When you run your own business, it’s pretty much always on your mind. So you may have had a break over the festive season, but your mind will undoubtedly be on your plans for next year. So, what will your business strategy look like in coming years? We take a look at how to put one together that will help to ensure a year of growth and prosperity…
Review Your Business Strategy
You will have created a vision and strategy when getting operations off the ground and seeking investment, but have you revised it since then? A strategy should be a living document that evolves over time in response to shifting market demands and conditions within your sector. Set aside some time at the beginning of the new year to read through it all and make any necessary adjustments. Think through the top three actions you could take in the first quarter to build up your fortunes.
Could you develop a new product? Generate more leads? Could you focus on turning the most profitable 40 customers you have into even higher spenders? You can then adjust your resources to support this new focus.
Invest In Yourself
You are the driving engine behind your business, and as such, one of the company’s best resources. If you don’t have the skills your business needs, you could be the factor standing in the way of growth. Consider how you need to develop in the coming year to continue being an effective leader - could you do further study with an amba accredited online mba? Could you gain more contacts by getting on to the networking circuit? Or sometimes it can be as simple as taking some time out so you don’t burn out.
Focus On Customer Service
The one thing that can set you apart from your competitors is excellent customer service, and it’s one thing that can always be bettered. So make the time to focus on better customer service in the future. Find out what would delight your customers by asking them- simply running a survey in return for the chance to win a small prize can be highly effective. Your relationships are one thing that can’t be a ‘quick fix’, you need to make sure you and your staff invest time into developing them.
Create Innovations
As a small business, you have another major advantage over the big boys, and that’s your ability to be flexible and responsive to client feedback. You can turn around something new in the time it would take a blue chip company to call a board meeting and that can be a massive advantage. If customers can see you’re responding to their needs, you’ll create loyalty and gain a reputation for answering market demand first. Look beyond the obvious solutions and try to leapfrog what the competition might be doing.
Beat Other Businesses Big Time
Question the obvious and accepted - why should there just be one way of doing things? What can you change to improve a process for your customers? Taking a step outside the day today operations and coming at things from a different perspective can be invaluable for the new year.
I hope you enjoyed this article about how to beat your business rivals in the present and coming years.
Interested in more articles about managing your business better?
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