By John Solari
The end of the year offers some great perspective for businesses. It is a time to evaluate accomplishments over the last year and think about goal-setting and business strategies for the coming 12 months.
Northern Nevada is entering a new year that promises many opportunities for regional businesses. The economy is expanding, job growth is strong, and businesses are relocating to the Reno area at a steady pace.
To take advantage of these opportunities, businesses need to think strategically, plan effectively and execute on those plans throughout the year. Here are three things to consider as you plan out your business strategy for 2016.
Set Realistic Goals
You might have a number of business goals running around in your head, but make sure that you write them down. A study by Dominican University found that people who write down their goals, share goals with friends and send weekly updates to friends about their goals are 33 percent more likely to achieve those goals.
Make sure your goals are achievable. While shooting for the stars is admirable, yearly goal-setting should focus on realistic milestones you can achieve within 12 months. Think of them as steps toward your large, long-term goals.
Whether it is a new product, new hires, a new division or new offices, write your goals down and revisit those goals throughout the year.
Build Good Alliances
Some of the most successful businesses do one or two things really well and then leave the rest to business partners. Think about the business partnerships that can let you focus on your core business in 2016.
Assemble business alliances that lead to referrals, joint ventures or added value to customers, while making sure the businesses or entrepreneurs you link up with deliver the high quality and trust that will strengthen your relationships with customers.
Prepare for Growth
Growth — whether it is bottom-line growth through increased efficiency or top-line growth through new revenue — is the perennial business goal. Take a balanced approach to growth. You don’t want to be too conservative and miss growth opportunities. But you don’t want to be too aggressive and end up overleveraged and vulnerable to unexpected business risks.
Make sure your growth is measured and well-planned. Consider the capital investment that growth will require. Don’t wait until you desperately need capital for growth before assembling it. Think ahead and have a plan in place so that the funding and personnel are in place to take your business to the next level when the opportunity arrives.
John Solari is the managing partner of J.A. Solari & Partners. He has 25 years of accounting experience and is also a member of the American Institute of Certified Public Accountants and the Nevada Society of Certified Public Accountants.