If your New Year’s resolutions are mostly personal, you’re missing a big opportunity to reflect on ways to build up your business in 2021. Last year took the world by storm, with a pandemic, affecting businesses globally. Now is the time to have a solid plan more than ever before; we’ve learned and now we grow.
So, if you’re not sure where to start, our team of business financial and tax experts have put together our top 8 plans of action, designed to improve the way you work and hopefully increase your success as an entrepreneur this year.
Enhance Your Focus
Most business owners wish they could spend more time on their core objectives and less on the administrative side of running a business. Make that dream a reality in 2021 by narrowing your scope and delegating tasks that fall outside those main priorities, whether that means hiring a marketing consultant to manage digital marketing or an accounting firm to administer financial operations.
Get Ready for Growth
Many business owners struggle to manage cash flow when a business grows. A professional advisor becomes essential as financial operations become more complicated and involve costs such as payroll. He or she can create a comprehensive plan that will support your enterprise as it thrives – from helping your profits earn healthy interest, to keeping budget allocation on track. An accounting firm will also implement software to manage your money.
Collect Invoices Promptly
Automatic invoicing can revolutionize your operations in 2021. Ask your new accounting firm to set up this function so you don’t have to interrupt the flow of your workday to bill your customers for services and products rendered.
Refinance Expensive Debt
Are you paying more than you should for interest on your business debt? Resolve to look for lower rates or make a plan to pay off costly credit cards and loans you can’t refinance.
Set and Monitor SMART Goals
SMART means specific, measurable, achievable, realistic and timely. Using these parameters for your 2021 business goals will give you benchmarks that illustrate progress.
Elevate Client Service
Vow to show your customers how much you appreciate them in 2021. The Harvard Business Review reports that companies spend at least 500% more to attract a new client than to retain an existing one.
Streamline Where Necessary
Look at your operations, expenditures and offerings at the end of 2020 with a clear, critical eye. If you detect problem areas, figure out how to cut those aspects of your business out in the new year. If there is anything last year taught business owners, it’s how to do this in despairing times – think forward if these cut areas are truly needed when things are running successfully.
Improve Your Online Presence
If your company doesn’t have a recognizable online brand, you’re missing out on a sizable sector of potential clients. If you already connect with your audience virtually, focus on fostering that relationship next year.
Partner with Orlando’s Best Tax Accountants
KDK Accountancy Corporation can help with your financial resolutions in 2021. In fact, we’ve been doing just that for Central Florida businesses for decades. Schedule your free consultation online, or call (407) 677-1040 today to explore the value of partnering with our team in the coming months.