New Year is a time where millions of us make the same old resolutions, whether it’s to lose weight, run a marathon or read a book every week. In the majority of cases a lot of these get forgotten in the following weeks and months. Setting goals within a business can be a completely different experience though, as usually they can be measured.
Many companies can benefit from creating their own New Year’s resolutions to improve their business performance in many aspects. They don’t have to be as ambitious as Mark Zuckerberg’s resolution to create an AI butler either. Here are a handful of resolutions to make and stick to that should improve the performance and finance of any business in 2016.
In order for any business to grow it needs to regularly attract new clients and customers. For this reason promotion is key, and the more promotion you do the more clients and customers your business will start to bring in. Create a marketing plan to get your name out there and seen by the right people or hire a marketing executive to take charge where possible.
Social media is an essential and cost-effective promotional tool that every company needs to be using. If you haven’t already done so, set up a Facebook, Twitter and LinkedIn profile immediately. Don’t just ignore it though, set a target of sending out at least three posts and tweets across all these platforms each week to keep current and potential customers/clients engaged. You can even schedule updates well in advance with tools like Hootsuite to make them timely.
Streamline Your Finances
Especially for start-ups and small businesses, having plenty of money available is vital to generate growth throughout 2016. Increasing sales is the long term goal for most businesses but in the short term it can be harder. In some cases invoice financing can help during the short term.
This provides your business with the money due from invoices almost instantly, rather than waiting one to three months to have access to it. It means your company can reinvest such finances immediately to improve various aspects of the business, hopefully more than recouping the small amount spent on invoice financing.
Increase Sales and Profitability
Increasing sales and your business’ profits will be a never-ending goal, but it is one that can be measured over the course of a year. Review the current situation and set some realistic sales goals, whether in units of products sold or an amount that can be reviewed.
To make it easier, set sales targets on a monthly basis so after the first couple they can be tweaked if you’re failing to meet/easily beating them. Where needed, decide to increase certain budgets, such as the marketing one, to help boost profits all round.
For those in charge of a small business it can be difficult to let others take control of particular tasks. Taking on too much yourself can lead to a loss of focus and reduce the time spent on tasks that will help your company grow. Start delegating more to other members of staff.
Dedicate time to training others in certain tasks each month in order to free up more time or hire someone new to take care of more mundane items of business such as email and phone answering. This will free up your and other members of staff’s time to focus on the more important elements of securing sales and increasing growth.
Produce Quality Content
Content is king, as everyone keeps saying. Having a company blog is essential for improving online promotion but it must be regularly updated in order to have a positive effect. Set out to post two or three times a week on your company blog, with a rota so the tasks are shared out between staff. These can make up some of your weekly social media posts which should boost promotion and using Google Analytics you can measure its success.
The important thing when making New Year’s resolutions for your business is that they are stuck to. Put them on the wall and remember to go back to them regularly to help improve the performance of your business in many areas throughout 2016.