For some people, the New Year gives them an opportunity to start over and correct some of their mistakes in the past. The same can be said about a business. The New Year gives business owners the chance to look back at how their business did in past, and make the necessary adjustments in order to start the New Year right. Here are ten helpful ideas about how businesses can start the New Year strong.
- Start the Year on the Right Note - It helps to make a list of thoughts and plans for the year. List down ideas for new product lines, new advertising and marketing strategies, or even new recruitment policies. Write down innovative ideas on how to further expand the business and remain competitive. Then start the ball rolling by seeking additional capital through bank loans or investors in necessary.
- Review Last Year’s Business Plan – Knowing how the past year went for the business can help determine the direction the company will take in the future. Review last year’s business plans and see how far or how little the business has grown from the start. Since the company’s inception, the economy and the overall business climate could have changed, therefore it is necessary to take those into consideration and make a clear assessment of where the company stands at this point in time.
- Rekindle Customer Relationships – The start of the New Year is the perfect time to get in touch with existing customers. A simple “Happy New Year!” via phone call, email, or business letter can remind customers that they are important, and that the business is ready to serve them this year.
- Evaluate Current Pricing – It might be a good time to think about increasing profit. Run a competitor study and see if it is a good idea to raise prices this year. Factor in the current economic situation, and be sure to provide customers with at least a month’s notice before implementing the new rates.
- Honor Thy Employees – Good employees come few and far between, yet they are the heart and soul of most businesses. Make sure that employees are getting exactly what they deserve, and help them understand how important they are to the business. A happy working relationship can help minimize attrition and increase productivity.
- Explore New Markets and Improve Advertising – Consider targeting a new demographic, or put more focus on the business’ online aspect. The start of the New Year can be great opportunity to expand the current market base. Formulate new marketing and advertising strategies that will appeal to the new market.
- Reduce Cost, at All Cost – Increased profit can easily be negated by increased costs, therefore it is wise to find ways to cut down expenses. Small steps, such as ordering supplies in bulk or turning the lights off more often can save a little money that can make a big impact on the company’s overall profit net.
With enough planning, and the ability to learn from the events of the past, the New Year is sure to bring in a new set of triumphs and trials. It is time to look forward to a better performance this year.
About the Author:
Lance Margolis is a financial market analyst, and an alumnus of Ivy League University where he obtained his degree in Business Management. JG Wentworth serves as his inspiration to succeed. Join him on Twitter @MargolisLance