As the saying goes, every ending is also a new beginning. A new year is on the horizon. For entrepreneurs, it means welcoming new opportunities to drive success and growth.
While welcoming the New Year is a festive tradition cherished all over the world, it can be a stressful time for entrepreneurs. This may be a jam-packed time for business, but you can still take the time to review, reflect, and gear up for the next 12 months.
Here are some ways to ready your business for the coming year.
Take time to reflect
Use the opportunity to reflect on how your business ran for the past 12 months. Learn from your experience. Evaluate and analyze the strong and weak points of your business. Take note of feedback from your peers, your team, and your customers.
Did your business meet sales goals? Were your marketing plans and promos effective? Did you generate more income? Reflecting can help your business set new goals and create new game plans for the new year.
Close your books properly
The end of the year means you will soon file your annual income tax, but before you can do that, you have to close your books properly first.
To wipe your slate clean this year, you should invoice all unbilled orders, pay all your dues, and record all your income and expenses. Make sure to update all your fixed assets if you’ve purchased new equipment or property, as well as record your inventory.
Create stronger relationships
Creating a strong relationship between your business and your local community is far more valuable than anything. A personalized connection with your customers can go a long way in growing your business.
You can establish this link by adding an advocacy to your business, like hosting a charity event in your community or donating the proceeds earned from your promo to a foundation. Not only can you do this during the holidays, but also for the rest of the year.
Aside from your customers, you can also make time for your team. Give your employees a pat on the back. Celebrating the holidays with them to strengthen the bond. Motivate them by giving incentives and bonuses.
Managing your business can be tiring and grueling. Like your customers, you too deserve time for self-care. Treat yourself to a weekend trip outside town, or a massage at your favorite spa. Take time to unwind and exercise. With a relaxed mind and stronger body, you can lead your business towards success in the new year.
Create a game plan
The success and growth of your business depends on how you will game out your strategy for the new year. As mentioned above, taking time to reflect can help you write your new business plan. Take note of your successes and mistakes and learn how you can progress from it.
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In business, it’s natural to be afraid of some things. We’re always concerned that trends might change, we could lose profits, or the market might dwindle. While these are fears that aren’t within our control, there are some fears we can prepare for, and so these are the ones we should overcome.
For example, taking on challenges or doing things that take money, time and effort can be scary for entrepreneurs who would prefer to play it safe or shrink away from their fears. Well, we’re here to tell you that it’s time to say goodbye to those fears and take the challenge!
Here are our top tips for facing and overcoming some of the common fears in business:
Doing business means taking risks. If you aren’t a smart risk-taker, you could actually lose what you’ve worked hard for. Of course, with risks there’s always a chance of failure. So how do you overcome fear of failure in business?
Secure yourself by not running into risks before thinking them through, having a backup plan or preparing for possible setbacks. It’s always important to be careful and safe, especially with your business data. Mobile management allows you to do just that; you can easily secure your employees’ devices and company data by adding a few adjustments on device settings. Once your assets are secure, you’ll feel safer and more open to taking risks, because you know that important things like your company assets are safe.
Money is one of the scariest business concerns. For some people, it’s hard to earn, and very easy to lose. But a successful business owner knows it’s not something you should hang onto with a tight grip. Rather, it’s something that should flow in and out of your business in the form of profit and investment.
If there’s one thing that can dispel your fear of investing in something, it is the guarantee that you’ll achieve good ROI, which is exactly what paid advertisements can offer. Don’t be afraid to invest in paid advertising — research shows that the best type of advertising is a combination of both paid and free, after all.
If you haven’t gone digital yet, this is the prime time to do so! If all new things are scary, and going digital falls into that category for you, don’t worry. Going digital has never been less complicated. With website builders, you can create your own online platform in just a few easy steps. Take it from the many satisfied customers going digital — having a spot online opens up so many new opportunities for your business that it’s not something you can afford to miss. Besides, with 61.9 million active mobile Internet users and a 63% rate of social media penetration in the country, you don’t want to miss out on this market you’ll find online.
You might have your trusted and reliable market in the bag, but new doors will open for you once you’ve made the effort to reach a new market. This can be triggered by new products or services, a new location, or even just a desire to rake in more customers. But once the need is there, it’s no question that bringing in new customers can be quite a challenge.
This won’t be a problem if you can send just one text to multiple people. One text can be sent to anyone within a certain coverage or on a list of contacts, and very soon you’ll be advertising to all of them at the same time! Let them know of your new products, promotions or discounts, and they’ll be sure to come running in.
Once you’ve made enough good risks and better investments, you’ll have achieved a level of success that most entrepreneurs can only dream of. However, at this point there’s a new fear: that of going stagnant, or worse, slowly losing your touch. Fight that fear by never stopping — when you’re at the top, it’s time to build a new empire.
By that, we mean expanding your business. Rather than just going into it, expand with hassle-free security and ease. With the right tools, you’ll be able to easily connect branches and control data access, which is an additional safety feature you’ll need when starting out somewhere new.
Business owners can have many fears, but that doesn’t mean you should back down from the challenge. Just keep your head up and take the plunge — while at the same time, having the right tools and research behind you to make the journey easier and fear-free!
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