It is normal to review your business performance at the end of the year, while making plans for the next year. This helps keep the business focused, while also reviewing mistakes made in the past, and how they can be avoided in the future. When making New Year’s resolutions for your business, you must remember to keep them SMART: specific, measurable, achievable, realistic and time bounded.
Resolution 1: Setting Realistic Goals:
A business must set targets that are realistic and can be achieved given the internal and external factors. Unrealistic goals, which cannot be met, can result in de-motivation and are likely to create undue pressure on the employees. Realistic goals must be set broken down into quarter milestones so they can be reviewed throughout the year. If you are planning on attracting a certain number of new customers during the year, plan how many you want to attract in each quarter, and then each month, and use these numbers to help you plan your promotional strategy.
Resolution 2: Work Smart
Hard work has been identified as one of the basic elements of success. Hard work along with improvements in efficiency can bring about the desired increase in productivity. This would involve upgrading the software and the hardware so that you can take advantage of the latest technology. Effort should be made on maintaining close communication with all stakeholders. Instead of expecting your employees to work 40 hour weeks, focus on working more realistic hours but making each day more productive. Encourage them to think outside the box to make their day more efficient. Encourage them to set-up work meetings in their lunch hours to help get more done during each day.
Resolution 3: Keep Abreast of Current Trends
Customer satisfaction must be maximized which can ultimately increase profitability. Focus on current trends to figure out what your customers want from you, and try and meet their demands. Many businesses now rely on social media as a promotional tool since most of their potential customers can be easily targeted on networks like Facebook and Twitter. Keep an eye on your competition as well to figure out what strategies they are implementing, and how they are working out for them, so you can use similar ones.
Resolution 4: Be Prepared To Spend Money
Don’t be afraid of spending money on advertising to target customers. Due to the increased use of online advertising, you will still be saving a lot compared to a few years ago. You can target your potential customers through websites like Facebook and Twitter, but also local blogs and websites. Talk to an advertising agency about the online marketing options they offer, but also have someone within your firm look into Facebook advertisements since these can be easily set up in a few minutes.
Resolution 5: Communicate
It is important to stay in touch with your customer base. Setup a social media account – which can be as simple as a Facebook page – and encourage your customers to chime in on how your company is doing. Your stakeholders are important to your business success so you must keep them engaged at all times.
Author Bio: Tim has been blogging about marketing and entrepreneurship for over 4 years. Tom is a business promotion expert specialising in promotional products and trade marketing activities. Tom holds a BA in Business Administration and a broad work experience.