It’s time to start setting your 2022 goals. Do you typically make New Year’s Resolutions? Even if you don’t, every good entrepreneur needs to set goals for the future.
Why Should You Make 2022 Goals?
Successful entrepreneurs realize that setting goals allows them the time to do three important things: reflect, brainstorm and develop an action plan. Failing to do each of these steps can lead to stagnant businesses. Worse, a failure to dream and plan adversely impacts you, the business owner. Doing things the same way over and over can allow you to become complacent and for your product to suffer. Customers notice. Your team notices, too.
Rick Patel, President of GRP Capital remarks, “Particularly now, having experienced the ups and downs of the past two years, we realize that setting 2022 goals is a must.”
Steps to Setting Your 2022 Resolutions:
• Reflect: How was your 2021? Take a look at your Profit & Loss report and compare it to 2019 (a more normal year as well as 2020. Are your revenues steady or increasing? If not, why not? Are your expenses stable or are there line items that are creeping up? How are you faring compared to your nearest competitors? What were your successes and your missteps this past year?
• Brainstorm: If money were no object, how would you grow or improve your business? Of course, money does matter. So which of these visions are worth pursuing, including finding funding?
• Action! Make a list of what can be improved this year. These improvements can be revenue enhancers or cost savers, they can be new products, new ideas, new marketing ventures, new hires, realignment and new funding. Write out everything you would like to eventually accomplish. Now, prioritize your list. Next to each action item, write the cost (if any) and the timeline.
• Funding Needs? Are there worthwhile projects or ideas that only need funding in order to happen? If so, how much money will you need?
Krishan Patel, Managing Director of GRP Capital encourages clients to work with us as they reflect on the past year and determine future needs. “I would like all our colleagues clients to take the time to reflect and create a detailed business plan going forward. It’s good business practice. And if there is a need for future funding, I hope we can be of service.”
Our GRP Capital team specializes in finding the right lender for each project. We save our clients time and money, as we research the best choices for their funding sources. Our experience allows our clients to find funding that is project-appropriate and will allow for sufficient cash flow. If you are considering becoming a first-time (or second or third time!) buyer, we can assist you.