As the new year arrives, businesses should review the last 12 months and plan for the year ahead. Setting realistic goals for 2019 and creating a strategy to achieve them can be challenging. However, with the right resolutions, and the right financial partners, businesses can continue to prosper, even when economic growth begins to slow. Here are five resolutions every small business should consider for 2019.
One of the most important things a business can do is gather data about their customers. Understanding customer behavior allows small companies to improve their customers’ experience and grow their business. It’s critical to remember that today, customers want more control of their data and that information is most accurate when it comes from the customers themselves.
Setting realistic goals is a great motivator. Creating the right strategy and executing goals leads to greater profitability for any business. It’s also important to prioritize goals. Whether it’s paying off debt, growing revenue or making improvements to your business, understanding what’s most critical to your growth is vital.
Create a Leaner Business
Losing excess weight is critical to operating on a more efficient level. Businesses should assess their staffing and identify areas where they can cut labor cost. Similarly, reviewing inventory and identifying areas for improvement can go a long way to decreasing costs and increasing profitability.
Automate your Business
There are lots of ways to automate your business, from document sharing (https://quip.com) to invoicing (https://www.getharvest.com) and scheduling (https://www.salesforce.com/blog/2016/08/introducing-salesforce-inbox-calendar.html). Using available resources can allow businesses to focus on growth.
Secure Financing for the Future
Not having enough cash in reserves at the end of the year doesn’t mean a business doesn’t have opportunities for growth. With small business loan application rejection rates at approximately 80%, finding an alternative source of funding is critical to business owners. Financing partners like ExpoCredit (www.expocredit.com) are rapidly becoming an excellent option for businesses looking to fund their growth. Accounts receivable financing (https://www.expocredit.com/accounts-receivable-financing/) and supply chain solutions (https://www.expocredit.com/supply-chain-solutions/) can provide a vital cash infusion businesses need to grow. Securing financing in 2019 can help businesses thrive, especially when they’re in a cash flow crunch.
As you start the new year, review the last 12 months, identify your strengths and weaknesses, set realistic goals, and find the right financial partner (www.expocredit.com). Happy 2019!