Source: Business Partners Limited
With 2020 around the corner, it’s the perfect time to take stock and prepare your business for success in the New Year. This time of year offers a valuable opportunity to reflect on the past eleven months, identify potential improvements, and create a strong game plan to take you forward.
Follow these nine simple tips to ensure your business stays ahead of the curve in 2020:
- Look to lessons learned – Review your year to pinpoint what worked well, and what didn’t. Analyze the numbers and any trends you may have noticed – for example, quieter or busier periods – and document everything to keep a record of your business’ history.
- Staff reviews – A strong team is the backbone of any business, so show appreciation to those employees who contributed positively this year, and motivate those who may need it. Also, assess any resource gaps and where new appointments should be made in the New Year.
- Get your paperwork in order – Before closing off your year, it’s important to make sure your financials, tax books, and any legal paperwork are up to date. Efficient internal filing and admin are key, as is reviewing your business budget for 2020.
- Troubleshoot – Now is the time to resolve any recurring challenges within your business, and look at ways to better streamline your internal systems and processes.
- Brainstorm ways to boost sales – A new year offers a clean slate for boosting business sales. You could brush up on your digital presence, such as website and Search Engine Optimisation (SEO), focus on refining your database, and even reassess your rates and pricing.
- Finish strong – In order to give yourself the best chance of success in 2020, try to tie up any loose ends, close off unfinished business deals, and complete all those small tasks that have been lingering on your to-do list for months.
- Network – While it might take a back seat when things get busy, networking remains important for business owners. Use all those year-end office get-togethers as an opportunity to reconnect with past and potential clients, suppliers, and partners.
- Set new goals – What do you want your business to achieve in the next year? Try to get specific about your goals; maybe you want to learn a new skill or look to increase your charitable activities. Together with your team and mentors, work on a strategy and make sure all your stakeholders are on board.
- Take note of business trends – To remain competitive, it’s vital to keep track of industry trends. You may need to consider migrating to cloud computing, or integrating more automation software into your business.
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