If you’re setting your sights on growing your business or making it more successful in 2018, then get your thinking cap on! You need to take a look at what has been going right for your company, but also what has not been going to plan.
Was the business as efficient as it could have been? Could it have made more sales? How was the marketing? With a whole new year in front, here are some of the key things that you need to be concentrating on.
Dust off the business plan
If you’re reviewing where you are at with your business, then maybe it’s time to take your business plan off the shelf and review your goals and projections. Have you reached the stage with your company you had planned? How will you take it to the next level? Sit down and go through your strategy for the coming months and years with senior colleagues and speak to business advisors as well, to get you on the right path.
How are the finances?
You don’t need reminding that finances are the backbone of any business. If you don’t have the cash flow in place to keep operating, then it is going to be extremely difficult to keep going. So, how are your company finances looking? Was revenue on track last year and how is it looking for the 12 months ahead? If your funds are not in good shape, you need to be thinking about how to boost sources of revenue and to re-focus your commercial efforts. If you’re looking to expand your venture, you will need to ensure that you have solid financial foundations in place.
How efficient is your business?
When it comes to assessing where your business is going, you need to look at how efficient it is. Do you have enough resources in place, or do you have too many? Are there ways that you could be easing the workload? For example, you don’t have to do all of the paperwork and payments processing in-house. Or you could take advantage of time-saving billing software to help ease the burden.
If you’re looking to strengthen your business, you should also be taking a long, hard look at your marketing strategy. Are you promoting your products and services in the most effective way possible? Are you reaching potential clients, with the right branding and advertising? Good marketing is key to spreading the word about your company and building its reputation in the busy marketplace.
Are you, for example, making the most use of digital media? Does your website do the job you designed it for, and how is your social media presence? Most companies these days have profiles across all of the main social media platforms, creating a connection with potential clients and existing ones, and shouting from the rooftops about what they offer. Uploading video, photos and creating regular blogs are a great way to build more interest in your brand.