Tips for the New Year: Expect the Unexpected

Tips for the New Year

Whatever your perspective on the events of 2017, most would agree that it was a year of great upheaval and uncertainty. Between surprising election results, shocking allegations of misconduct from public figures, and devastating natural disasters, there were times when it felt nearly impossible to predict what news each day would bring.

Such times remind all of us – including business owners – to expect the unexpected as we move forward into 2018. We may not be able to predict this uncertain future, but there are steps we can take to prepare for it. Here are four ways to set your business up for success, no matter what the new year has in store:

Create a Realistic Budget

It’s important to begin each year knowing where you stand. Start by calculating your standard yearly expenses – that is, how much you expect to spend for the next twelve months. Then, set goals for credit payoff, growth expenditures, and savings in the event of an emergency. As a follow-up, be sure to record your spending and track your progress relative to those goals diligently throughout the year.

Develop a Marketing Plan

Part of your budget (both time and money) should be dedicated to an annual marketing strategy to keep in touch with your current prospects and seek new opportunities. The approach of a new year is the perfect time to reevaluate the strengths and weaknesses of your existent campaigns; you can also analyze your opportunities to grow, such as introducing new media and capitalizing on online options.

Educate Your Employees

To keep up in a fast-paced world, your entire staff should be educated and trained in the latest technology, procedures and information your industry has to offer. Integrate that goal into your budget and be sure to provide updated materials to keep your employees in the know – when everyone is on the cutting edge, your entire business has the advantage.

Measure Your Success

Most of this advice hinges on your ability to evaluate the success (and failure) of your business during 2017, and your plans to apply what you’ve learned to your 2018 strategies. To accomplish this, develop (or adjust, if you’ve already got one) a system for quantifying your business outcomes. The more concrete and comprehensive your reports are, the more you can rely on them to reflect accurate results.

2017 was a difficult year, full of challenges to the status quo and what all believed to be possible. But when we expect the unexpected – and believe in the impossible – we can accomplish more than we dreamed, both in our lives and in business.

With more than 120 years of collective expertise, Madison Capital can help you make 2018 your year to accomplish the impossible. Reach out to us today at 800.733.5529.