How do you set up your business for a successful year?
Good. Bad. A little in-between. Depending on who you ask, you’ll receive different responses to the way people look back on 2017. For those who started or grew a business in 2017, one thing should be agreed upon: you made your way towards building our economy.
What are your top two recommendations for small business owners as they start a fresh year?
Pedro Zamora:
1. Set goals – As individuals, we set resolutions each new year (work out 5 times a week, save $20 from each paycheck). For your business, do the same. Set concrete goals rather than generic ones (hire 2 employees and increase sales by 5%, in place of “growing my business”).
2. Keep business forms up-to-date – One of the most common mistakes small business owners make – and the easiest to avoid – is not renewing business forms and licenses. Check with the cities you do business in to see when yours are due.
Josh Rowland:
1. Work “on” the business, not only “in” the business - Set aside a defined time and day each month to work on the ‘big picture’ of the business. You may have to find a quiet place away from work or home to separate yourself from the operational details and customer service in order to contemplate the big, difficult questions: Where do I want to take this company this year? Next year? Do I know what my key advantages are? Do I know what my customers like, or what they don’t, about what we’re providing? If growth is my goal, will that make us more profitable? If not, then what is my strategy? Finding the time and the mental space to ask the big questions is difficult when running a small business, but this work separates the leading businesses from the rest of the herd. Working “on” not just “in” the business will make possible another key tactic…
2. Cultivate relationships – As the leader of your business, focus on business development. Take time to cultivate valuable new relationships and make it a priority to seek new relationships every month.
