Written by With 2020 in full effect, have you started to ask yourself where you want your small business to be by the end of the year? A lot can happen in twelve months and now is a great time to set goals and targets, reflect on what you are doing well and make improvements in areas that might not be working so well.
In this article, we’ll explore the questions that small businesses should be asking and how you can make 2020 your best year in business yet.
1. How Can I Manage Cashflow More Effectively?
If you are experiencing drastic ebbs and flows in your cash flow, this is a great question to ask. Maybe you have been unable to create sufficient capital to invest back into the business or perhaps seasonal peak times mean you have to play catch-up during slower months. It could be that you can find ways to introduce new services or promotions during those slower months.
2. How Can I Improve My Online Presence?
If your website is not mobile-friendly, if you haven’t created new website content for more than a month or you are still thinking about creating an email marketing list, it’s time to take some action. There are many ways you can improve your online presence this year. From monthly blog posts and tailored emails to YouTube videos that promote your services, digital marketing will get your business on the map. Think about starting with these free online marketing tools.
3. How Can I Be More Focused and Productive?
If you find yourself wasting time on social media, chasing cold leads or struggling to get day-to-day tasks completed, it could be time to ask yourself this question. Take a look at a typical day in the life of your business. Are you making the most of your time or are you getting to the end of the day with a whole stack of jobs to complete? Are you making the most of your team’s time or could you make improvements that would make them more productive and effective?
4. Am I Charging What My Services or Products Are Worth?
Many small businesses struggle with their charging rates at first. They often feel that because they are just starting out that they need to charge lower rates to be competitive. But charge too low and you could price yourself out of the market altogether (here’s a good starter guide with best practices that you could apply to your industry). Prospects may start wondering why your rates are so low and could be put off using your services. Go in with a fair rate from the start, or if you are already established, raise prices in line with other businesses in the area. Price isn’t everything. You can still win on customer service and reputation.
5. Am I Communicating Effectively?
If you are experiencing frequent misunderstandings with customers or employees or wasting time repeating the same information time and time again, it could be time to review the way you communicate. Look at the methods you are using to communicate, including emails, meetings, text messages, social media and any other channels you use for business. Can any improvements be made or could you use these channels more effectively?
6. Should I Focus More on Training?
To experience consistent business growth, you need to invest in the personal and professional growth of your teams. Good-quality training delivered at regular intervals will help you to achieve this. Training can cover many different angles, including technology, updates to products or services, regulatory requirements or customer service.
7. Am I Doing Too Much Too Soon?
Many small businesses fail because they try to grow too quickly or try to offer too many things without the available resources to be able to deliver. The only way you can deliver good service consistently is to focus on what you do well and repeat it. As your business grows and you employ more people and have the budget available, you can start to introduce new services or products. In other words, don’t run before you can walk.
8. Is There More I Can Do With Customer Data?
In the land of digital marketing, data is king. Today’s business world runs on data and the same should apply to any small business looking to target customers more effectively. Whether you only have a handful of email addresses or you are just getting started on social media, you should be looking at ways you can use this customer data to build relationships with your customers and encourage more business.
Wishing a Strong and Prosperous New Year
The start of the year isn’t just for personal new year’s resolutions. It’s a time to review every aspect of your business and to make plans for change and success. With the right approach, you can start the year off strong and enjoy a highly successful and profitable year in business.
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Last modified: January 9, 2020
