Updated: Dec 27, 2018
Greetings, fellow business owners!
We are reaching the end of 2018 – time flies, right? This is the time when most business owners are getting their books in order, processing their reports and making checklists of things to do so that they end the year with a bang! Some of you might also be thinking about starting your business plan for 2019! Making mental lists, coming up with ideas and just hoping you will be able to get it all ready before the new year is upon us!
I am here to help you get started and identify some steps you can take right now so that you’re well-prepared for January.
1. Actively plan your goals for 2019
This one is a no-brainer, right? Instead of just identifying your goals and where you want your business to go in 2019, try spending some time on mapping out how you can reach there. Find strategic partnerships, events, companies you want to collaborate with and start working on getting those meetings set up! Being pro-active definitely pays in the long run.
2. Decide your entity and/or tax-election
Are you a sole proprietor and think that you gave outgrown your status? Or an LLC but are unsure of which tax-election works best for you? It’s time to review your numbers, do some projections, and talk to your business attorney who can help you identify what would be best for your business in the coming year.
3. Review your contracts
Have you signed many (or a few) contracts in 2018 with vendors, service providers, contractors etc? It’s a great idea to review your contracts, look at which of them might be terminating soon or up for renewal, and create a master list with all these details if you haven’t already. This helps you keep abreast of when you need to renew that expensive contract or when you can pull the plug and terminate that service that you didn’t really use in 2018.
If this sounds daunting or like something you don’t have the time for, talk to your business attorney who reviews contracts routinely and can help you perform a due diligence.
4. Ask for feedback
Do you remember that client you worked with in early 2018? Where is she now? Did she like your services? Did you circle back to her and ask for feedback on how you could improve? People love giving feedback! Be humble, and ask for suggestions. You might get some insight on how other’s view your business which could be a great way to start making changes in 2019!
5. Request referrals
Have you been pro-active throughout the year and received good, nay great feedback from all your customers and clients? A happy and satisfied client is the best referral source you could ask for! Reconnect with them, check on them, and thank them for their business. Work on building an attitude of gratitude! And while you’re doing that, ask them to refer you to their friends, family, and colleagues.
Hope these tips help you get started with your preparations for 2019!
To your success and prosperity!