Score a Financial Touchdown in 2020!

As we approach the end of 2019 and prepare for 2020, take a step back for “plan and review”; similar to military strategy, knowing when to make a move, make a decision or make a change could be critical to your survival and your success. The goal is to de-stress your life and your business - anticipate, plan, grow, and repeat!

Forbes Magazine suggests that going into 2020, you should:

Concentrate On Your Emergency Fund - your just in case fund

Apply For Affordable Financing Sooner Rather Than Later - the best time to apply is when you don’t need it and cash flow is strong

Focus On ROI - carefully evaluate each purchase or investment including attending conferences, networking events, travel, new hires, and renovations. Examine potential personal expenditure and determine if it should be downsized to support your end of 2020 goals.

Reduce Your Fixed Cost Commitments

Consider using a co-working space for your business, rather than signing a multi-year commercial lease. This will allow you to share other fixed costs that come with owning and operating a business

Get The Advice Of A CPA -

Schedule a consultation with a CPA professional to see if this is someone to whom you could collaborate, envision possibilities, turn to in difficult times for advice, consult before you make an important decision and most importantly, someone you can trust. Do you have similar values, who are their references, are they willing to be a member of your team for the long term?

Before you make any decisions as you plan for 2020, analyze the outcomes, expenditures, and your return on investment (ROI) in 2019, evaluate the 2019 impact to your business plan, adjust your marketing plan and align it to the audience you are targeting or increase in business you will require, simplify your business structure and operating costs, and be clear about your goals and how you will achieve them yet remain profitable.

It is sometimes challenging, and a little daunting, making decisions as a small business owner. It can be lonely at the top. There is a smaller margin for error and yet you absolutely must take some calculated risks in order to stay in the game, stay ahead of the competition, and remain profitable. Consider developing a Mentorship Relationship with someone whom you admire, respect and trust-take a moment to think about a person who has strengths that fill your areas that need development. It’s ok to have more than one mentor – hang out for coffee, enjoy each other’s company, be open to advise and coaching, and be open to “change”.

Remember to use critical thinking when making a decision. Here’s a cheat sheet to help guide you through the decision-making process: