#1 Take a closer look at the relationship that you have with your suppliers. Are there changes that may be made that can help make it a win-win situation for you both? Coming up with new agreements can help you both. You may want to set up a new payment plan to help you with cash flow. You may also want to discuss early pay off incentives.
#2 Don’t ignore the minor expenses that are incurred by your business. You may have subscribed to a small service that you don’t really use anymore. You may have forgotten to cancel a contract that you don’t need. These are all things that you will want to identify. You want to cancel them before the start of the new year.
#3 Keep an eye on your competitors. You don’t want to let their actions determine your business strategy, but you also don’t want them to be leaps and bounds ahead of you. You will usually not ever make it really big if you just follow someone else’s lead. Besides that, what works for them may not really work as well for you.
#4 Have realistic business goals. You don’t want to have goals that are set too far fetched, or you may never achieve them. This can lower your morale, and cause you to rethink everything. Also, don’t let your success boost your ego too much.
#5 Have a good understanding of your customers. You will want to know why they choose to do business with you. You may have monopolized the market, or they may just come back because you offer top notch customer service. Make sure that you know why your customers keep coming back to do business with you.