The economy is volatile. Turnover is high. Inflation remains. How can you, the leader of a small or medium sized businesses, position your company for success when there’s so many unknown’s out there?
There’s things that you can control and things you can’t. Heading into the year, here are 4 areas you can control:
1) Invest in the Right Tools
Running a business is hard enough when you have the tools you need. Whether you’re a marketing company looking to expand or an HR firm trying to expedite your systems, it’s vital that you invest in the proper tools to keep your businesses efficient, lower costs, and your employees productive. Know your third-party integration options. And do your research. When things run smoother and faster, your employees and customers will thank you.
2) Stay Nimble
Economic forecasts have certainly been better, as many experts anticipate a recession. While you can’t control macro trends, you can control how you, as an entrepreneur or a business leader, respond to uncertainty. One option? Stay nimble, open-minded, and always look for opportunities. Whether that’s capitalizing on high turnover rates of valuable talent or using economic dips to streamline your payroll – stay above the fray with an eye towards the future and always maintain a growth mindset. Many businesses rose to success during economic downturns by being agile, opportunistic, and pivoting when necessary.
3) Know Your Bottlenecks
When there’s market uncertainty, it’s more important than ever to shore up your bottlenecks now. Where does work get stuck? Are payments to contractors tying up your accounting and finance team? Is there a workflow issue that you’ve been putting off fixing? Don’t wait until there’s a good time to address these bottleneck issues. There’s never a better time than now to set up your company for future growth.
4) Keep the Books Clean
When you keep your books compliant, transparent, and organized, it saves potential tax headaches later. No one enjoys rushing to do taxes to meet deadlines, but the best way to ensure they’re as painless as possible is to prep, prep, prep. Audits can be catastrophic for small businesses. Don’t get caught off guard with ad hoc payments or collecting 1099’s that you have to track down at the last minute.
If you’re a small or medium sized company with multiple one-off payments, you need to keep your books in order. You’ll save time today and money tomorrow.