Well, if you’re like us, you’re probably glad 2017 is over. Five months on the binnacle list is enough, thank you.
But, it’s on to 2018. What do we see?
- Continued easing of regulations at the federal level. And at the state level, at least if you live in a red (Republican) state. We will probably have more to say about this as the year goes on. The Dimms are absolutely clueless when it comes to running a business or an economy; Obama proved that.
- The tax cut for business is going to have a salutary effect. We think the lost revenues will be recouped by increased GDP growth by 2020, or just in time for the Donald to start running again. We would be buying capital equipment before interest rates go up too much. Think in terms of automation of your processes.
- Make sure your personnel policies are even handed: no sexual harrassement, no favoritism, merit based promotion (even when the promotee is related to you), diverse workforce (women, blacks, latinos, Asians, gays, bis, whatever) all the folks that make this such a great country. People ARE your greatest asset, so treat them well.
- On financing, still plan on doing it internally, unless you’re going to make an acquisition. The SBA is more liberal, but the problem continues to be the money center banks that have a piece of the action. Once you’re past 500 employees, things get nicer.
- On marketing, make sure you’re using all the promotional tools you have, not just your website. The website (s) should be SEO optimized, so new people can find you, even internationally. You can now do a website for each product or service line, which is cool. Trade shows? More and better sales reps, both outside and inside? Strategic marketing and sales relationships? Develop brands around each of these websites. Look at all the social media: will customers look for you?
- Do a leadership audit: do the folks in your company think you’re a good leader? What could you do differently?
That’s about it for now. Keep those posts coming, even if we don’t always completely understand them.