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.