You have bid farewell to the old year and have ushered in the new. And now it’s time to take stock of your actions last year, what fruits they bore and what should be your course of action this year. In the paragraphs below, we help you with this ‘stock-taking’ and further get you onto a planning mode, so that you can foresee the environment your business is functioning in and chart its path accordingly.
Stare Hard, Learn And Implement
Sit down for an assessment of all your decisions made last year. Ask yourself if you did enough research on your customers? Did you spend enough on marketing and promotion? Were your customers happy with your products and services? Did you keep track of cash flow and profit & loss statements? It’s natural to make mistakes, but in the new year, learn from those mistakes and failures and implement better fool-proof strategies.
Cut Down Costs
You don’t have to be the victim of a sluggish economy to start taking extreme steps. Start now. Take a hard look at your business expenses and start cutting unnecessary costs.
• Office Rent/Maintenance: Explore flexible work options such as work-from-home, shared office working etc.
• Business Travel Costs: Use Skype, Meet-Me-Line calls or videoconferencing to keep in touch with clients. • Marketing Costs: Implement less expensive social media marketing campaigns (website, blog, facebook, twitter etc) to reach out to customers.
Be More Tech-Savvy
Technology can change the business game for you.
• Invest in a smart phone or a tablet with good internet speed and subscribe to your e-mails, Facebook, Twitter and all other apps that are of use to you on it. Being tech-savvy helps saves precious time for your business
• Love them, hate them, but you can’t ignore them. We are talking about social-media. In case you have not loaded your business already in the social-media bandwagon, start now.
Social media platforms will help you know the current trends and also help you promote your products/services at a negligible cost.
Focus On Your Customers
Remember, the relationship with a customer doesn’t end just because he bought your product/service and paid for it. The most valuable customer is the one who buys these products/services again and again from you.
Making a simple phone call or meeting in person can go a long way in reinforcing the customer relationship. Make decisions and strategies keeping customer satisfaction in mind. A satisfied customer is a regular customer.
A business is an ever changing process and you need to adapt to the changes. Don’t stick to old traditional ways if they are not helping you much. Evolve with time. Be flexible to make customers and employees happy because in turn they will make your business successful.
For example, offer work from home option or flexi-work timings to employees. The New Year has just started. You have the entire year ahead of you. So plan hard and set realizable goals.