Small Business Planning for 2019

Small Business Planning for 2019

Thinking that 2019 may be a great year to start, build or repurpose your own business?  We thought this post might help to provide some insights into being a business owner, with a handy little free checklist to consider if business ownership is on your radar. 

If you are already in business, now is a great time to reflect on 2018, review and re-invent - get ready to shine in 2019!

Business owners have a capacity to leverage their time beyond what employees and the self-employed can do.

This doesn’t mean that being a business owner is better than being an employee or being self-employed, it's just different.

A business in its true sense can enable the business owner to be away from the business while it still functions effectively, creating continuing cash flow for the business owner. At the highest level, a business continues to grow when the business owner is not working in the business.

A business benefits from being a structured and systemised operation which provides goods and services to people, without being dependent on one-person’s time or skill. Business owners need to be clear about their vision and positioning of the business in the marketplace.  

If you predict a reducing demand for the goods and services you provide, it is necessary for the business owner to re-invent the business in order to “stay in business”.

Similar to the self-employed, a business owner benefits greatly through being proactive in the:

  • development and refinement of the vision and direction for the business
  • setting of expectations and goals
  • internal and external communication to the people of the business team

Further to this, understanding the needs and wants of people is priceless knowledge for the business owner.

Positioning a business to cater to the changing needs of people can significantly raise the prospects of success for any business venture.

Being in business comes with many risks and it is definitely not for everyone but if you do it well, it can be a very effective way to generate significant cash flow.  Click here to read about Small Business Financial Pitfalls and how a Financial Planner can help.

The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial planner.

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