Is Your Business Ready for 2020?

Whenever I tell people what I do for a living, they just assume I only work for four months of the years during tax season. Well, that couldn’t be farther from the truth. In fact, we have been working really hard the past three months as we help our clients get ready for 2020 and beyond.

Is your business ready for 2020? Are you ready to take a leap and grow your business to the next level. If so, below are three common processes that we work with our clients on to enable them to think strategically about their business and have a plan in place to meet their goals.

Strategic Plan

In order to shape the vision and future of your business, a strategic plan is necessary as it serves as a guide to the business. Many times we see business owners with their heads down all the time and have no idea where the business needs to go or where they want the business to go. Spending time on a strategic plan and thinking about the future and what the business should be focused on now is an important first step in setting the direction of the business. We typically see businesses look out 3-5 years in the future and set milestones on what the business should look like over that time period.

Financial Plan

Once a strategic plan has been created or updated if you already have one, the next important process every business should spend time on is planning for the upcoming year. We always recommend for our business owners to set their bottom-line number (net income) when first developing their plan. From there the business can build the plan for the upcoming year and what level of revenue and expenses will be required to deliver on that net income number. Once the plan has been developed, all businesses should review their plan and make sure it aligns with their strategic plan and will ultimately allow the business to move towards their strategic goals.

Action Plan

We use several different terms to describe this process, however, the key is once you have a financial plan in place for the next year, all businesses should take the next step and develop an action plan so that specific goals are set, KPIs can be identified, responsibilities are assigned, and any necessary changes are identified to fix. Without taking this step, all the planning previously planning done can be a waste of time. All individuals in your organization need to know their role as part of the plan and need to buy in to the plan.

If your business can check the box on all these items, great for you, your business is ready to knock 2020 out of the park. If not, don’t panic, it is not too late to implement these tools for 2020. In fact, MACKEY™ can help with all of this and help remove the burden this can take on a business owner. Reach out and give us a call today at 859 331-7755 or send me an email at mlewin@mackeyadvisors.com.

We are always ready and willing to help with any problem your business is facing.