Five Ways to Prepare your Business for Success in the New Year

Five Ways to Prepare your Business for Success in the New Year

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The Year 2020 is just around the corner. As you’ll probably agree, it is a monumental year for several reasons, including because it marks the beginning of a new decade. For business owners, this begs the question of what to expect and how to prepare your business for success. If we take the analogy a step further, it implies that one must also ask tough questions; questions such as how to make your business better in the New Year and how to prepare your business for success. So in our post today, we take a look at five ways to prepare your business for success in the New Year.

On the other hand, what if you’re not a business owner or entrepreneur? If you’re not, take a look at our post titled Five Ways to Prepare for Success in 2020. That post is geared towards preparing yourself as an individual for success in 2020 while this post is primarily for entrepreneurs and business owners.

With that said, here are some additional posts you can also read through that are related to preparing your business for success:

  1. Best Ten Small Business Ideas for Women
  2. Best Ten Small Business Ideas for Men anywhere
  3. Seven Team Management Skills you need to Effectively Lead your Team
  4. Eight Rules to building a Successful Business
  5. Five Personal Development Activities to advance your Life

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Before we get into the subject of today’s post, be reminded that the goal of this post is to help you identify ways to make your business better, more profitable and more rewarding in 2020. 

Now let’s jump into a few ways to make your business better in the New Year.

Five Ways to Prepare your Business for Success in the New Year
  1. Consider at your Overhead Costs: Most entrepreneurs fail in business because they don’t take the time to adjust their overhead costs based on their monthly income. Although it’s simple math, most business owners tend to forget that if you spend more than you earn, you will operate at a loss. So as this year winds down, put your business accounts together and review how much you spend against how much you earn. Also review what your largest expenses are and try to find less expensive ways to get the same standard of service. Ask questions such as how much you could save if you have some of your employees working remotely? Whether you actually need a physical office? Or if you can take advantage of international contractors to save cost? Such a comprehensive review can make a huge difference in the success of your business in the New Year.
  2. Develop a Strong Business Strategy: A well prepared business strategy will keep your company focused on its core business. In fact, a strong business strategy, combined with discipline, can yield impressive small business growth. Ann Latham, President of Uncommon Clarity advises that companies begin with a clear and short list of top priorities. This list can include things such as what you can do that would really make a difference. This could range from launching a new product to managing your most profitable set of Clients to make them more profitable still. “You then must align your people and resources behind the strategy in order to achieve high levels of success”, notes Latham.
  3. Review your Customer Service Strategy: Today’ business environment is highly competitive. As a result, it’s important to develop, implement and constantly review your customer service strategy. Doing this will help identify strategies that have worked in the past year and ways to improve on them. For more on this, check out our posts on Five benefits of Good Customer Service and Seven Steps to Creating a Profitable Customer Service Strategy. Good Customer Service Strategy is essential for preparing your business for success.
  4. Hire the Right People: Great customer services begins with a recruiting strategy that attracts great people. Choosing the right employees has multiple benefits. These include knowledge that the person is the right fit, and reduced employee turnover. The New Year is also a time to review employee performance. After review, under performing employees can be re-position or even retrenched.
  5. Get your Management Team On Board with Company Goals: It is one thing to start a business and a whole other thing to manage it effectively. Once business goals for the year are set, it is crucial to get your management team and employees on board. You can do this by scheduling a planning and strategy meeting with your employees. Doing so will get everyone on board with the goals for the year and create plans needed to reach those goals. Managers and team supervisors should also be encouraged to provide their teams with the necessary training and resources. These will be needed to accomplish company goals.

Are there other ways you are preparing to make your business better in the New Year? Let us know how you are doing so by dropping a comment at the end of this post.

Today’s Funny Quote

Doing nothing is very hard to do…you never know when you're finished. Leslie Nielsen

Our funny quote today is by Leslie Nielsen, the Canadian Actor and Comedian,

Doing nothing is very hard to do…you never know when you’re finished.

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Have a great week ahead and don’t forget to start preparing for success in the New Year.

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