Business owners typically have little time for planning. However, making that time during this New Year — and new decade — can help most businesses become more competitive now and in the future.
PLAN YOUR SUCCESSION
Whether you plan to eventually sell your business to strangers or pass it down to the next generation, succession planning can help you get there. Consider working with a business valuation expert, who can give you tips about how to increase your company’s value over time. Then put together a business succession plan. If your kids will take over, start preparing them now by gradually giving them more responsibility.
JOIN YOUR COMPETITION
How can you improve your standing among competitors? Borrowing from those who do certain things better can help. You might explore, for example, how to top competitor uses marketing and social media to highlight its business. Joining a professional or business organization can also yield helpful tips. Members typically enjoy sharing what works with fellow members.
If you want to squeeze more profit from your business, a tax professional might help. Or if you want to learn new ways to attract and retain top talent, a benefits consultant may help by showing you how a small increase in total compensation can increase productivity and loyalty.