For many small businesses, 2019 has been a good year. The economy remains strong, and small business owners are relatively optimistic. However, despite successes, every small business owner should take time to assess what went right during the past 12 months and what can be done to improve things.
It’s important to know what is going on in your particular industry and your geographic location. Is there a construction boom? In areas where new residential units are rising, food businesses, transportation companies, and firms that offer convenient services have a lot of new opportunities for growth.
Small business owners need to take into account internal and external factors when planning for the coming year. They also must keep in mind that a New Year’s Resolution should be a year-long commitment, not a three-week trial in January before giving up. That means putting changes into place and committing to them for the coming year and beyond.
Invest in Cyber Security Measures
Criminals are becoming ever more sophisticated, and it seems that on a weekly basis, some major company is announcing that their data systems have been breached. Banks and other financial institutions are investing millions of dollars to upgrade their security. For instance, my company launched a platform we call Biz2X that features the latest (SOC 2 compliant) security measures to prevent data breaches at companies that make small business loans.