Top 10 New Year's resolutions to grow your business!
Creating a plan of action for 2018 will give your business the best chance of developing and succeeding! Here are our top 10 New Year’s resolutions for growing your business.
1. Promote your business consistently
Promoting your business can often slip to the bottom of the ‘to-do list’ especially towards the end of the year. However, marketing your small business is crucial for obtaining new customers and encouraging existing customers to explore new products or features. To ensure growth in 2018 creating a marketing plan is a great place to start, or check out our blog for 8 ways to promote and advertise your business for free!
2. Improve digital presence
Does your business really exist if you don't have a website? In fact, 50% of Australian businesses don’t have an online presence**. If you’re not ready for a business website you can explore what social media network would work best for your business; Facebook, Instagram or Twitter? Or start a business blog to keep your customers updated with your products and journey.
If your business is already online, take steps to improve it! Ensure your website is mobile and user friendly, refresh the website copy and images if needed and create an email marketing list.
Want to get online? Speak with one of our specialists today!
3. Engage with your customers
It costs 5x as much to obtain a new customer than to keep an existing one*. Avoid acquisition costs through communicating with customers and building loyal relationships. Keep your customers updated with business changes, new offers and discounts.
Furthermore, providing a channel of communication such as a support email or phone line will encourage your customers to engage with your business. 89% of companies see customer experience as a key factor in driving customer loyalty and retention*. A happy customer is a loyal one!
4. Improve communication
Including internal communication with employees, as well as external communication with contractors, other businesses and customers. Miscommunication is a large factor in misunderstandings and time wasting. By streamlining communication processes your business can reduce time reiterating information and focus on the task at hand.
5. Create a business plan
Increase productivity and focus through a detailed business plan. You’ll need to make certain that you’ve considered all the aspects of your business, from overhead, to sourcing talent and marketing. Learn more about creating your own business plan!
6. Set realistic weekly goals
Easily track your success with realistic weekly goals. Setting farfetched goals will only result in frustration and feeling unmotivated.
7. Delegate delegate delegate!
Grow your team and grow your customers! Give yourself the time and space to focus on the bigger picture. Entrust a team member to take over more menial tasks or train a new staff member to lighten your load. Focus on building your business and delegating tasks effectively!
8. Drop what’s not working for you
All products won’t be best sellers and all suppliers or wholesalers aren’t going to enhance and benefit your business. If a product, service, technique or relationship isn’t working, then move on. Don’t invest valuable money and time into something that isn’t working the way you’d like. When one door closes, another opens!
9. Charge what you’re worth!
Don’t sell yourself short! Much like if you were an employee to another organisation, increase your wage with the increased cost of living each year. Revamp your game plan and accomodate the value you bring to the table!
10. Believe in yourself!
Trust your gut, your biggest investment is you! There will be tough decision making and calls, but in the end it will be worth it. Build your own dream, not someone else's!
* Saleh, K. (2017). Customer Acquisition Vs.Retention Costs. [online] Invespcro.com. Available at: https://www.invespcro.com/blog/customer-acquisition-retention/
** Zappone, C. (2017). Half of small businesses still without a website. [online] The Sydney Morning Herald. Available at: http://www.smh.com.au/small-business/smallbiz-tech/half-of-small-businesses-still-without-a-website-20120322-1vlf4.html