Make 2019 your best year ever
Coming out of the holiday period is usually a slow time for businesses but there’s never been a better time to get on top of things.
The New Year brings business owners great motivation and opportunity to bring their business to greater heights. Whether you want to get on top of your business’ finances, relationships, policies, or whether you want to finalise your business plan for the year, setting your 2019 business resolutions allow for greater organisation, clarity, and sense of direction. Many studies show that identifying goals increases the likelihood of achieving them.
Here are three business resolutions:
Review your supplier relationships
While you review your budget for the year, consider if your suppliers are the most competitively priced for their quality of service. Take the time to research alternatives against your performance indicators. If you don’t have any already, establish a system to track and evaluate the performance of your suppliers as it is crucial to the efficiency and profitability of your business. While it is important to cut underperforming suppliers, it is just as essential to maintain good relationships with your suppliers to begin with. This includes actively involving your suppliers in strategic meetings that involve them to help with any negotiations further down the track.
Improve your branding
Developing and protecting your brand is essential to differentiate yourself in a competitive market. Start by reviewing your marketing strategy and get to know your market by gathering consumer data and conducting customer surveys. Make the effort to consistently improve and update your website at regular intervals and strategically utilise social media channels for a strong digital presence. Consider hiring a marketing consultant that can help guide your brand.
Update your business goals regularly
Setting your goals is one matter, but following them through requires commitment. Consider making your goals and plans by the quarter instead of the year. By reviewing your business plan, budget, and goals regularly with your team, your goals will be more specific and relevant to the business and will give you greater motivation to achieve them. Another tip to stay motivated with your goals, is to build an emotional attachment with them. Motivation to ‘make more money’ could be increased when you consider how that will affect your family and loved ones.
Need help and want more information? Call Holmans for assistance on (07) 5430 7600 or send us an email.