The new year is a great time to reflect and evaluate which actions contributed to growth, which didn’t, and what strategies you will use in the future. This is the case for both personal growth and business growth.
Not only is it essential to consider the previous year’s actions, but the new year is also a great time to streamline your business for maximum growth. We have provided ten strategies so you can do just that.
Growth Strategies for the New Year
As you begin setting goals for 2018, we hope you’ll take a few moments to review the following methods to make your new year an even more successful one.
- Do a year-end review.
Without reflecting on the past year, you may make the same mistakes or encounter the same problems as you did during the prior year. So, take some time to review how your business did in 2017. Were there months when you got in more business? Months when you had fewer sales? What did your company do different during those months? Perhaps you ran a marketing campaign that launched your sales to greater heights – or maybe you made a new hire who is performing her job with skill. Find out what made a difference last year – good or bad – and note them down.
Additionally, note what those actions affected. Perhaps a failed product launch cost you money, which then lost you employees or required that you sell off an asset to pay for it. Maybe the purchase of an automated system is getting your clients to the right person more rapidly – thus boosting sales and client satisfaction. Understanding the ramifications of your past actions can help you monitor them more effectively in the future.
- Get organized.
The beginning of the year is a great time to review your systems, workflows, and production metrics. Taking the time to examine both how your business is run and how you track production can enable you to find better, more effective systems. For example, if you have a storefront, your existing system may be that you allow customers to come in and browse without interaction with a salesperson. A change to this policy could increase customer satisfaction and improve your sales.
- Update your marketing strategies.
Many companies find a marketing strategy that works and then stick with it. However, updating your marketing to bolster existing success may enable you to reach more people in your demographic group and sell your product or service to more people. Additionally, updating how your marketing success is tracked can give you an insight into how to increase the effectiveness of your system.
- Set up an online and an offline strategy for your business.
Whether your company “lives” online or not, it’s crucial to set up systems that work for both online and offline customer interaction. Many online businesses are beginning to advertise and interact with clients offline – you can see this with the recent ads for YouTube TV, WordPress, Squarespace, and other companies that exist online only. Take a cue from these massively successful enterprises and focus your strategies for increased sales.
- Embrace automation.
There are many things which can be automated in companies that are done by human hands. For example, your accountant can set up Quickbooks to directly pull information from your bank account. There are also more complicated tasks that can be done with simple programming, like answering the phone or mailing packages. Setting up automation can take time, but it will save your company money as well as allow employees to take on higher level daily tasks.
- Review your accounts.
It’s always important to examine your accounts and see what you spent money on in the previous year. When you take the time to do this, you can spot where an investment didn’t pan out or where money was wasted during the preceding year. Additionally, you may see things that made you more money than you thought – like employee training or buying a seat at a convention. Understanding where your company spent money in the past can give you an idea of how to proceed in the future.
- Find any and all dropped leads from last year and get them followed up.
Every company has dropped leads that can be followed up once again and may turn into a sale. Ask your sales staff to scour their desks and databases and get every lead followed up. This action alone may help your company start out 2018 on a profitable footing.
- Review and revise any employee training your company offers.
If your company offers employee training programs, this is the time to give it a review. Find out how your employees are using the system they are trained on, if that system has been updated since the training began, and where else their training can be improved. If employee training isn’t regulated by a set system, 2018 may be the time to get everyone on the same page with a standardized plan.
- Decide what positions need to be filled.
As your company grows, you will need to hire more employees to keep up with the workload. By deciding which positions you would like to fill in the new year, you are setting a goal for your company’s expansion!
- Set your goals for the new year and map out how you will attain them.
2018 is a brand new year! Decide what your company will be accomplishing in this new year and share this information with your employees. You can make it an interactive meeting by asking them to bring their own 2018 business goals to the conference room as well.
Are you ready to build your company up and reach greater heights in 2018? Business Success Consulting Group is ready to help you achieve your goals. Contact us today and find out how our coaching can help your business accomplish its intentions in the new year.