2020 is your year for 20/20 perspective on your small business. Use this start of the new decade as the perfect opportunity to review your business plans and set long-term goals. Taking actionable steps now can set you and your business up for success in the years to come, and will ensure that you intentionally build financial momentum. Here are five actions to take now in order to future-proof your small business for the next decade.
Revisit your financial plan.
For small business owners in particular, it is critical to have a financial plan in place that ensures longevity and smart growth, and not one that just looks year-to-year. Revisit your projections and consult with those you trust to ensure you have the right tools to achieve your business goals.
Back up big decisions with numbers.
Putting concrete financial numbers around big decisions, such as adding staff and investing in technology or machinery, not only makes the decisions easier, but also gives you the confidence that you’re making moves at a time when your business can financially support and benefit most from them.
Identify your support team and ask for help.
Owning a small business is both incredibly rewarding and challenging. Intentionally identify the mentors, supporters and others who can help you through your challenges. A positive support network provides a safe environment for you to ask questions, share ideas and solicit feedback for anything you may face now and into the next decade. Stay connected with fellow small business owners, too. Your local Chamber of Commerce and online forums are great ways to form relationships.
Don’t be afraid of debt – it can be valuable when used the right way.
Once your financial plan is in place and you understand how big decisions factor in, consider all of your options. Having a savings cushion is important for a small business, but it’s also important to know when borrowing will advance your business goals. Whether you want to be prepared in case a vital piece of equipment needs repair or you have a slow month, setting up borrowing options before you need them ensures low-interest options for the unexpected. Your bank should help you understand the options that make sense for your unique position.
Take stock of your bank, and if they don’t offer what you need, move on.
Just because you started your business with a certain bank doesn’t mean that it is still the right financial institution for your business now. The start of a new decade is a good time to re-evaluate whether your bank is part of your support team. Can they provide guidance that helps you make real financial progress? Look for a bank that considers your business holistically. The right relationship now will set you up for the future.
West Press’ talented staff is here to help you each step of the way — from graphic design to printing to mailing services to large format to website development. Contact West Press or your Account Executive at 520-624-4939 today.