11.23.18

5 things business owners can do now for a better 2019

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It’s easy to skip some important things in favor of what’s urgent, but that can cost you in the long-term. Here are ways to set up yourself for success.

One of the lasting lessons from Stephen Covey comes from his time management matrix. In his book, The Seven Habits of Highly Effective People, he explains that we can spend much of our time on activities that are urgent or not important at the expense of what is important but not urgent. Here are five activities that could be overlooked simply because they are not urgent but they are very important to your long-term success and wellbeing.

  1. Line up health coverage

Whether you (or your employees) purchase health insurance on or off the Affordable Care Act marketplace, you have until December 15 to enroll for coverage in 2019.

If you’re considering a short-term health insurance plan, make sure you understand the fine print. While premiums are less than ACA-compliant plans, deductibles are typically steep, like $10K.

Short-term insurers may also refuse to renew your policy if you develop a condition during the policy period. That’s because they’d consider it a pre-existing condition for a new policy. If the non-renewal happened outside open-enrollment periods for other plans, you could have a gap in insurance.

Some business owners turn to medical cost-sharing organizations instead of purchasing insurance. Cost-sharing groups are pools of people who agree to share each other’s medical costs. Keep in mind that that these are not binding contractual agreements. Make sure you understand the risks and limits before you sign up. Read more on how healthcare sharing plans work.

  1. Plan to take advantage of higher allowances for retirement savings

In 2019, small business owners and self-employed tax payers can take advantage of the IRS’s increase in contributions limits for retirement accounts. Next year, you’ll be able to save up to $56,000 in a Solo 401(k) or SEP IRA. And, if you’re over 50, you can make catch-up contributions to a Solo 401(k).

  1. How’s your social media strategy?

Look at your social media strategy. If you’re not already leveraging social media, pick one or two platforms where your customers hang out to get started. If you already have robust social media presence, check out these trends that can influence your content in 2019.

  1. What happens to your business in a disaster?

An event doesn’t have to be big to create disastrous results for small businesses. What would happen if everyone on your team came down with the flu at the same time? Or if the power was out for four days?

Make sure you have business continuity plan in place to limit lost revenue and profit in the event of a business disruption. While you’re at it, make sure you have an IT disaster recovery plan.

  1. Take care of your mind and body

There’s only one you, and you only get one body per lifetime. Many business owners prioritize business over their wellness and pay for it dearly. For inspiration on ways you can take better care of you, read this wisdom from Warren Buffet.

Remember, when you take care of yourself, you’re in a better position to take care of everyone and everything else.

Do you have business banking questions? Contact our knowledgeable business development managers or call 800.991.2221. We’re here to help you grow your business!

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