SETTING GOALS FOR 2020
A new year marks a new start for your business- so what are your goals for 2020? Our clients often wish for greater productivity, higher margins, a lower risk profile, or better corporate governance. Perhaps it’s greater work-life balance that you’re after. Whatever your goals, we suggest that your jot down your resolutions. Putting pen to paper will increase your accountability towards these goals and inch you closer to a profitable 2020. Here are some ideas to get your goals off the ground.
FINANCIAL PLANNING
Work with trusted professionals to develop a tangible, realistic budget for 2020. Your financial goals should be broken down on a monthly and quarterly basis and have pre-determined markers to ascertain growth. You’ll find that economic clarity will lead to greater productivity. Ensure these financial markers are communicated to everyone in your organization and properly delegate the responsibility to achieve them. Hold recurring meetings to determine your progress and reward members who positively contribute to these goals.
PICK YOUR BATTLES
Have you been struggling with an asset that won’t produce desired returns? Maybe you have a service that isn’t gaining traction? The new year is a great time to pick your battles. Consider whether expending additional resources is worth the potential upside. Or whether it’s time to divest and move on. Turning a new page will often give you mental clarity and free up valuable resources that were being spent on underperforming projects.
CORPORATE HOUSEKEEPING
2019 was a hectic year for many industries, including real estate, aviation, and the digital economy. But that’s no excuse to fall behind on corporate housekeeping. Make sure your business affairs are up-to-date and in order. Perhaps your business is running weak on corporate governance, financial accounting, employment matters, or contractual issues. Whatever the fallback, make sure you start 2020 with a clean slate. This will help you reduce your risk profile and face the new year with renewed clarity about your business relationships, goals, assets, liabilities, and projects.
IS IT TIME TO EXPAND?
Interest rates are reasonable, the economy is sound, and opportunities are profuse. If you’ve been considering an expansion, perhaps it’s time to talk to your trusted professionals about the benefits & risks of a loan. There are countless options, depending on your risk profile, industry, and appetite for leverage. Carefully consider that expansion you’ve been plotting and determine whether 2020 is the right time for you and your business.
SCHEDULE TIME FOR YOURSELF
Your business depends on your wellbeing- emotional, physical, and mental. So address your personal health like any other line-item on your business plan. After all, if you’re anything like our clients, your business is intrinsically tied to your family goals. Make sure you schedule time off, and we really mean off. If you’ve delegated correctly, your staff, partners, lawyers, and other advisors should be able to operate while you recharge.
We sincerely hope you enjoy the holidays.