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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As an entrepreneur, you’re always looking for new avenues to explore and new ways to grow. When you’ve reached a certain level of success, it’s only natural to want to expand your business.
But there’s more to growing your business than meets the eye. It’s not just the next step towards a bigger, more successful venture — in many ways, it’s a lot like starting your business all over again.
If you’re considering expanding your business by branching out, setting it up for franchising, or moving to a better location, there are some things you need to pay attention to first. After all, if you want your newest venture to be successful, you can’t jump into it headfirst without testing the waters.
If you’re looking to grow, consider the following in your business expansion strategy:
In many ways, expanding your business is like starting all over again. It might involve a new location or platform, a new target market, or a new facility or building. Each of these requirements for business expansion will come with a set of challenges you’ll have to face. Of course, you’ll have the benefit of bigger-than-starting capital and the experience you’ve built so far, but it won’t be a walk in the park. Make sure you do your research and prepare yourself for what’s coming — starting with this list of things to take note of.
Location is a big factor to think about when choosing a place to set up. Pay attention to things like your industry, your market, the competition you’ll have in that area, the space you’ll need for your team, and the availability for connectivity and mobile signal. If you already have location options in mind, don’t forget to consider these things to make the most of the space you have.
At this point, you and your team should be working as one unit. If you’re prepared to expand, they should be, too. If they aren’t yet, consider that maybe you and your team aren’t on the same page — which can be dangerous if you choose to expand and they’re not ready for the change.
Bring your team up to speed by aligning your goals with theirs. Help them understand that branching out isn’t about more work for them, but about bigger opportunities for all of you.
This is a question that, if you haven’t already, you really need to ask yourself before any big change in your business. Remember that all investments require you to shell out some capital in order for them to succeed. Especially with a move this big, you need to assess your budget and take note of whether or not you’re in a stable enough place financially to take on a new venture. If you aren’t, it’s better to be safe than sorry, and hold off the risk until you’re ready to take it on.
Keeping loyal customers is important, but you expanded in order to get new targets. If you want to reach a new demographic of people, you need a plan set in motion even before you set up in a new location or space. Be it through announcements online or in physical form like posters, billboards or signs, make your presence known so customers can look forward to your arrival. Then when you’ve already set up, your marketing efforts need to be tenfold at least for the first few months.
One of the most important things to remember is to keep your new branch connected to your main one, or even to the other branches of your business. The best kind of connection is safe, simple, and affordable. It also allows you to manage bandwidth among your branches, so that you can allocate more data to the branches that need it most. With faster data access and updates, you also don’t need to manually consolidate or regularly visit the branches you need connectivity for. It’s the easiest way to get connected.
If you’re looking to expand any time soon, don’t forget to consider the questions above in your business expansion plan. It’s not easy growing your business, but it’s definitely worth it as it brings you even greater success!
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