Do you want to set your small business up for success in 2020? If so, here are some important tips to keep in mind:
Utilize your data
Working with data can be overwhelming – there’s an overabundance of data at your disposal. It’s best to start by narrowing things down and determining which data is relevant to your business right now. For example, if you’re a B2B company, you will probably want to look specifically at your customer retention rate, the cost to acquire a customer and the average lifetime value of a customer. However, you probably won’t be as concerned about capturing data on the emotional appeal of your product since B2B companies make purchases based primarily on business impact. Once you determine which data is relevant, it’s time to figure out how you’re going to capture this data and then leverage it to your advantage. When properly leveraged, your data will help you make the necessary tweaks or course-corrections to your business operations throughout the year and set you up to achieve your business goals in 2020 and beyond.
Capture accurate financial information
Instead of just relying on historical financial information, make sure you access real-time financial information as well.
Capturing both the historical and real-time financial information will help your business avoid common pitfalls such as overlooking growing expenses, cashflow challenges and mounting accounts receivables. Keeping a closer eye on your financials in 2020 will help you make smarter purchases, plan more effectively for the future and accomplish your objectives.
Have the right people in your corner
The most important aspect of a thriving business is the people on your team. This includes having your actual team members in the right seats, doing the right things, for the right reasons and at the right time. Other members of your team are your ancillary support team. This includes your vendors, your banker, your accountant, your attorney and your mentors. We find that great ideas come from the people who are “on the ground” at your business and from people who are committed to you outside your business. Sometimes this is best practices. Other times, it’s information from their expertise that you wouldn’t know. Evaluating these resources now sets you up for a powerful 2020.
There’s a lot that small business owners can learn from carefully observing industry trends both at home and abroad. They
say that “no man is an island” and your business isn’t one either. What’s happening outside the four walls of your business can greatly impact your bottom line. Rely on the experts in your corner to help you process how these trends might impact your business and how you can ride the wave of these trends to continue to grow.
Preparing your business for 2020 through careful planning is one of the most important aspects of “Owner Work” you can do. If you need help, give us a call at 305.285-9264. We’re here to champion your success!