Happy 2020! You and your business can begin the New Year on the right track with a few simple steps. You will want to make sure the business is equipped with the right tools to meet and maintain its financial and operational goals. There’s no better time than the start of a brand-new year (and decade) to reassess your current operations and make changes to meet your future goals.
1. Digital Footprint
How are you marketing your business? If you want to compete, especially with the big names, you have to make sure you have an online presence. It may be as simple as creating your own website. Doing so can cost you next to nothing, or can be a worthwhile expense – provided you have the budget and can afford it.
Never discount the benefits of social media. Facebook or Instagram are probably the top ones to have for a growing business. If you’re unsure of how or where to start, there are some services that can help set up and/or manage your social media presence. Blogging and vlogging are also great ways to get your business name out there. This will require a time commitment but can be well worth it for those in a niche industry.
Every business owner should periodically review vendors and suppliers to ensure they’re giving competitive prices and delivering quality service. The beginning of the year may be the best time to review vendors.
Consider if current vendors are charging competitive rates, providing good service and adapting to the business’s changing needs. Does it make sense to try out a new vendor, and would it provide the business with leverage over an existing vendor?
Does your business depend on machinery, supplies or a variety of other equipment to operate? We often get caught up in daily activities that go along with running the business and forget to do periodic equipment checks and make sure we have what’s needed to grow the enterprise. Identifying equipment needs early on in the year can help the enterprise make its annual numbers and help plan for future cash needs.
Staffing needs should also be considered. It’s good to recognize any deficiencies early on in the fiscal year so that appropriate adjustments can be made. Also, keep in mind that finding, hiring and training the “right person” can take a lot of time, so it’s smart to get on the ball as early as possible.
Insurance coverage is a business necessity. Is the company adequately covered? Has the company taken on any new assets or business interests that haven’t been accounted for and protected by existing policies? A strong business liability insurance program is a must-have for any business. If you haven’t done so already, schedule a meeting with your business insurance provider to discuss your coverage and any coming developments. They will be able to let you know whether your current amount of coverage is suitable or if you will require additional coverage.
6. SWOT Review
The new year is the best time for a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis to determine where your business is in comparison to the strategic plan that was established at the beginning of the year. This can realign end-of-year action and future year planning so your company can stay the course for continued growth and profit.
About Bozzuto & Co. Insurance Services, Inc.
Bozzuto & Company Insurance Services has provided business and personal insurance solutions to clients throughout California since its founding in 1981. Our experienced staff understands the unique needs that each person has when insuring their lives and their businesses, and we pride ourselves on our deeply personal customer service. We are happy to help you through every step of the insurance selection process. Contact us today at (800) 400-6394 to learn more about what we can do for you.