Increasing revenue? Implement a digital transformation? Revising your annual budget? If you haven’t done your new year’s resolutions, it may be time to brainstorm and figure out how to make continuous improvements to your business operations in the new year. How do you set business goals for the new year? To get you started, here are 5 recommended new year’s goals for entrepreneurs to maximise your year-on-year business growth and implement efficient business processes for better performance.
1. Upskill Your Employees
The key to optimising business growth is through employee upskilling. Continuous improvement through educating and training your workforce helps you to achieve two objectives that form the basis of any successful business.
Firstly, it proves to your employees that you value them and want to keep them in your company. When they feel appreciated, they are more likely to be engaged, motivated, and committed to producing quality work. Moreover, it encourages employees to stay loyal to the company, reducing turnover rates and the need to constantly onboard replacements during the business life cycle.
Secondly, keeping your employees up to date with the latest knowledge and technological advancements narrows any skill gaps. This keeps your products and services relevant which aids in increasing revenue and promoting business expansion. It is also important to ensure that your company does not lag behind but carries out the best practices to advance along with the rapidly changing business landscape. Furthermore, optimising business growth through employee upskilling can also enhance customer service standards and improve brand image, something that should be done throughout the business life cycle.
2. Expand For Business Growth
Once your business has achieved a certain level of success and is looking at increasing revenue, you might want to consider expanding. Business expansion can help to reduce external risks, as well as bring about a range of benefits:
- Expansion will help your business give off an impression of financial stability, making it appear sustainable in the long run. This will boost the confidence of your investors and lenders, which could in turn create more opportunities through an increase in business budget and accelerate your business growth rate. Be it service provision or the sale of goods, in any industry, business expansion is often the goal regardless of the nature of business.
- Expansion allows for exposure to different markets, so your business will be able to offer a broader range of products and services. Through this, your outreach to new customers and the diversity of your core business increases, along with your visibility. Having a diverse customer base helps to reduce the risk of over-reliance on just one client base. and decreases the overall risk of the company.
- Having diversity in your core business also increases protection of your cash flows as there will be income from different products and services in various markets. In the event that one market crashes, revenue from unaffected markets can help to tide the business over until the end of the crisis. The business will thus have greater stability.
Increasing revenue, growth rate, and overall business expansion definitely sounds attractive and would be the goal for most business owners. However, Poss understands that small businesses may be limited in their budgets and tend to face challenges in securing additional financing solutions. With us, your new year resolutions are just an application away. Calculate the capital requirements for your business expansion plans and get Quik with Poss as you work towards year-on-year growth.
3. Boost Your Online Presence
Ever since the world was subjected to a massive digital transformation, we often share different aspects of our daily lives freely on various social media platforms. As such social media has become essential to a successful inbound marketing strategy, as it helps to increase brand awareness which aids in the attainment of business goals.
Thus, it is important for businesses to establish a strong online presence for business growth, regardless of the nature of business. One way to reach a wider audience of potential customers could be through leveraging targeted advertisements via Google Ads. This may help to increase sales and lead to increasing revenue and profitability, all of which can be tracked via Google Analytics. Therefore, it will be worthwhile for businesses to implement a robust social media strategy as part of their New Year’s resolutions. For more marketing tips, especially during the festive season, take a look at our article on festive marketing.
4. Digitalise Your Processes
The business goals of many businesses tend to revolve around adapting to the significant technological advancements and innovations witnessed over the last few years. While some may not think that adopting new technology is a priority, implementing efficient business processes for better performance actually provides an enhanced customer service experience, and is crucial to accelerating your business’ growth rate.
Thanks to the digital transformation of many business operations and business processes, many new opportunities to adopt best practices to make small businesses more efficient and effective have arisen. These include:
- Working Remotely: With the ability to recreate physical workspaces remotely, employees can work anywhere, anytime. This can also facilitate better communication across departments and reduce the amount required to be budgeted for physical workspaces, especially for small businesses in their startup stage.
- Process Automation: Automation can help reduce any human errors. It can also quickly identify and address any issues that do occur, thus saving time and boosting performance.
- Better Security and Access to Information: Storing necessary data in a system makes it only accessible to relevant staff within the company, thus ensuring better security and quicker access to information.
5. Have A Business Budget
The majority of small businesses tend to overlook the importance of creating a formal budget, but doing so can provide a clear understanding of how we utilise our finances. The following are some business budget types and benefits:
- Operating Budget consists of predicted revenues and expected expenses. It ensures that the business is spending within its planned limits.
- Cash Budget estimates the cash flow of the business. It helps to evaluate the liquidity of the company.
- Financial Budget estimates how much money the company needs to achieve its business goals and future objectives.
These all make up the overall budget of a company. Having a budget can help in making better business decisions such as cutting down on unnecessary expenses, increasing headcount, or purchasing new equipment. By drafting a budget, you will be able to realise that there are shortfalls in your budget to fund certain business operations that will require additional funding for a certain period. In this case, you might want to consider getting a loan for the required capital.
Consider These New Year’s Resolutions If You Are Keen On Business Growth
It is vital that you have a business plan and make feasible decisions regarding business operations or business processes that align with your ultimate business goals. Should you require additional financing solutions to boost your budget and achieve your business goals, feel free to contact us today.