How to prepare for your self-employed business in 2020

prepare self-employed business 2020

As the new year arrives, get ready to face 2020 challenges with some planning and preparation. If you haven’t started prepping for the year yet, don’t stress. We are here to help you start the new decade right. Here are 4 critical ways you can do to grow your self-employed business in 2020.

1, Make 2020 plans

It is always a good idea to plan ahead. But before you get started, think about 2019 performance first. What went well and what didn’t? What needs to be improved or should you try a new strategy? Reflecting helps you realize what needs to be done next year so you can make practical plans. You can also make a SWOT analysis to identify your Strengths, Weaknesses, Opportunities, and Threats. This will help in gaining an overview of your business performance.

To find out what are the best goals for your business this year, simply use the information from your SWOT analysis. Then you can write down both short and long-term goals to focus on this year. To make the goals more realistic, you can try writing your goals down with specific time frames. For example: “Increase overall revenue by 10% by the end of the next financial year”.

2, Improve your marketing strategy

Another way to prepare yourself for 2020 is to improve your marketing strategy, especially digital marketing. Social media is important to reach new people and deliver your messages, so don’t forget to brainstorm new ideas for your social media to attract more customers. It’s also crucial to review your website and evaluate your current SEO (search engine optimization) strategy – make sure to keep your strategy up to date. You should also look at your overall marketing strategy and make a SWOT analysis to see your marketing performance.

Start the new year by making sure all your marketing platforms are being updated and no negative feedback is left unanswered. Starting a new marketing calendar is a good idea too!

3, Attend networking and industry events

For the self-employed, attending events can be really helpful. This includes lectures, webinars and training sessions where you can meet industry experts and other professionals. At these events, you will learn from the experts and build relationships with the right people. 

Tip: Do some research and plan beforehand! For example, look up the key speakers and have in mind what kinds of people you would like to connect with. 

4, Revisit your bank requirements  

Start the year by revisiting your bank requirements! You never know but there may be a significant cash flow benefit that would ease the heavy lifting!

And if you don’t have time, don’t worry! We understand that self-employed business owner are busy. Our team at Control Your Bank is here to help. We review your establishment fees, your ongoing fees, your security offered, your terms and conditions in your bank offer and whether or not your bank is the best option for your profession or industry in terms of support and flexibility to your needs. We will let you know through a report that the offer you have from your bank is sound, or offer suggestions for improvements to negotiate with your bank to make sure your business grows with real support from your bank.

Visit our website to get started!