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Small Business Goals for 2020

  • January 2, 2020
  • By Sarah Solomon

The new year and new decade has finally arrived.  It’s time for small businesses to start planning and doing.  With a new year comes a sense of optimism and practicality. Our economy is strengthening, and e-commerce is booming.  How will your business succeed in 2020?  What areas should your business focus on? 

Ultimately, your business’s goals for 2020 will vary on your industry, current success, and business life-cycle.  But for the most part, these are three goals every business should try to meet in 2020. REIL addresses these goals below: 

Smart Budgeting

A budget for your business should be set on day one.  It isn’t fun cutting costs yet it has proven to be necessary. As we head into 2020, there can be economic uncertainty. Review your business financials from 2019 to help project your 2020 budget.  Be sure to allocate for uncertainty and plan for more than you need. For example, build up an emergency fund or factor in acquiring business financing. The best time to look for capital is prior to funds being needed. 

A great suggestion is to have capital that covers at least 3-6 months of your variable costs. REIL can distribute funds in as little as 24 hours.  Speak with one of our representatives to seek your funds for the protection and the future. 

Get Rid of Busy Work 

In the last decade, and in the presence of 2020 automation has become very popular.  Automation should and can be easily incorporated into your business workflow. Find tasks and areas that could benefit from an automated process. This will provide more time for you and your employees to spend elsewhere.  Here are a few areas that business owners can and should start using automated software for: 

Inventory Management

Marketing

Customer Service

Eventually, automation will save your business time and money.  

Marketing 

As previously mentioned, e-commerce is expanding and booming.  With the increase in its use, competition for the platform is fiercer than ever. That’s where marketing can help.  Marketing allows you and your business to differentiate itself from your competitors. Speak with both potential and loyal customers.  Find what they are seeking from a product or service and tend to those needs. Be a solution and make sure your advertising proves you are one. 

Email marketing and posting on Facebook, Instagram, and Twitter have proven to be great returns on investment for businesses that leverage them. These strategies are simple, cost-effective, and can even be an automated process.  Make marketing happen in 2020. 

REIL Goals

By now, you should see these goals are attainable and necessary for your business to obtain in 2020.  Creating a solid budget, automation processes, and focusing on marketing will lead your business to success. If you are in need of financing to kick start these goals, speak with one of our REIL representatives today! 

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