Five tips for a successful 2019

For many business owners, the end of the year brings thoughts of accomplishments during the past 12 months and contemplation of what lies ahead. Everyone hopes for a more fruitful year with greater profit and the satisfaction of being a more successful entrepreneur. With that in mind, here are five aspects of business life to consider for 2019.

1. Pursue a better balance between work and life.

Spending time with family and friends can refresh the spirit. Setting priorities and developing a schedule to accomplish daily tasks will help the business owner find the time to enjoy life.

2. Report all of your business income. It is easy to under-report cash income for your business. However, depositing every penny is a smart move. You will avoid tax problems and when it is time to borrow money, you will be happy that you’ve documented all of your sales.

3. Schedule time to work “on” the business instead of “in” the business. An owner is usually the expert in the business operation, with the knowledge and skills to provide the services or products that produce the income. To grow the business, an owner must learn to work “on” the business instead of “in” it. This means blocking time in the daily schedule to market the company, develop processes to improve operations, review financial information and handle other aspects that lead to more sales and higher profits.

4. Develop a relationship with a commercial lender. Though many entrepreneurs desire to be debt free, borrowing money can be an important step in growing a company. If an unexpected opportunity arises, it is wise to be ready to obtain a loan or a line of credit. The best time to prepare for a loan is before it is needed. Make 2019 the year for getting to know a commercial lender so you will be prepared for whatever the future holds.

5. Network in the community. Go to a business event in your community and promise yourself that you’ll shake hands and chat with at least five individuals. Force yourself to talk to strangers. Try asking a simple question such as how long he has been operating or why she decided to start the company. Remember that everyone is there to connect to other business owners. After a few events, you will find that you are much more comfortable networking and you will likely have made excellent contacts for your company.

Let the consultants at the Louisiana Small Business Development Center at McNeese State University work with you to plan for 2019 to be a more successful year. For over 30 years, the LSBDC at McNeese has worked with entrepreneurs and business owners who are looking to start or grow their small business. Visit www.lsbdc.org/msuto learn more about us. For no-cost assistance with your business, call 337-475-5529.

Funded in part through a Cooperative Agreement with the U.S. Small Business Administration and La. Department of Economic Development. All opinions are those of the autho rand do not necessarily reflect the views of the SBA.

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Donna Little is the director of the Louisiana Small Business Development Center at McNeese State University. Contact her at 475-5945 or dlittle@lsbdc.org.