A new year inspires new energy and excitement for what might happen. It’s a fresh start and the perfect time to reflect on the past and plan for the future – to set goals and figure out how to achieve them.
Although the new year has already begun, it is not too late to start things off with a bang to ensure your business grows. Check out these six tips:
1. Learn from the past
Review of the previous year. Evaluate what went well and what didn’t, and find the mistakes and successes. Review your business plan and make updates. Were there big steps you wanted to take last year, but not? Did you want to expand your team? Open a second location? Expand office space? Take a close look at where you have been and where you were going, but not so you better know where to go.
“We can learn lessons from the past, but we cannot live in it.” -Unknown
2. Focus on the future
When developing projections for the year, consider general economic conditions and their impact on your market. Of course, remember that projections are just that – projections. It is impossible to know what will happen. Justify your projections with as much data and objectivity as possible. Knowing the latest business developments and economic news will help you deal with the ever changing environment. Finally, rely on the experience of others to help. Many have been where you are now and have great wisdom. Look for one or more mentors who can provide advice on growing your business.
“The future depends on what you do today.” -Mahatma Gandhi
3. Improve communication
Effective communication is critical to business success. Encourage your employees to share their thoughts about the past and the future. Provide various ways in which they can communicate with you, from regular team and one-on-one conversations to an online chat platform. Have an open house policy and be open to honest feedback and ideas. Set the tone for consistent and transparent communication.
“Most people don’t listen with the intention of understanding; You listen with the intention of answering. “- Stephen R. Covey
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4th Find new ways to create buzz
With so much information and so many products and services flooding the market, it can be very difficult to differentiate your business – especially on a reasonable budget. Look for simple, affordable, and creative ways to stand out from others. Think about how you can connect with your customers through social media platforms, starting with the big three: Facebook, Instagram and Twitter. All of them are free and can effectively reach your customers while generating word of mouth about your company and its products or services. When used well, social media can greatly promote special offers and freebies, and provide a means to share the everyday behind-the-scenes insights that give your business personality and create customer proximity.
“I define marketing as sharing what you love with people who want to hear about it.” – Joanna Penn
5. Pay attention to the budget
It can be difficult to keep track of all expenses, especially when juggling many lines of business, but it is crucial. Businesses can maximize their dollars in a variety of ways – from tracking tax-deductible business expenses to minimizing long payment deadlines, to making monthly rather than annual insurance payments and leasing or buying used office furniture and equipment. And while labor costs are a huge business expense, this is where you need to make smart decisions. You can’t just focus on cutting costs. Effective hiring practices will help ensure you get the most bang for your buck. Consider hiring temporary workers or interns during busy times to save on total costs throughout the year.
“Beware of low costs. A small leak will sink a large ship. “-Benjamin Franklin
6th Create a positive work-life atmosphere
Your company couldn’t function without your employees. As you find ways to improve this year, consider ways to get employees to work in a way that will best motivate them and be flexible enough to meet their various circumstances and personal responsibilities. Also, encourage employees to take time to work in the office and set an example by taking time off for yourself. I bet you will find that you take this practice time, take this journey and pursue this hobby, keep your entrepreneurial fire going and make you even more productive.
“You can’t do a good job if your job is all you do.” -Unknown
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