The Trump years were very good for most business owners (and most investors). We will see many changes in 2021 which are going to impact the next 12 – 48 months, some for the better and some for the worse. We are in a V recovery and we should see a decent 2021 (last ½) and 2022 could be good depending on how the Democrats direct spending and impact tax rates. Beyond 2022 is a big question mark.
Best small business advice for the next 12-48 months, in my opinion:
We have to get better at what we do. Better processes, better training, better people, better marketing (social media is going to take substantial changes in the next 18 months), better sales training, better quality, better customer service, and most importantly – BETTER PLANNING.
We will see more businesses sold in the next 4 years than the last 4, more businesses are sold during a Democratic administration than a Republican one. Will a bigger competitor come into your market through an acquisition? Will you be ready?
85% of business owners don’t have an EXIT STRATEGY. It can take 2 – 3 years to prepare a business for a sale and those that do get 50% to 200% more for their business than those that don’t.
It is easier to see where you are going if you are looking ahead 3 to 12 months. We are most successful when we are working toward targets, which is a universally proven fact. It follows that if we have a road map to take us from where we are to where we want to go, we have much better chance of getting there. FACT – most business owners operate without: 1) sales or marketing targets, 2) KPI’s for operational performance 3) a revenue, expense, and profit targets by month for the year. Targeting the financial results you want (revenue and profit) goes a long way in GETTING THE RESULTS YOU WANT (revenue and profit).
If they do create a plan, most don’t utilize it to identify what is not working.
If you want to make more money, have less stress, have more freedom, and a better running company in 2021 invest 15 minutes to see if I can help you get where you want to go. The call and my time are FREE. My office 317-678-6310. Email Dan@DynastyBusinessConsulting.com
Have a great week
The Prophet of Profits