While many entrepreneurs believe the end of the year is the best time to commit to new business resolutions, there’s no reason to hold off on making changes that could improve your business. In fact, holding off could be costing your business money, as the end of the year is ripe with growth opportunities.
Evaluate your business plan
The end of the year is a great time to evaluate your business plan. Take time to review what has and hasn’t worked in the previous year and use those insights to drive the upcoming year’s plan. Establish milestone goals and predetermined times to monitor your progress and ensure you’re on the right path – working toward your company goals and mission – according to your plan.
Consider your budget during this time. Look for areas of overspending, such as services or software your business is underutilizing or could consolidate and decide what programs your teams will use in the year ahead.
Update your marketing plan
Revisiting your marketing plan can help to effectively meet your revenue goals and ensure your business is getting its message across to the right people.
Like your business plan, evaluate your successes and failures from the previous year to determine which marketing campaigns and strategies brought in new customers and increased revenue. Next, establish a content distribution plan detailing everything from the frequency with which you’ll host deals and promotions throughout the year to the new search engine optimization strategies you’ll implement to revamp your social media content.
Manage cash flow and other finances
Ensure your business’s financials are in order by considering the sustainability of your cash flow strategy and making changes if necessary. If you’ve been operating without a cash flow strategy, it’s imperative to establish one for long-term success.
Use financial statements from previous years to observe historical and current trends and make informed decisions about your company’s financials. Find areas where your business could invest more and consider creating an emergency fund for unanticipated expenses.
As you make your financial resolutions, now is the perfect time to get ahead of tax season by compiling all of the necessary documentation in one place.
Customers want to know you value their data and will strive to protect it. Increase your company’s trustworthiness and demonstrate your care to customers by enhancing your security measures this fall. These measures may include offering multifactor authentication for a secure check-out process or using up-to-date security software to ensure your website is safe for visitors.
Be sure to take measures to protect your business’s data too. Implementing separation of duties, wherein no individual takes charge in two or more steps of transactional activities, can stop internal fraud.
Adopt new technology
Technology continues to improve and innovate, providing businesses with endless possibilities; however, many businesses are hesitant to adopt new technology, be it because they don’t see a benefit, or they aren’t sure how to use it.
Resolve to increase your technology usage across your business to streamline mundane tasks and processes – such as finances, inventory, and customer relations – so you can focus on higher-priority assignments. Not only will this increase employee productivity, but it’ll indicate to customers your business is relevant and willing to evolve based on their needs.
Adjust management to develop a stronger team
Revisit your company’s structure and offer employees opportunities to grow, such as promising upward mobility by filling open positions internally, rather than bringing in new talent.
Seek feedback from your team members and look for areas needing additional support and resources. If your team isn’t performing at its best, it may be due to employees feeling stuck in an ill-suited position or unsupported by a lack of tools. Making employee changes can drastically influence company morale and retention, setting you up for success in the upcoming year.