This is one of the busiest and most critical times of the year for small and mid-size businesses. Many business owners believe they simply don’t have the time to make a plan for the next year, but now is the time to make sure you are on track for growth. Here are five tips to help you achieve your business goals in 2018.
Define your business goals.
The first step is one many business owners skip right over. Writing down your business goals can help you test that they are realistic and attainable. It also will help hold you accountable to them, especially if they are posted somewhere visible in your office.
List what you need to succeed.
Once you’ve set your goals in print, you can make a list of what you’ll need to reach them. Do you need to hire more employees? Purchase new equipment? Don’t forget to consider if you have enough working capital to support these additional resources. It’s a good idea to plan to have a little extra cash on hand when planning ambitious business growth.
Find the gaps.
Start this process by looking at your past goals and where they fell short. Talk to senior members of your team to get their input. Digging into trends and research around your industry can help reveal additional challenges or opportunities for your business plan.
Get a financial check-up.
A cash flow problem can be a business growth killer. Worse, it can actually set your business back. Sit down with your CPA or financial advisor and review your business financials. Identify the accounts who pay late, those who are still outstanding, and that your taxes are in order.
The number one mistake small and mid-size business owners share is trying to do everything on their own. By delegating the daily operations of your business, you can focus on growing your business.
Keystone Capital Funding helps companies grow their business through the revenue power of invoice factoring. If you would like to learn more, contact us.