5 Steps to Your Best Business Year Ever
Entrepreneurs are naturally optimistic, and there's a lot to be confident about in the coming year-everything from technological advances simplifying your business, to a strengthening economy making your customers more willing to spend. Here are five steps you can take to help make 2016 your best business year ever.
1. Take Advantage of Technology
In 2016, spend some time investigating new technology available in your industry that could help you run a better business. Yes, it can be hard to keep up - but it's important to stay informed about tools that enable you to compete, and to set aside an adequate budget to update your technology.
2. Put Your Finances in Order
There are many small business owners who admit that they don't know much about accounting. As a result, their bookkeeping is a mess and they consistently run into problems with cash flow. It's vital that you understand the basics of how money comes into and goes out of your business.
3. Get Help
There are so many options available now for how small business owners can hire, including full-time or part-time workers, interns, temporary employees, virtual workers or outsourcing to independent contractors. No matter what your budget or needs, there's someone out there who's a perfect fit.
4. Build Your Customer Base with Marketing
Review the marketing strategies you used in 2015. Which ones worked, and which ones didn't? Are there new types of marketing you want to add in 2016, such as social media, online videos, referral-based marketing or event marketing? What about your website (you do have one, right)? Sit down and develop a marketing plan going forward, including a budget and marketing calendar.
5. Plan for the Future
Where do you want your business to be at the end of 2016? You won't get there without a plan. Create realistic goals then break each goal down into the steps you'll need to achieve it. While you're at it, don't forget about planning for your future. Do you have a retirement plan for yourself and/or your employees? Retirement plans exist for even one-person businesses, so there's no excuse for not setting one up today.
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