‘Tis the season, once you’re done gorging yourself on holiday cookies and Glühwein, to start looking forward to next year. What can you do to set your home business up for success in 2020?
A little planning now can ensure that you accomplish your goals next year. Here are a few to get started with.
1. Work on Your Business Credit Score
Did you know that your business can have its own credit scores, just like you have personal credit scores? Those credit scores can impact whether you qualify for business financing. Higher scores may make it easier to get you a great rate on a loan, while low scores (or nonexistent ones) may make it challenging to get the funds you need to grow your business.
Kick off this goal by checking your business credit scores. If they are not where you want them to be, start applying for business tradelines that report to business credit bureaus (Experian, Dun & Bradstreet, and Equifax). A tradeline is simply a credit account you have with a vendor, like the one you buy office supplies from. They can extend credit terms, allowing you to pay for orders, say, 30 days after you receive them. Paying your bill on time will help you build credit history and increase your score.
2. Plan How You Want to Grow
Most businesses seek growth, whether that’s to expand operations or simply hire their first employee. What do you want for your business? Maybe you’re ready to break out of the home office and rent commercial real estate because you’re bursting at the seams. Maybe you’d like to expand your product offerings.
Write out a detailed plan including not only what your growth goal is, but also the small actions you can take to make them possible. If you want to rent office space, your actions might be:
- Set aside $10,000 for deposit, furniture, and renovations
- Choose area of town I want my office in
- Sign up for notifications for new properties available
3. Increase Your Marketing Efforts
Has marketing your business been moved to the back burner? Make next year the one you really invest in marketing, because that’s what is ultimately going to help you succeed.
If you’ve done some marketing, try something new each quarter. Maybe that’s blogging on your dusty business blog, investing in social media advertising, or participating in community events.
Be sure to track anything you do so you know what’s sending business your way.
4. Take Out Financing
If growth is on the calendar for 2020, you may not have the funds to make it a reality as things stand. That’s where financing comes into play. Whether you take out a loan, bring on investors, or launch a crowdfunding campaign, you’ve got options when it comes to injecting cash into your business.
If you worked on your business credit score, you’ll be well-positioned to start applying for business loans. Even a business credit card can help you maintain cash flow while buying the supplies and equipment you need to run your business.
5. Hire Help
You may be a one-person operation, but that doesn’t mean you have to keep things that way. Likely, you’re doing more than your fair share to not only handle the day-to-day but also try to build toward your business’ future. That’s a lot for one person!
Start small with what your budget can afford. That might mean bringing in a freelancer to write your blog content or a part-time employee to fulfill and ship orders. Over time, as you bring in more revenue, you can hire even more. Doing so frees you up to focus on running your business and strategizing for the future.
6. Take Time Off
If you’re like most entrepreneurs, you work more than 40 hours a week. The average is 72 hours a week worked! You may feel like you’re getting a lot done, but in fact, you’re doing more harm than good.
Taking a break from your business—whether that’s stopping after eight hours or taking a week’s vacation—is essential for your well-being and for your business brain. Having time and space away from work loosens up your mind and can make it easier to problem-solve. So prioritize your well-being next year (and every year after!).
Your goals may look different than this list. The key is to not create goals that are so overwhelming, you won’t even attempt to make them happen. Break them down into tiny, easy actions, then assign a due date for each task on your calendar.
Check your progress each month or quarter to ensure you’re moving toward success. You may need to tweak your goals along the way as your business’ needs shift. The important thing is to always keep your sights set on where you want to take your business!
