It's not too late to make New Year's goals

As we begin a brand new year, now is the time to think about what you want to achieve for your business in 2015. Of course, the goals you choose should always make sense for your individual operation, but the New Year will bring some economic opportunities that will benefit many businesses. Here is my list of the top three goals to consider for 2015:

1. At the top of the list is financing as much as you can early in the year. Interest rates will be heading up sometime in 2015 -- probably in the third quarter -- so it is in your best interests to act early and lock in the lower rates while they are available.
   
   Additionally, many financial institutions have excess funds they need to loan out. They will be more willing to offer low rates since it is in their best interests to invest them rather than leave them idle. These conditions allow borrowers to insist on terms that are favorable to their business.
   
   Low rates and readily available financing also mean that now may be the right time to start putting in place the infrastructure you need for future growth. You must have adequate infrastructure before you grow your business. Doing it the other way around is a recipe for disaster. So if you are considering expansion, you may be able to acquire the equipment you need now with inexpensive debt.
2. A second goal for the New Year is to establish a succession plan that covers the CEO or president as well as every critical position in the organization. So many businesses put this off because they cannot imagine the worst happening. When it does, however, they are lost.
   
   When unexpected tragedy strikes, having a succession plan in place can mean the difference between continued viability and failure. Hiring and training people to replace retiring staff costs money, but it must be done to ensure the sustainability of your business.
3. A third goal is to make sure your company is stakeholder-centric rather than being exclusively owner-centric. In many ways, stakeholders, like employees and customers, have a lot more riding on the company’s success. For that reason, their concerns and goals should be factored into the decision-making process as heavily as those of the shareholder or equity owner.

Now go out and consider what you want to accomplish with your business this year. Make sure your 2015 goals include taking advantage of favorable financing conditions, establishing a viable succession plan for yourself plus your key staff, and considering stakeholder interests in all your business decisions.

You can do this!

Dr. Osteryoung has directly has assisted over 3,000 firms. He is the Jim Moran Professor of Entrepreneurship (Emeritus) and Professor of Finance (Emeritus) at Florida State University. He was the founding Executive Director of The Jim Moran Institute and served in that position from 1995 through 2008. His newest book co-authored with Tim O'Brien, "If You Have Employees, You Really Need This Book," is a bestseller on Amazon.com. He can be reached by e-mail at jerry.osteryoung@gmail.com.

Tags: Florida Small Business