It is no doubt that 2020 threw everyone for a loop. Some businesses experienced their worst year yet, while others experienced their best. No matter your situation, these tips are for you! As we look forward, you might wonder what to expect for your Phoenix business in 2021. Keep reading for our tips for making the best of this brand new year, and what you should expect along the way.
Expect to be flexible in your Phoenix business in 2021
If 2020 taught us anything, it’s to be adaptable. You should expect this to continue in 2021 because there are still so many unknowns. Between the vaccine and the new administration alone, we should be expecting some changes. You must remain flexible and shift accordingly. We got a ton of practice on this in 2020, so we know you’ll crush this in 2021.
Focus on cultivating your leadership skills
The way that Phoenix business in 2021 will thrive is through good leaders. As the owner of your company, it is imperative that you go through the self-discovery, self-discipline, and self-growth necessary to become an effective leader. Your team needs you more than ever! Here is a list of our favorite books to help you grow as a leader.
Be proactive in your finances
For many businesses, 2020 was a hard year for cash flow. Businesses that had financial organization and initiative did the best, not only because they had proper documentation, but also because they had financial awareness before they necessarily “needed” it. Now more than ever, businesses need to make financial wellness their biggest priority. Create a budget with your accountant, delegate more often, and prioritize the financial wellness of your Phoenix business in 2021.
Stay up to date on new legislation and other news in the business world
2020 brought with it countless changes to taxes, financial aid, reporting, and how businesses are run in the current times. Keeping up to date with these new changes is the best way to ensure that you make the most of every opportunity. From the CARES Act, to the new 1099 form 1099-NEC, all the way to minimum wage changes, it can be a lot to keep up with. To help understanding otherwise difficult to understand documents, many companies put out regular information to help translate.
We have created an entire page on our website dedicated to COVID-19 business-related updates which breaks down news surrounding the CARES Act, PPP Loans, and general business success during this time. For additional information, we suggest reading updates from Reuters.
As a bonus, we want to mention this: you can likely expect more questions from your accountant/CPA team as they begin to process 2020 taxes and more. With so much new tax legislation, tax preparers are working extra hard to make sure that everything is reported correctly. Patience is much appreciated in these moments.