Your 2019 Potential Depends on What You Do NOW!

By Mike Bedel, CPA, CGMA, MBA
Partner, Director of Audit & Assurance Services
mbedel@sponselcpagroup.com

Now that we’re in the fourth quarter of 2018, you’re likely focused on wrapping up the year and ringing in the holidays. But in order for your business to continue thriving, it’s imperative for you to shift focus and start laying a firm foundation for 2019. To make next year successful, it’s vital that deliberate efforts are made NOW in order to adequately allocate your company’s resources for the coming year.

Any business owner should be proactive rather than reactive. Instead of allowing yourself to get struck down by unexpected setbacks, build a plan for success that allows you and your business to withstand the many challenges that are bound to occur. Now is the time to identify the obstacles you may face in the upcoming year and develop a contingent strategy for how to overcome them. The less planned may see failure, but the savvy entrepreneur sees an opportunity for profit!

One step toward building strength in the next year is to increase recruiting efforts of top talent and skillsets! Think of new ways to keep employees engaged. What can you plan and promise now, or in the near future, that will compel them to stay committed through 2019 and beyond? And don’t just focus on vetting incentives for your employees; think of all the stakeholders in your business. How can you more effectively manage and motivate your human capital?

In addition to adding talented members to your team, you may find that you need to expand your line of products and services. And in that case, you’ll want to be sure and develop an operating and capital expenditures budget. During this process, take inventory of the resources you have at your disposal and determine how to effectively allocate them.

Financial planning and budgeting in particular is crucial this time of year. Be realistic in your planned assumptions, but also utilize stretch goals to energize your team. If you’re not prepared, the new year will only deliver mediocre results, and no one aspires to be average! Stay ahead of your competition!

If we can assist you with achieving success in your business or personal affairs, please contact Mike Bedel at (317) 613-7852 or email him at mbedel@sponselcpagroup.com.

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