Q1 of 2020 is around the corner with new goals and opportunities. Maybe your small business has been operating for several years, or maybe you are just starting out, but despite how long you’ve been in business, preparing for the new year should be in your future outlook. From finances, to hiring or productivity; is your small business set up for success in 2020? Here are a few things to help you prepare.
Perform a SWOT Analysis on Your Business
In order to identify the strengths and weaknesses of your small business, use a SWOT analysis to determine what makes your business stand out from the competition and what you could be doing better. Doing this at the beginning of the year will allow you to have a greater outlook to improve your 2020 business making decisions.
Commit to a Marketing Audit
When was the last time your small business analyzed what is working and what isn’t in the marketing you are investing in? Whether you apply your marketing budget to traditional or digital marketing, ensure that you measure the level of success in 2019 to apply to your 2020 goals.
Boost Productivity in Your Business
Start 2020 off strong when it comes to productivity. The moral of your small business can affect productivity and overall production. Keep in mind what your team can improve on, what tools can be used, and how to keep the work day enriching and on the right track. This can be re-evaluated throughout the year to keep productivity focused and success in view.
Hiring New Employees
Whether you are growing a solo business or adding more to your team, congratulations! Building a business can be exciting. Ensure that you are following proper procedures and regulations with assistance from an attorney, accountant, and/or human resources professional.
Expanding Your Business by Investing in It
Are you looking to add more equipment to your business, whether it’s a new location or expansion? While you can prepare your 2020 goals to include growth, your small business can get a jumpstart this Q4 by leasing or financing equipment for your small business. In addition, Section 179 of the IRS Tax Code allows business owners to deduct the full equipment purchase price from gross income. The cost of the equipment can be deducted in a single tax year and allows a business the ability to expense up to $1,000,000.00 in equipment purchases if put into use by December 31. This way, planning for 2020 in 2019 can actually be beneficial to you when it comes to 2019 taxes.
Turn Each Goal into a SMART Goal
Once you have your 2020 small business goals listed out, turn them into SMART goals - specific, measurable, attainable, relevant, and time-based. Ensure all of your goals meet SMART criteria to help achieve all of your goals for 2020.
Alliance Leasing & Financial Services, Inc. is able to assist your business equipment leasing and financing needs to help expand your small business. Our product is unique because it is written in the form of an Equipment Finance Agreement. This allows you to write off 100% of the sales price and own the equipment at term end. Contact us today to get started 800-449-0674 or alliance3@allianceleasing.net.