- Lower your expenses and boost your profits. Identify areas where you spend too much or where you could increase margins.
- Look over your personal spending. You are probably one of the only people getting a paycheck, so you may be able to redirect come of your recreational funds to build up an emergency fund for your business.
- Automation is a great way to take some extra stuff off your plate. Find a few key areas where your business could benefit from automated processes, such as marketing. This will allow you as the owner to focus on strategy and thinking about the big picture. A few areas where this could be a big help:
- Managing your inventory. If you sell products on several platforms, for example, an inventory management software is able to sync your inventory levels across your channels and your warehousing.
- From your email marketing strategy to contacting all your regular customers, customer relationship management software could be a huge asset.
- Automating your customer service can save you a lot of time, too. From automated systems that allow your customers to process their own returns to chatbots that provide customer service 24/7, there are many options that might suit your company perfectly.
- We’ve already touched on this area, but it’s a powerful way for you to save yourself time and money while expanding your reach. Make sure that you have a good understanding of a method or platform before you spend any money on it. 2020 is the year for spending wisely. First, double down on what has worked for you already, and make small investments on newer venues, testing your results before you go all in.
2020 is going to be a great year! We’re Piccolo, and we handle it all: social media, SEO, email marketing, website, and more. If you need help with setting and implementing your 2020 small business goals, we’re here for you! Our team just gets stuff done.