Every entrepreneur’s dream is to build a thriving business. Below are a few tips that will help you build a successful business in 2020.
Define your success
Success is both relative and seasonal in that it is different for each individual and it can change overtime. Be clear on what success means to you so that you can be clear on what you are working towards.
Start of with the following questions to know if you have clear goals for your business
- What is your 2020 revenue goal for your business by month?
- What is your 2020 budget/expenses by month?
- What is your execution plan to accomplish the above set out goals?
If the answers are not clear you don’t have a plan. Below are a few ways on how you can go about being clear on your plan
First and foremost know how much you made in 2019 and how you made it then figure out how much you want to make in 2020 by either expanding, reducing or eliminating your products or services. e.g. if you run an accounting firm offering book keeping and tax services and a bigger share of your revenue came from your tax offering it would be prudent to concentrate your efforts on that.
Secondly think of your execution plan for the goals you’ve set. You have to be clear on how you’ll make it happen. Dig in on how you made the previous years revenue and double your efforts on making that happen.
Thirdly know how much you spent in 2019 and how it was allocated e.g. Facebook ads, payroll. Your execution plan will determine how you’ll either increase or decrease the expenses.
A plan means nothing without action. Success is not solely on writing it down. You have also to be intentional and deliberate with what you are doing. Don’t just do things just for the sake of it.
Remember plans don’t always work out so it’s important to learn how to be adaptable in business.
Have a successful year growing your business.