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    12 Replies Latest reply on Feb 15, 2019 9:22 PM by lendinero

    Will 2019 be a strong year for small businesses?

    lendinero Adventurer

      What are you forecasting for your business in 2019? 
      a. Better year
      b. The same
      c. Worst year

        • Re: Will 2019 be a strong year for small businesses?
          moderator_ani Tracker

          Hi lendinero,

           

          I think every business that has a detailed business plan, good cash flow and the ability to manage it, efficient inventory control, niche product and driven with a passion will do well year after year.

           

          What is your opinion?

           

          ~Ani

          • Re: Will 2019 be a strong year for small businesses?
            antiloch Adventurer

            Better year for small business! I advice to start business next year or right now. However, the best business to start in any year, any place, by anyone of any age, etc. is where you have strong skills that you love to do matched with a need in the marketplace that people need enough to pay money for.

              • Re: Will 2019 be a strong year for small businesses?
                Moderator Rebecca Guide

                Love the enthusiasm, antiloch!  You made such an important point, as a small business owner you have the opportunity to choose a business that you love and enjoy going to work everyday.  Of course, it's best if that's where your skill set is, and to make sure that there is a need for your business and services, to be successful.

                 

                As 2018 quickly comes to a close, many current and prospective small business owners can learn from 2018 in order to be successful in 2019. Think about your goals for 2019 and then start your planning has to include tangible steps to meet those goals, whether it be studying sales trends, taking stock of your industry or your competition, or even exploring ways to expand your customer reach, all of these things are important. 

                 

                We've got a great new podcast available that will help with 2019 planning. Our SBC team interviewed Roger Forman, a Bank of America Small Business Executive, who shares with the community some great tips and resources by sharing his New Year Resolutions for Small Business Owners

                 

                We hope our members find this helpful!  Best wishes to you - and to all - for a successful, healthy & happy 2019!

                 

                Cheers,

                -Rebecca

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                  • Re: Will 2019 be a strong year for small businesses?
                    antiloch Adventurer

                    thank you so much!

                     

                    I'd like to share some more ideas

                     

                    1) Building the business of your dream takes time. We thought that we could build a small company with a remote team, transparent and stable processes, and great culture in a month—or in a year, at the most. It was a mistake, we have never been so wrong. Don’t be mad because of that. Be patient, take small steps, and remember that you will not build the business of your dreams in a just a little time.

                    2) Automate as much as possible. Some tasks take a lot of time and energy. Even ordering coffee, tea, or stationery for the office may take a week if you don’t have any process for that. We automated some of our processes with Trello and Zapier, which helps us save time.

                    3) Customers may not pay. You can complete your work perfectly and on time. But the customer may not pay you. It is a business, and nothing can guarantee that you’ll receive your money. Don’t repeat such mistake, improve your agreement templates and take prepayments to minimize such risks.

                    4) Invoicing is a process. If you don’t remind people about payments, they may think that you don’t need the money right now and may delay payment. When sending an invoice, ask about the payment date. Remind customers a day before the payment is due. Have a system in place in case of payment delays. Don’t be afraid of pinging the debtor every day.

                    5) Make progress visible. Move communications to public chats, which will remind everyone of your commitments and progress. Make your progress visible and encourage teammates to do the same.

                    6) Don’t hesitate to fire people

                    7) Don’t hire friends

                    8) Stay in contact with employees. Give feedback to employees often. Discuss mistakes and learning plans. Ask for feedback from them. Set up a process for that.

                    9) Don’t create positive expectations. Nobody likes when their expectations differ from reality. Be careful when talking about estimates and possible delivery times. We prefer to overestimate something and then make clients happy when we finish the app ahead of schedule/budget than disappoint them and miss the deadline/get out of the budget.

                    10) Small fixes cost a lot.

                    1 of 1 people found this helpful