Setting goals for the new year!

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Two years ago around this time, we wrote a blog post titled 3 Goals to Set in the New Year for Startups. With the busy holiday season, I thought this was a perfect time to share again as the end of 2019 nears.

Sticking to New Year’s resolutions can be tough at times. Here are some achievable goals for small business startups that may be useful:

  1. Increase brand awareness – channels such as social media, advertising and networking events can all help towards this. Advertising can be expensive. A good strategy could be to sponsor a sports team or program where you can have your logo visible to potential customers. I would also make sure that this sponsorship is something you truly believe in as their image can reflect on your business.
  2. Organize the books – make sure all your expenses from the previous year are in order for tax time. If they are not in order, consider hiring an accountant or bookkeeper to assist with getting your records up-to-date. They may be able to suggest alternative ways to track your business activities via cloud accounting software such as Xero or Wave, which may save you some time and money.
  3. Improve cash flow management – this can be a very tricky goal to achieve, but it can be done. The key is to get your customers to pay their invoices on time so that you can manage your expenses. If possible, offer multiple forms of payment such as EFT (Electronic Funds Transfer), cash, and credit card. You should consider using a payment or collections platform such as Plooto which is very easy to use. You can even set-up automatic deposits from your customer’s bank account. It even syncs with Xero.

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