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January is a great time to reflect on your company’s progress and think about how you want your business to develop over the new year.
Here are my top five New Year’s resolutions for business owners, whether you are starting up, growing, or getting ready for sale.
1. Develop a Strategic Plan
Do you have goals you want to achieve for your business in 2020? Or maybe even a longer five-year horizon? Do you know what steps you must take to reach your goals?
It is important for companies to develop a strategic plan as it provides a sense of direction with goals that are measurable and tactics to achieve them. A strategic plan is important for setting priorities and delegating energy and resources. If you’re like many business owners, you have no shortage of ideas. Planning will help you focus on the best course and decide what not to do.
2. Find Cost Efficiencies
Do you have business processes that are inefficient? Are your systems effective? Do you have training needs? Do you have the right equipment? Have you checked in with suppliers to revisit prices and terms? It is important to explore the productivity of your business and determine which elements of your business can add value or not. The result can be more profit, better cash flow, and a more valuable business overall.
3. Know Impacts of Tax Rules
Are you incorporating changes to tax rules that impact income splitting and investment income in your tax strategy? The legislation has a huge impact on Canadian private corporation and family tax planning. It is imperative to be aware of these rules and pursue planning opportunities to achieve maximum tax efficiency and to avoid pitfalls with the Canada Revenue Agency.
4. Plan for Contingencies
How trouble proof is your business? If something unfortunate happens, do you have a plan to keep your business running, both financially and operationally? Who will lead? Who will communicate with staff and customers? Beyond insurance, a contingency plan helps answer these questions and more so that you and your leaders can face major challenges, mitigate risk and keep the company running.
5. Engage Your Employees
Have you checked the pulse of your employees lately? Have you considered their input and participation in improving the business? Surveying your employees to assess the health of your business and identify opportunities for improvement can be very beneficial. It might also be time to incentivize and partner with your employees to maximize the value of your business. Employee profit sharing or share ownership plans are options worth considering.
For more information, contact Blair Gronlund, Partner, Private Enterprise, at 778-475-5678 or
[email protected] or contact MNP's Vernon office.
Related Topics:Business Performance; Entrepreneurs
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