How to prepare your business for the new year

As 2019 comes to a close, now is the perfect time to reflect on the year and set your business goals for 2020. Although it is impossible to predict what 2020 will bring, you can start preparing now.

Reflect on business activity during 2019

Although as a business it is important to look ahead, it can be very beneficial to look back at how your business has performed over the past year. Think about the goals your business set for 2019, now is the time to look back and see whether you achieved them.

Ideally, businesses should monitor these throughout the year, as this will enable your business to tweak its strategy to align with changing goals. However, over the course of the year goals can change and businesses can change directions. Think about what your business has accomplished and how you can build on these in 2020. If your business is performing well in a particular area, 2020 could be your time to benefit from further growth.

Every business has risks, so if certain projects or plans haven’t paid off this year, think about why this happened. For example, perhaps you were trying to reach a new customer base and your marketing attempts fell short. As we come into 2020 you could look for an alternative customer segment, or you could invest more resources into alternative marketing campaigns. Once you understand areas where your business struggled in 2019, it is possible to put a plan in place to help you overcome these challenges.

Write a business plan for 2020

For many businesses the key to success is in the planning, so take the time now to plan your direction for 2020. Although you may have a clear idea of where you want your business to go, a plan for the year will provide the roadmap your business requires. If your business wrote a plan earlier in 2019, there is a high chance that is no longer relevant to your business today.

Your goals should be business specific, easy to measure, attainable and relevant to your overall strategy. It is a good idea to think of 2 or 3 main business goals for the year, these could be related to financial outcomes, your customer base or anything which is relevant to your overall business strategy. For example, you could aim to increase your year-on-year revenue by 30% or achieve a 40% market share.

Once you decide what you want your business to achieve, the next step is to decide the timeline for these goals. An overall business strategy can then be decided, so that your business has a plan in place to reach its goals for the year.

If your business did not have a clear plan in place for 2019, creating one now will help you see things much clearer throughout 2020. It will be possible to track your businesses performance regularly, so that you can tweak your strategy throughout the year. Over the course of the year you may need to change resource levels, the budget or even staffing levels. With a clear plan in place for 2020, you will have the foundations you need for coming year.

Once you have a plan in place for 2020, here at BusinessComparison we can help you achieve your goals. Whether you are looking for a competitive business loan to pursue an opportunity you missed in 2019, or business insurance for an additional venture, our team can help. To find out more about our business comparison services, please contact our team today.