The start of every year is the time when we all set our New Year checklist or resolution. Even though we might not end up going to the gym, businesses take these much seriously. When we go around doing the same thing all year round, a hope for change rises in the minds of everyone. So, rather than focus on yourself alone, look to your business and spice up a few things for the better. We live in a time of great turmoil: environmental, artistic, political, financial, and economical. If things can get out of hands, you can pretty much bet that they will. These periods are hard, but can be very liberating and present opportunities because they are conductive to change that you have been putting off for a while.
Let us take a look at some of the new things that should be on your business checklist for New Year and beyond;
If you do not find accounting exciting, that’s alright. Most accountants themselves do not find it exciting. However, it is the basis of controlling and understanding the financial activities of your business and should be among the first things to consider. Many business owners want to push all the numbers off to someone else and we can appreciate the desire. But there is already enough to do and business owners will have questions that need answers. These questions will include things like what product or service is most profitable, who are our regular customers, how long the payment process is and so on. You can always go for an analytics software or tools to see what is happening. What products do you know and how to make smart decisions regarding them?
There come times that businesses reach a dangerous bridge. You want to move forward but get stuck. Often, the reason is you need additional help and it is understandable that you hold off. This is because most businesses don’t want to add more expenditure in the operations especially during times of turmoil. Putting off hiring works for a while, but will eventually leave your company stuck. There is a chance that it all blows up and that is a part of business. Risk is a part of any business and you do not expand and improve without taking any chances. So, you should consider if it’s finally time to bring on help and free yourself up for the many other things you should be doing.
Technology is one of the main reasons why businesses often get left behind. Every business uses tech but how efficiently is another question. No one is suggesting that you take a loan and hit the tech houses there by only increasing your liability. However, businesses should consider where a smart addition or improvement of technology might help things. For example, many restaurants still do most of their operations manually with limited or not technology apart from payment options. A restaurant could invest in a restaurant management software to digitalize and improve their operations. You can then scratch this off your new year checklist for a couple of years or more.
Most marketing is done without any thought process or strategy. Campaigns that neither make sense nor are effective are put on. Goals not only do not get defined but may also drift your business away from where you expect it to be. If there is one part of your business that deserves most of your attention, then it is your marketing. Every business should perform an annual audit to compare results and plan for the next year accordingly. Consider what you can do or what strategies you can employ to improve sales and recognition. Furthermore, you should also try out some new marketing channels and try to mix things up by complementing one channel with the other. For instance, many industries reach their target audience with mass texting which include links to their websites or social media pages promoting an event or sale. The same way other strategies are tested by trial and error to try and bring something new to the market.