5 Principles of Small Business Planning for 2019

2019 is almost upon us. Here are 5 Principles for 2019 Small Business Planning from Louis Mosca’s article on Forbes.com.

Incorporate Key People

Whether your small business consists of 3 employees or 100, it’s important to include your key people in 2019 business planning.

Have a Clear Timeline

Although planning for 2019 should have started as early as 3rd quarter 2018, it’s not too late to hash out a plan in the last days of 2018. Write down goals for 2019 and have a clear timeline as to when each goal should be reached.

Determine What You Will Accomplish

Take time to carefully consider your business goals and what it will take to achieve them.

Mosca states, “Determine how you might be affected by tariffs, fuel increases, potential wage increases, interest rate hikes, union issues, and more, and create a flexible plan to account for these changes.”

Resources and Strategy

Determine resources necessary as well as the strategy to put the plan of action in motion to accomplish the plan.

Scorecard
Regularly check progress to ensure that you’re staying on the timeline and effectively accomplishing goals.
“Keeping track of your progress throughout the year is a strategy often overlooked by businessowners. Break your plan down into goals and milestones to determine where you should be annual, quarterly, monthly, weekly, and daily, and segment that by each department,” explains Mosca.

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5 Principles of Small Business Planning for 2019

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