6 Tips for Entrepreneurs to End the Year Strong~
Written by: Reel Robinson
- Secure a savings plan.
- Identify your company’s strengths and weaknesses and strategize your 2020 expectations.
- Clean up Clutter
- Try to pay off subscriptions for the year ahead of the time
- Reach out and show gratitude to your current and former clients of the year.
- Ask yourself a few questions that will strengthen your business
- How can I improve my brand, marketing, networking?
2. What are your intentions for the upcoming year?
3. Has my marketing efforts created the results I wanted?
Building a sustainable business is no small task, it takes dedication, sacrifice, and strategy. Entrepreneurs around the globe are making decisions and organizing ideas that are changing the world as we know it. The reality is, we can no longer worry about success if we are not planning for even more success in the future. Our goal is to highlight some ways to ensure your 2020 is just as good or better than your 2019.
1. Secure the bag! Savings are essential to your business sustainability
The year is coming to a close and like most small businesses or entrepreneurs lead organizations, the time to get your accounting books and financial statements in order is in full effect. Many small business owners spend major money at the end of the fiscal year because they overlook accounting discrepancies throughout the rest of the calendar year. For businesses in their first 1–3 years, it is important to try and end the year with some savings that help your business sustain or most importantly grow in 2020. The goal is constant growth, this can come in by setting aside income from the previous year to help alleviate expenses that may arrive in the next year of business. Savings can be used for growth items such as software upgrades, new tech, expanding your team, adding services, marketing, and other internal expenses.
2. Assess Companies Yearly Highs and Lows
As the end of the year approaches, it is the best time to take a look at your companies analytics. Your analytics will include any trends that have aided in your companies growth or have shown little impact on your bottom line. Identifying the things that helped grow your company and the things you may need to alter to get the results you desire can put you ahead of the ball as you enter a new fiscal year.
3. Declutter your surroundings
The end of the year is the best time to update your records, move some furniture, and most importantly free up space for new clients and new business. A clean environment makes room for creativity and allows you and your team to focus more on growth in 2020. Re-organizing will benefit your companies ability to manage time. The less clutter you have, the more time you have to acquire new leads and opportunities that can grow your business.
This doesn’t simply speak to having a clean working environment but it also speaks to the need for a clutter-free mind. We spend a lot of energy and brain cells developing and maintaining our businesses, it is important to refresh our minds by stepping away when the opportunity presents itself. The holidays are a great way to get around family and friends and put the stresses or demands of your business aside for a few days. Use these days to reflect, cleanse, and recharge for the new year of business. Setting clear goals and intentions will help you keep the headaches and hardships at a minimum.
Here are a few reasons a clean office and mind can help take your business to the next level:
- First impressions mean everything!
- Access to organized records and needed information.
- Organized receipts will make tax preparation easier
4. Pay-off debt and monthly subscriptions
We understand in the beginning phases of business, we tend to lean towards postponing full payments to ensure the funds are available. The goal for the next year of operation should be to eliminate any previous debts or most importantly pay those monthly subscriptions off for the entire year. This alone will open up your budget throughout the year, eliminating your company’s need to make website payments, accounting software payments, or any other regular payments that add to the expenses. This saves money during slower months, as well as provide you more time to focus on brand building techniques and actually allocating earned money towards growth marketing campaigns and hiring professionals who grow your business.
5. Communication with your current and former clients are Key
In building a business, you must prioritize relationships. Your business survives because of your ability to cultivate relationships with companies and customers who use and need your services or products. The end of the year is the perfect time to reach out to existing clients and former clients to secure business for the following year. Show gratitude and appreciation for their service and provide them with valuable information that shows how they have benefited through the collaboration. Identifying your value to the market will set you up for success going into 2020, it is important that you recognize your strengths and weaknesses.
6. Self-evaluating makes a difference
Business owners should take a long look in the mirror and truly evaluate the health of their business. This is one of the most fundamental parts of sustaining a strong, profitable business. As creatives, we sometimes believe the work is all we need to help grow our business but in reality, understanding how to leverage your talent, resources, and value means far more than just getting the job done. Truly evaluate your companies market value, what things separate you from the competition, how can our brand establish its own individualism within the current market, these are just a few questions to start with. Once you have established those guidelines the following questions will benefit you as well:
- How can I improve my brand, marketing, and network?
- What are your companies intentions/goals for the upcoming year and how will you achieve them?
- Did my current/previous marketing efforts create the desired results I wanted?
In 2020, let’s focus on taking the next steps toward financial freedom through our businesses. This has shrunk the world because of the internet’s growth, global communication and connection is only a click away. We have access to resources, contractors, and clientele that can propel any business to new levels. The trick to it all is persistence and quality. If your business consistently provides quality products and services it will soon reap the rewards of more business and more revenue. Your strategy is key to your success, don’t wait until the last day of 2019 to think about your next move, your competitors are already working, don’t get left behind.
The new year brings new opportunities to grow and network for Black Business Mine Publishing House. We have some great content planned and we hope you join us on our journey. 2020 is all about healing and manifestation. Subscribe to our email list and get free access to a 1-year subscription to Medium.
