2018 is coming fast… whether we like it or not. This means it’s time to start focusing on our business goals and planning for success in the new year. For most entrepreneurs, this means evaluating where you are, making future projections and financial preparation.
Don’t be overwhelmed with the process. Planning for your future success is the only way to grow your business. To help you get started here are our top tips to slay your business goals in 2018!
Go Back To Your Plan
Remember when you first created your business plan? You were clear on your why and you knew exactly why you wanted to be successful. That first plan was an outline to guide you along the way. However, in business – like in life – things get hectic and we can get so busy trying to keep up or just stay afloat that we sometimes forget the original reason we began.
Taking the time to remember why we started is important to stay motivated and focused. Get somewhere quiet and revisit those thoughts you had back at square one, and ask yourself these questions: Have you stuck to the plan? Does it need to be modified? Are you on the right track?
Don’t Focus On Growth
Instead of focusing so hard on growth, focus on how to become more profitable. Growth should be a by-product of profit, not a catalyst, otherwise, you may find yourself growing too quickly without the means to sustain it. How can you do this? Simple. Pay closer attention to your expenses, amend your marketing strategies, check results from the top down, and know where your biggest success is coming from.
Prepare to scale your business
Be ready to capitalize on any increase in profits and grow accordingly. With a strong foundation, your business will be set-up to scale. That means using an IT consultant like eSudo to support your growing needs. It means having a pool of freelancers in place to manage any additional tasks without worrying about quality. It means having collaborative software so that employees can work remotely while you plan your next expansion. The point is to put the resources in place so that you can maximize productivity and capacity.
Know What To Save
Before the sun rises on the first day of 2018, you need to have a savings goal in place for your business. Knowing the amount you want to save is not enough. You’ll need to set regular milestones as well. Start with a business emergency fund. Determine a specific monthly savings amount and then automate the process – so that there are no excuses. The goal is to keep you operating for three to six months should all money stop coming in.
Salaries On Point
If you really want to grow in 2018, you’ll want to be prepared to attract top talent… and a big part of that is being prepared for the expected salary range. When you come across an amazing candidate, you don’t want to offer too little and risk offending the prospect. You also don’t want to run the risk of attracting unqualified applicants. If you offer too much you could put your business in financial jeopardy. Doing your research and even taking the time to read this starting-salary guide – will help you have a strong grasp of expected compensation before you start the recruiting process.
Tip: Be sure to check locations when researching potential salaries. Some states have a higher cost of living which can equal a higher wage. Be sure that you are getting familiar with your local pay scales.