10 Small Business Tips to Be More Successful in the New Year

December 18th, 2017

There is no single key to growing your small business, immediately or over the long haul. Building your company, whether it’s to a million dollars in revenues or a billion, takes smart planning and execution across many areas – technology, personnel, finance and just plain old business strategy. In other words, having a brilliant tax strategy can help your financial situation, but it won’t mean anything if your marketing is rudderless, and the best personnel in the world will be completely ineffectual if you don’t have a backup plan in the event of disaster.

The following is a well-rounded look at some of the top ways small businesses can improve their game – giving you the best opportunity to make 2018 your best year yet.

10 Small Business Tips for 2018 Success

NOW

First things first: There are a couple of things you still can sneak in before the end of 2017 to help position yourself for a strong 2018.

Tax credits. It’s typically best to set your tax-planning strategy at the beginning of the year so you can make sure you meet necessary qualifications. However, you can check out our list of tax credits that small business owners often miss to see if there are any last-minute credits you can claim for the 2017 tax season.
Set goals. Don’t wait until a couple months into 2018 to start creating a game plan for the year. Set aside a few hours sometime between now and year’s end to evaluate your company, your finances and where you want to be in the next few years. Then, set realistic but ambitious goals for 2018 that will ensure you progress toward your ultimate benchmarks for success.

NEXT YEAR

Now, we’ll look at some things you should do sometime during the course of 2018.

Automate. If you’re a smaller outfit with few (or no) employees, chances are you can use every extra minute you can get. Luckily, we live well into the internet age, where small businesses have a host of automation tools – covering everything from marketing to bookkeeping – at their disposal.
Innovate. When most people think about “innovation,” they think about creating the next big product or service – and that’s part of it. But you also can innovate your business by looking at your competitors, talking to industry experts and even getting the opinions of those inside your organization. In doing these things, you can change how your company approaches the everyday in ways that can make big differences down the road.
Get better about invoices. Invoices are the lifeblood of any business, ensuring everyone gets paid for what they do or deliver. It’s a wonder, then, that so many businesses get so many elements of this simple practice wrong, risking not just losing out on money owed, but also nasty tax implications. Check out these frequently made invoice mistakes – and learn how to avoid and eradicate them.
Grow your rainy-day fund. Yes, almost every small business suffers from tight finances, but there’s no tighter situation than an emergency with absolutely no safety net. Learn why rainy-day funds are so important, and how to scrounge up the money to build one.
Protect your business’ finances. In general, protection is an overlooked aspect of owning a small business. Most people think about how to grow, to expand – but they rarely think about what they’ll need to do to ensure they don’t lose what they have. Here are a few tips for protecting your business’ finances and keeping your hard-earned cash.

TAKE CARE OF YOU, TOO

Finally, don’t forget that as a small business owner, one of the most important things you should be taking care of is you.

Protect your own finances. For many small business owners, their company is their primary source of income – and in some cases, their assets are even at risk should the business go under. Here’s how to protect your personal finances and keep them as insulated from any potential corporate disasters as possible.
Plan for retirement. You probably don’t plan on working forever, and that’s good – because scientific evidence points toward the idea that you won’t. At some point, you’ll need to retire, but it’s exceedingly hard to do that without actually saving up for it. Small businesses have several retirement plans at their disposal – we help you learn about them.
Learn to unplug. Of course, you’ll never make it to retirement if you run yourself into the ground for the sake of your company. Yes, your business is important to you, and you’re important to your business, but learning to unplug once in a while is good for all parties involved.

We have an 11^th bonus tip for you, and it’s perhaps the smartest one of all it because it can help you address everything we’ve already talked about: Don’t go it alone. The professionals at McManamon & Co. can help you with numerous aspects of improving your small business, from strategy to taxes to even becoming a paperless office.

Make 2018 your best year in business yet. Call us at 440.892.9088 or contact us online today

Tags: McManamon, small business, small business tips | Posted in Consulting, McManamon & Co., paperless office, small business, small business taxes