< 2019 Forward Forsyth Economic Development Report

New Year, New You: Three Resolutions Your Small Business Should Make for 2020

Do you make personal resolutions for the new year? Many people find themselves committing to better health, increased wealth, and everything in between when the first of January rolls around. What about your professional goals? Consider making some resolutions for the new year as a small business owner to ensure success in the coming months.

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Improve your Marketing Strategy

Your business may have a Facebook page, send a weekly email blast to all clients, or send out periodic text messages to keep the community up to date. But when is the last time you looked to see how effective your marketing efforts are? It is a common downfall for many businesses to create a marketing strategy, implement it, and then continue to use the same strategy for years without making adjustments that incorporate changes in the world around them.

For instance, take a look at your Facebook page. What can you learn from the page statistics that Facebook provides for you? Do you notice that a specific demographic sees your posts every time, while another appears to rarely interact with your content? This is a great opportunity to find out where your strengths are, and which areas you need to work on to boost your marketing efforts.

Social media is not the only area you need to assess for effectiveness. You need to look at every part of your current marketing plan, such as your website, company logo, and even seemingly small details, like ensuring correct information appears in an online search for your business.

Like any successful business owner, you understand that knowing is truly half the battle, which is why you will want to take the time to research current marketing trends and statistics to gain a more informed understanding of the most effective ways to reach your clients and potential clients. Find out which audience uses different types of social media, who is more likely to respond to a phone call, and ways you can involve your business in your community to create a relationship with those you hope to help with your services. Come prepared with the information you need to create a better marketing plan for 2020.

Find the Right Fit

When your business plans transitioned from a dream to a reality, you probably found yourself working to just keep your head above water, so to speak, and implement the business plan you spent so much time and effort preparing. However, once you are settled into a routine that allows your business to operate at a successful level, you should consider taking the time to ensure that you have placed your employees in the best position for their skills.

Your first step in this process is, of course, to get to know your employees and find out what their strengths and goals are. You may have known them for years, or maybe you run a business that is primarily staffed by members of your own family. Whatever the case, it is still worth the time to sit down with each of your team members and learn more about their goals for themselves within the company. This will not only give you a better idea of the types of talents and skills your team members have, but also give you the opportunity to help them realize their own goals.

For example, you might speak with an employee who lets you know that while they don’t have much experience in the financial aspects of running a business, they would love to learn more about it. You could allow this employee to shadow a member of your financial team, or even just guide them toward some resources you used for yourself when you started your company. Providing opportunities to gain new skills and knowledge will make for a well-rounded team, and allows you to have options in place if a team member suddenly becomes unavailable for work due to illness or an emergency.

Finding the right fit doesn’t only apply to employees – if the vendors you use aren’t quite meeting your needs, you need to find a way to either adjust their services or look for an alternative vendor. Even the space you rent for your business can be a goal for you in 2020, as you look for new ways to utilize the space, grow your company, and ensure that you are able to move forward in the new year.

Revisit your Key Performance Indicators

Utilizing Key Performance Indicators (KPIs) to measure your business growth and success is a process that any smart business owner works to incorporate into their business plans. In 2020, why not look at ways you can not only improve your current KPI goals, but also create additional opportunities for measuring your growth?

Begin by examining your current KPIs. You are likely tracking items like your operational cash flow, gross profit margin, inventory turnover, revenue growth, and many additional measurements designed to give you a detailed overview of how your business is faring. When you review your KPIs, ask yourself if each of them is giving you the information you need as a business owner. You may notice you want more details on your inventory turnover, or realize that you should find out more information on your revenue per client. Understanding more facets of your current KPIs will give you invaluable insight on the direction your business is growing.

Now that your current KPIs are updated, look for additional measurements you can track to give you even more information. This is a great opportunity to consult colleagues or fellow business owners to find out what types of information have been useful to them. You are part of a community – take advantage of the network of knowledge and resources at your fingertips!

It’s important to note that KPIs are only useful if you take the time to review them and adjust accordingly. Set your goals, track your progress, and don’t stop until you make 2020 your best year yet.

Your business may be brand new or going on its thirtieth year of life, but you can always find new ways to promote growth and achievement for you and your team. Make a resolution that this year will be full of new opportunities and goals to ensure that your business continues to thrive.  

 

 

 

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