The end of the calendar year is a natural time to reassess how your business did in the previous 12 months and then devise a plan for improving. By almost every measure, 2018 was a good year for the economy. Small business optimism is high, holiday sales were the strongest in years, unemployment is low, and consumer confidence hit an 18-year high in September before tempering a bit in November.
It would be hard to duplicate the atmosphere that prevailed in 2018. The impact of President Trump’s tax cuts will lessen, interest rates have risen again, and the Dow Jones dropped from 25,862.43 on December 3 to 21,792.20 on Christmas Eve, a sign that the economy may be slowing.
Small business owners need to take all of these factors into account when planning for the coming year. They also must keep in mind that a New Year’s Resolution should be an All Year’s Resolution. That means putting changes into place that continue throughout the next 12 months, not just for a few weeks in January.
When times are good, it can be easy to overlook shortcomings in your operations. While profits may be up, they might not be as high as they could have been. Now is a good time to look at both your financial intake and your expenses and determine how to operate more efficiently.
1. Lose weight
Everyone wants to be leaner in the coming year. That means trimming the fat in all areas of operation. Now that the holiday shopping season is over, retail operations most