Get Your Business Ready for a Successful New Year

Article details provided by Shannon George, VP, Senior Commercial Lender.

Now is the time to reflect on your operations in 2023 and gear up for the opportunities awaiting in 2024.

How did your business perform? Which strategies worked and which need an adjustment? Did you receive any customer feedback to guide your financial planning?

“You have to understand where you came from to understand what worked well and what you can improve on going into the new year,” said Shannon George, Vice President, Senior Commercial Lender.

Mr. George’s extensive background encompasses almost 15 years as a co-owner of a thriving family business, complementing his accomplished career in banking. This combination of entrepreneurial experience and professional expertise uniquely equips him to guide clients and other commercial lenders in uncovering customized financial solutions.

Here are his seven (7) tips to prepare your business for 2024: 

Set clear goals.

Your goals will depend on where your business is at in its company life cycle (early stage, growth, rapid growth, maturing, and decline). Examples may include revenue targets, a new market, hiring more staff, or providing a new product or service. Goals should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound).

Review your market and competition.

Are there service gaps in your industry your business can address? What are customers buying or not buying? Those answers can help you tailor your strategy to meet market demands.

Create a detailed budget.

Establish your revenue projections for the upcoming year, then review your operating expenses. Consider costs such as staffing, facility maintenance, equipment upgrades, and new products or services.

Design a sales and marketing strategy.

A marketing plan can help you improve brand awareness and connect you with existing and new customers. It will help you plan a way to share your business story and highlight your employees to connect on a personal level.

Identify inefficiencies.

Review your current processes to eliminate redundancies and implement updates. Technology updates may help you streamline your employees’ workload.

Complete a risk assessment.

Discuss potential obstacles to your financial success, such as market conditions, supply chain disruptions, or cybersecurity, and create strategies to mitigate these risks.

Monitor and Adjust.

Regularly review your progress against your 2024 plan. Be flexible and willing to adjust your strategies as needed based on evolving market conditions.

Connect with a Commercial Lender to discuss your 2024 business expansion or loan needs.