Set yourself up for success
If you take the right steps and put your time to good use, you can set yourself up for major success.
This means cutting costs, reflecting, and planning.
And for small businesses, growth is everything. You need to make sure your processes and people are solid enough to take on more business the following year, i.e. more revenue.
If you want to grow your business next year, take this time period to tee up what you’ll need for a successful 2021. Here are our tips to drive your business growth to a new level.
Take time to reflect on the previous year, both alone and with one or a few team members. Think about the highs and the lows, the challenges you overcame (and why), and any challenges that are still there. In terms of products and services, look closely at the numbers. What was the most popular? Which generated the most revenue? What were the losers? You get the point. Afterward, type a document of these notes that you can use year-round when a problem or opportunity presents itself. Reflection is key to innovation and growth, so before you do anything else, take this important step.
2. Review your relationships with your vendors.
Now is a great time to shop around to find the best prices with suppliers. Take a look at your monthly expenditures with vendors, from suppliers to internet service providers, and see where you could save money by switching. If you can get started as early as Black Friday, many web hosting companies and other software providers offer fantastic deals to get you started on their platforms. This may take time to look into the competitors for all your vendors, depending on how many you use. But the money you could potentially save on a yearly basis will be well worth it.
3. Think about growing your business.
How can you increase your brand awareness? Simple things like improving/optimizing your website and having a social media presence can translate into more sales and revenue. Think about how you can put different channels and spheres of influence together to gain more customers and reach more people. If needed, you can use profits from the following year to invest in improving your brand outreach and revenue by hiring professionals in SEO or digital advertising.
4. Put your profits to good use.
Use those extra dollars you may have earned during the holiday season to do as suggested above and hire advertising professionals. Or you might want to invest in new equipment, new personnel, or a new location to help grow your business. At the end of the day, make sure some of your profit is going back into your business to keep it growing and thriving.
5. Budget for the entire year.
We know, it’s tedious. But getting your ducks in a row financially BEFORE the next year starts is critical for small businesses who usually don’t have deep coin purses if revenue slows. Figure out your spending NOW. You’ll be happy you did later.
And hopefully by following our steps, you will be able to plan financially for the year with positive projections from cutting unnecessary costs and growing your brand. Happy holidays!
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.