You’ve heard of “2020 hindsight,” right? Well, it’s time for some 2020 FORESIGHT! Yes, it’s time to start planning to make next year a successful one for your business. But wait, you’re thinking, summer isn’t even over. Do I really have to start now?
Technically, you don’t have to start now but it’s definitely a good thing if you do. This is the time when you start thinking about your budget for next year but remember, so are your customers and suppliers. Do you have a new product you’re going to be introducing that you want people to be budgeting for now? Maybe there’s a conference in 2020 that is a “must attend” event…planning now may enable you to snag an early bird registration rate. OR, maybe your sales haven’t been where you want them to be for the first half of this year. Now is a good time to make whatever adjustments are necessary to get those figures where you want them to be have a strong finish to the current year.
Take a moment to have a chat with your CPA or tax attorney. Be sure you’re properly tracking tax-deductible expenses and have an idea of what you may owe when tax time comes around next year. There may be planning you can do or actions you can take before the end of 2019 to maximize your tax savings in the new year.
Think about the holidays for THIS year. Will you be giving bonuses to some of your star performers or maybe to your entire team? Now is the time to be sure you’ve got the funds in your current budget to make the holidays a little more festive for everyone.
Will you be adding staff in 2020? Now is the time to be sure your job descriptions are well-written and complete. In addition, it’s not too early to begin the recruiting process if you plan to make any of those additions in first quarter. It always seems to take more time that you thought to make just the right hire.
Finally, not all planning is budgetary and numbers-driven. How about your personal goals for your business? Is next year the time to step back a bit and let a new partner have a bigger hand in the day-to-day business? Or maybe you’re just thinking of taking that long-planned and exotic trip. Change those dreams into reality by making it part of your plan.
Starting now gives you plenty of time to make 2020 the best year yet for your business AND for you!