12 Actions For Small and Medium-Size Business Growth in 2020
December is a weird month for small and medium-size business owners—it’s both a time of reflection on the accomplishments of the past twelve months, and also a natural time of projection of how you are going to grow your business over the next twelve months.
Before you decide that you have a lot more important things to do with your time than reflect on the past 12 months, think about this: Reflection and projection at the end of the calendar year are the only ways to get you where you want to go.
Consider these five reasons reflection is important:
- Celebrating your company wins frees your team and propels them forward.
- It’s THE time of year to say thank you and strengthen relationships with partners, investors, and customers.
- You cannot learn from your mistakes without reflection. Do it, and move on.
- Reviewing the business plan at the end of a calendar year (even if it is not your fiscal year) refreshes the collective.
- The accounting and finance teams are putting together your company’s financial picture for the IRS and shareholders anyway.
Looking ahead to 2020, we want to share with you 12 actions for growth that small and medium size businesses (SMB) can realize in the next twelve months. Maybe 2019 was a tough year for your business and you are concerned about what exactly the future holds in these uncertain times. Success in the current economic climate seem uncertain, but action is always a solid move.
Grow Your Business All Year Long
Growth requires more than having, selling, or being MORE. For a small or medium-size business to grow, in any economic (boom or bust) climate or sector (tech or services) landscape, there may not be a map, but there are growth strategies.
These are 12 imperatives of business to be more growth ready in 2020.
1. Go Green.
The hottest trend—literally—is environmentally friendly practices. Grow your business in 2020 and go green.
Go paperless and save money, time, and renewable resources in the process. Simple, right?
Take that next step and move to cloud-based technology tools and services to help you run your business from human resources and customer relationship management to accounting and logistics.
mAccounting can help your management team go mobile and focus your business’s very valuable time and resources where they are needed most.
2. Recruit and retain talent.
Business culture is a key part of a growth strategy. To reach your full growth potential as a brand, you must hire the right talent for your chosen growth strategy. Customers pay attention to what brands stand for and what employees are saying about them. How competitive is the pay at your company? Does your company invest in employee professional development? Are your employees proud of what they have accomplished? Companies that see their employees as long-term assets will reward them, protect them, and develop them.
If you already have an A-Team: tell the world.
3 Get paid.
Does this sound familiar? You work really hard for your clients, only to find that you also have to work to get paid. If you need a better way to get paid in 2020, mAccounting can help you to get that cash for expansion.
4. Get The Right Cash Flow For Growth.
Whether your strategy for growth in 2020 is getting a share of the market or offering your products and services to existing customers in an innovative way, you need to have a solid handle on your cash flow.
Basing your sales figures for 2020 on ‘more’ sounds foolish because it is. So, take action to get your cash inflow and outflows under control with expertise and the best reporting tools for your business and budget.
5. Get a loan.
Is 2020 your year for a loan? Know before you go get a loan.
If you have a business plan that inspires confidence, a sound financial model, a response for potential setbacks, and your CEO has a decent understanding of the numbers—go get that loan!
6. Create a new use for your product or service(s).
For brands with customers who already know and love what you offer them, selling more of the same works if you can find a new use for your well-loved product or service.
This growth strategy enables your brand to develop incredibly impactful relationships with your customers. Consider how indispensable Apple computers are to the way we learn and extra virgin olive oil is to the way we eat.
7. Offer a new way for your existing customers to access your products and/or services.
This growth strategy makes it easier for your customers to reach for your product or use your service by being where your customers already are. Olive oil is in gourmet ice cream. Quickbooks has a mobile app. Yellow Pages offers print and online directories to be where their existing customers already are living their life.
8. Sell to more people.
Increasing your market share in 2020 is an obvious growth strategy. Market insight, customer relationships, and business management savvy are foundational to selling to more people in the next year and the next.
9. Thank your customers.
An email thank you is another opportunity to connect with your customers and it’s practically free marketing. Reward your long and loyal customers and make it easy for them to tell their friends all about how smart they are or how happy they are on social media. Word-of-mouth advertising from your brand ambassadors can’t be beat.
10. Add minutes to your day, hours to your week, and a day to your 2020 business calendar.
Did you know that in 2020 you will gain a day? February 29, 2020 to be exact. Hurray! You’re ahead a whole day!
One way to get more out of 2020 is to get more done in less time. Efficient processes add more than just minutes, they also bring peace of mind. Perspective and energy are a powerful combo for business growth.
Do you promote taking 5 minutes every morning for goal setting throughout your organization? Are the leaders building time to refresh and recharge into their weekly calendar? Do you take a vacation from work every year.
Automate processes wherever possible to improve the effectiveness and efficiency in your business operations. Enabling your management’s core competencies, your employees productivity, and your customer’s experience with your brand is what automation was designed for.
mAccounting can help your business automate processes like credit card reconciliation and accounts payable.
If growth is your aim but you’re not ready to expand your payroll in 2020, consider outsourcing your accounting, human resources, or marketing functions. Do not let lack of expertise or experience keep your business from growing in 2020.
12 Days of Business All Year Round
The close of the calendar year does not have to be the only festive time of year. Remember the 12 Days of Business and keep the celebration of innovation and creativity that small and medium-size businesses bring to the economy going all year-long. Make 2020 your biggest year yet!
mAccounting can keep you celebrating your business in 2020. Request a consult today!