The New Year; a time to say goodbye and a time to say hello. We are still in the first quarter of the new year and there is still time revamp your business if you have not done so yet.
The small business sector was the hardest hit by the COVID-19 pandemic and the effect of 2020 is still felt by small companies till this day. Though another year has come; many small business owners are hopeful that this year will bring about a change to how they work and interact with their clients to boost their companies. 2020 taught a lot of companies how to adjust working while still at home. Stuck on how to move forward with 2021? Below are some tips on how to start again with your company in the New Year.
Analyse your Vision Statement.
The beginning of a new year is a great time to make sure your company is still working towards a vision that makes sense for where you are now. After all, a lot may have changed in the past 12 months.
“A vision statement is a rudder that holds the business on course. As we react to new situations, we can drift from that course,” says Vik Patel, CEO of VPS hosting service Future Hosting. “I like to reimagine the vision statement each year: Should it be changed in light of new realities? Were the decisions made in the last year in line with our greater goals? Taking the time to think about where we’ve been and where we want to go is hugely valuable.”
Invest in a Plan for Employee Growth and Development
What is one of the best ways to build up trust in your workforce, so you feel comfortable empowering and delegating? Invest in them. The positive outcomes of actively developing your team members into better employees far outweigh the time and money you spend to accomplish this. A focus on employee growth and development shows them you care about their careers and want them to have a future on your team. What could be more motivating than that?
Make Your Goals Public
Documenting your goals is important but telling as many people as possible is what really lights a fire. When you have the added weight of external expectations, you are more likely to succeed. It does no good to keep people, particularly employees-in the dark about objectives that not only affect them, but that they could actively contribute towards reaching. Establishing objectives and employee growth and development ideas together and openly discussing them creates mutual encouragement and shared accountability.
Align with your customers’ goals.
“Many of your customers are pursuing their own transformations through New Year’s resolutions, whether they intend to get in better shape or make more of their time,” says Ali Mahvan, CEO and co-founder of mobile shopping app Sharebert. To make sure your company is staying top of mind, think about aligning your marketing efforts with the goals your customers are pursuing. “Try to align with your customers’ goals and aspirations rather than your own. Be the coach that helps them run that extra quarter mile or free up extra family time each week. Be a branded go-to part of their goals,” suggests Mahvan.
Refresh your content marketing strategy.
Visuals might not be the only part of your strategy in need of a change. Syed Balkhi, founder of conversion optimization software OptinMonster, suggests using this time to consider whether you are getting the most out of your content. “The new year is a great time to take a look at your current content strategy and find opportunities for improvement,” Balkhi says. “Perhaps there are new keywords you would like to rank for or you want to increase your guest post contributions. Figure out which parts of your strategy produced the highest ROI the previous year and expand on those.”
Learn to Delegate.
The chances are that your to-do list extends longer than a page in length, which means that you have too much to do.
If you continue to overwork or put too much pressure on yourself, your business will not succeed.
You need to learn how to delegate tasks to other team members or to outsource them to freelancers, to give yourself a break.
You can only work so many hours in a day that is why it is vital to ensure that those hours count, instead of focusing on menial tasks.
Practice Managing Your Cash Flow More Effectively
The cash flow of your business is like the heart’s blood supply, without it there is no hope.
Did you know that 80% of small businesses that fail, did so because of a lack of effective cash flow management?
So, if you are not already being mindful about your business’s cash flow management, now is the time to start.
Boost Your Digital Presence
Take everything from your digital marketing to-do list and make it a reality. Do not put off making your website mobile-friendly, if you still have not put together an email marketing strategy, or you are yet to add a blog to your website, make this a new year’s resolution. Digital presence is more important than ever before for businesses, so make it a priority.
Look at your competitors.
Competition is healthy. There are a lot of smart people out there. Who are your competitors? What are they doing? If you take the time to study what your competitors are doing, it will help you to identify gaps in your industry that no one is focusing on. Gaps lead to opportunities so make sure you are not missing out on the opportunities.