Where Will Your Small Business Be 1 Year From Now?

Where Will Your Small Business Be 1 Year From Now?

Owning a business can be such a blessing. Not only do you get to follow your dreams, but you get to finally receive the right kinds of fruits for your labors. Whether you’re a freelance consultant, or you’re launching your own store, you probably have a vision. In business, you need to be able to look ahead in order to know where your growing. So, do you have any idea of where you will be in a year from now? Or, even, where you want to be? To get your startup to where you want it to be, you need to be able to focus on growth and what that looks like to you. So here are a few areas for you to think about.

Goals

The first thing you need to think about is your goals. It’s important that you’re able to know where your business is headed. Not only because you need to be able to have some sort of vision, but also to help your business to survive. If you want it to be open in a year’s time, let alone be making a profit, you need to know what it will look like in a year’s time. Goals help with that. Whether they’re based on performance or just your own personal ideals, you’re going to need to set some in place.

Where Will Your Small Business Be 1 Year From Now?

Profit

A huge part of your business is the profit. Profit isn’t always that easy to make, and you probably won’t make any in your first year. But, you still need to know what you’re going to make in that first year or have a realistic estimation of what that will look like. To do that, you might want to use simple systems for finance and even payroll, like https://squareup.com/payroll, so that you can keep track of your money. Also, you may have that setting yourself targets for profit, sales, and expenditure can help you to get there.

Space

You should also think about what your physical space will look like in a year's time. If you’re freelance and currently working from your bedroom, do you want an office? Or, if you have a store, are you hoping to move to a bigger space as soon as you can? You will need more room as you grow, but you need to know what you want in order to get there.

Where Will Your Small Business Be 1 Year From Now?

Operations

You’ve also got your business operations to think about. Can you carry on working in the way you are now as you grow? If you’re conducting meetings in coffee shops, that may work for now, but will it in the future? Likewise, your store operations may be minimal now, but you may need to grow your equipment and capabilities if you want to protect your business as it expands too. So, it’s good to have these ideas in mind now.

Staff

And finally, what about staff? You may be working on your own now, or with a couple of team members, but a growing business will always need more staff. So, you need to plan how you’re going to hire someone. This post on https://www.entrepreneur.com/ can give you an idea to get started. But, you should have a rough idea of how many staff members you hope to have in a year’s time to make it happen.