Top Three Tips for 2020

ROI Is Key

Going into 2020, entrepreneurs as well as pioneering business owners must try to get clarity on key ideas such as the economy, customer confidence, risk, regulation and operation. And should consider every investment you make towards it. ROI, then, is a hugely important metric for businesses at every stage. Take this mindset into all of your investments in your business. What’s going to have the better ROI this month, this quarter, and this year?

Budgeting

If we will be in recession in 2020, it could potentially limit your NOI increases. So plan ahead and decrease your operational costs. One action you can take towards it is to reduce the amount of money you tie up in long-term commitments, even if that means sacrificing a small percentage of your profits in the short term. Flexibility is worth paying for in some contexts. Consider the big picture when you’re signing up for something that will incur long-term fixed costs, and decide whether you’d prefer the ability to scale down if needed. And always remember CASH FLOW, CASH FLOW, CASH FLOW.

Seek Advice

If you have not yet hired a CPA, do so right away. Have your CPA perform a review/audit on a bi-annual or annual basis. And conduct and internal review your books on a weekly basis. It will not only keep you updated about the state of your business but will also help you better manage your cash flow, preparing for future hurdles and expansions.

In conclusion, it's always an exciting time to be your own boss and run a successful business. Opportunities for growth are everywhere and to make 2020 your best year thus far start with the above tips and contact us Jeganism Business Advisory Group to further your success. And as always I would love to hear your thoughts on the tips mentioned above, do share.