{"id":1953,"date":"2018-01-26T11:40:04","date_gmt":"2018-01-26T16:40:04","guid":{"rendered":"https:\/\/www.sunbeltnetwork.com\/cincinnati-oh\/?p=1953"},"modified":"2024-06-13T19:02:48","modified_gmt":"2024-06-13T19:02:48","slug":"new-years-resolutions-2018","status":"publish","type":"post","link":"https:\/\/www.sunbeltnetwork.com\/cincinnati-oh\/new-years-resolutions-2018\/","title":{"rendered":"New Year&#8217;s Resolutions for 2018"},"content":{"rendered":"<p style=\"text-align: center;\"><b>Thoughts for 2018<\/b><\/p>\n<p><span style=\"font-weight: 400;\">We at Sunbelt Business Advisors hope you experienced an increase in your business in 2017 and have high hopes for 2018. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As business owners, the beginning of the year is a time to set new goals. \u00a0One of the goals we at Sunbelt Business Advisors suggest you set for 2018 is to make sure you have a plan for increasing the value of your business. \u00a0The old adage, \u201cmanage your business as if you were going to sell it,\u201d is a cornerstone for many successful businesses. \u00a0If you haven\u2019t viewed your business that way in the past, now is the time to begin the process of understanding the value drivers of your business and to focus on those in the coming year. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are a few things you may want to add to your New Year\u2019s resolutions:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Make an investment in understanding the current value of your business \u2013 have an equipment appraisal and business valuation completed. \u00a0If you own the real estate your business occupies, get a real estate appraisal too. \u00a0It\u2019s hard to plan for your future if you don\u2019t know where you\u2019re starting point is.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If you have a business plan, update it and make sure it is still relevant to your business today, and your plans for the future. \u00a0\u00a0Make sure your sales and expense projections are realistic. \u00a0If you don\u2019t have a plan, dig in and put one together.<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Do a SWOT analysis. \u00a0Knowing your strengths, weaknesses, opportunities and threats is an invaluable management too. \u00a0Be honest in your assessment and set goals for maximizing the positives and reducing the negatives of your business in 2014.<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Analyze your position within the business. \u00a0If you look in the mirror and realize that you are absolutely critical to the operation of your business, then you have a problem that needs to be addressed. \u00a0\u00a0Identify the people within your organization you can groom to become a more integral part of your organization and take the steps to educate, train and mentor them. \u00a0\u00a0\u00a0There isn\u2019t anything that limits the value of a business than when the key employee is the owner.<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Make a commitment to your balance sheet. \u00a0Hopefully, your P&amp;L improved in 2017 and you see opportunities for improvement in 2018. \u00a0While it\u2019s natural to keep an eye on the bottom line and the balance in your checking account, it is mission critical to make sure you continue to improve the strength of your balance sheet.<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Remove any personal expenses from the P&amp;L. \u00a0This may mean a slightly higher tax obligation, but will increase the value of the business significantly.<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Deepen the relationship with your key advisors \u2013 attorney, accountant, banker and others. \u00a0Make sure everyone is on the same page when it comes to planning your business\u2019s future.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Fortunately, we are blessed here in Southwest Ohio with many resources to assist us in making these New Year\u2019s resolutions a reality. \u00a0Take the time to talk to the folks at <a href=\"https:\/\/www.aileron.org\/\">Aileron<\/a>, <a href=\"https:\/\/business.uc.edu\/about\/\/centers-partnerships\/goering.html.html\">Goering Center<\/a>, S.C.O.R.E., Sinclai<\/span><\/p>\n<p><span style=\"font-weight: 400;\">r\u2019s workforce development programs \u00a0and many other available resources. \u00a0If you realize you are missing some important strategic resources there are a number of firms that provide part time CEO\u2019s, CFO\u2019s and other services that can be easy on your budget and a boon to your bottom line.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Again, we at <a href=\"https:\/\/www.sunbeltnetwork.com\/cincinnati-oh\/\">Sunbelt<\/a> hope you have a very successful 2018.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gerry Chadwick, Roland Rapp and the rest of the Sunbelt Team<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thoughts for 2018 We at Sunbelt Business Advisors hope you experienced an increase in your business in 2017 and have high hopes for 2018. \u00a0 As business owners, the beginning of the year is a time to set new goals. \u00a0One of the goals we at Sunbelt Business Advisors suggest you set for 2018 is 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