2022 is coming to an end but the new year is filled with new possibilities. It’s about time to brainstorm and figure out how to improve your business in 2023 with 5 new year’s resolutions.
1. Upskill Your Employees
In order to stay current, the key is upskilling your employees. Educating and training your workforce brings about two very important objectives to keep your business running well.
Firstly, it proves to your employees that you value them and want to keep them in your company. When they feel appreciated, it encourages them to be fully engaged and be motivated to do their work efficiently. Moreover, it leads to employees staying devoted to the company, reducing the need to constantly find replacements.
Secondly, keeping your employees up to date with the latest knowledge and technological advancements helps keep your company relevant. This can aid in narrowing skills gaps as the workplace is changing rapidly these days, ensuring that your company does not lag behind.
2. Expand Your Business
Once your business has achieved a certain level of success and is seeking additional channels to generate more profits, you might want to consider expanding. This is a strategy that can potentially help to reduce external risks as well as bringing about multiple benefits:
- Expansion will help your business give off an impression of financial stability, making it appear sustainable in the long run. This will help boost investors and lenders confidence which could in turn, provide more opportunities.
- With exposure to new markets and having new products and services, there will be greater outreach to new customers. Having a diverse customer base helps to prevent over-reliance on just one client base.
- Having diversity increases protection of your cash flows as there will be income streaming from different products and services or markets. In the event of market changes, you can still rely on income from the unaffected market.
You may be keen in expanding your business but at the same time, having insufficient capital may be an issue. However, this should not be a roadblock for your expansion plans as you can always turn to business financing for aid. Calculate the capital requirements for your expansion plans and get Quik with Poss as you work towards your new year’s resolutions.
3. Expand Your Online Presence, Especially On Social Media
We live in a world where we document facets of our daily lives across various social media platforms online. Social Media has been the key to successful Inbound Marketing Strategy as it brings about increased brand awareness and loyalty.
It is only wise that businesses hold importance in making their presence felt online. There could be a wider reach to potential customers with specifically targeted advertisements. This should be part of your new year’s resolutions as it would increase sales generated, boost the overall profitability of your business.
4. Digitalizing Processes
We have witnessed numerous technological advancements and innovations over the last few years, as many businesses set it as part of their new year’s resolutions. However, adopting new technology might not be a priority as a business owner but processes are what keeps your business running as well as providing good customer experience.
With digitalization of processes comes new opportunities and strategies to make work processes more efficient and effective. These include:
- Being able to Work Remotely. There is the ability to recreate a physical workplace on the go, allowing workers to be able to work anywhere at any time. Including better communication across departments.
- Automation of Processes which can aid in reducing human errors and even if there are errors, it is easy to trace them and identify the issue. It also reduces the amount of time taken to complete tasks, which is helpful in the performance of your business.
- Better Security and Fast Access to Information in your company as all necessary data will be recorded and stored in a system that is only accessible to everyone within the organisation.
5. Having a Business Budget
Majority of small businesses omit the need to create a formal budget, but you might lose sight on how your business is performing. Creating a budget helps provide the understanding of how your finances are utilised in the past, present and future. There are different types of budgets:
Operating Budget consists of forecasted revenues and expected expenses and ensures that the business is spending as planned. Cash Budget estimates the money coming in and out of the business and aids in evaluating liquidity. The Financial Budget derives an estimated amount of capital needed for the company’s goal ahead. These are just a few and a combination of them will eventually make up for one final budget.
Having a budget can have an influence in making better business decisions such as cutting down on unnecessary expenses, increasing headcount, or purchasing new equipment. There may be instances where you realise that you require financing for a certain forecasted period. You might want to consider getting a loan for the required capital.
Consider These New Year’s Resolutions If You Are Keen On Growing Your Business
It is important that you have a business plan and make decisions that are feasible and align with the ultimate goal. Contact us today if you need help achieving your business goals.