It is important to have specific goals outlined for your new business as we start in 2020. Without clear goals, you can spend the year simply spinning your wheels without any measurable growth or improvements. More importantly, you need to design strategies to achieve these goals. Don’t wait until January to start visualizing your goals – sit down with your management team and set out your goals for 2020 right away. The following are only some examples of common goals for small businesses and startups.
Increase efficiency – When you initially decide how your operations are going to work, you may not foresee hiccups or factors that may not be as cost-effective and productive as possible. No business owners should be content with saying, “This is just the way we do things.” Instead, regularly assess whether there are ways to make adjustments to increase your operational efficiency.
Is your management structure working? Do you have extra staff with not enough to do? Does your process take longer than it needs to? Do you need a technology upgrade? These are all questions to ask when developing strategies to achieve this goal.
Increase your profit margin – The two main ways to increase your profit margin are to increase your customer base and to cut costs. Expanding into new markets and redesigning your marketing campaign can help bring in new customers. Ensuring your customer service is impeccable is another way to increase sales to existing customers.
Cutting costs is a method of increasing profit margin that is more in your immediate control. Are your vendors offering the best products for the lowest prices? It never hurts to explore whether there is a better value out there for your material and technology suppliers. Perhaps consider leasing or financing technology instead of expending large amounts of cash on purchases. These are only some ways you can seek to cut costs in the New Year.
Maximize tax benefits – The new tax laws provide many benefits for small businesses – but only if you plan ahead to take advantage of them! Examine your tax structure and determine whether it is the best one for tax benefits. Look into whether financing equipment can provide a tax break due to interest payments. Work to avoid paying unnecessary taxes for your business in 2020.
Update your technology – As we all should know, once state-of-the-art technology can become obsolete in a couple of years. While some people believe there is no need for regular upgrades, there is a reason why new software and hardware take center stage – it is often more efficient than its predecessors. There are many cost-effective options for technology upgrades, and we can help you explore the right options for you.
Contact Blue Street Capital for More Information about How We Help Businesses Like Yours
Blue Street Capital works to support businesses and startups in finding creative and cost-effective technology solutions. We regularly connect vendors to companies and help implement financing solutions. Contact us online to discuss how we can help with your 2020 goals today.