2016 has been a year of massive surprises, and as the global economy comes to terms with the historic votes in the USA and the UK, you need to make sure that your business is perfectly placed to profit from a world of new realities. It’s time to commit to three key New Year’s resolutions to make sure you’re fully prepared for whatever 2017 has in store…
Resolution 1: Let it grow
Momentum is everything – everyone wants to be on the winning side, and perceptions of your business can make the difference between success and failure. If you project confidence through a clear and solid growth strategy, your suppliers, customers and, above all, your prospects will be drawn to the strength you’re displaying. Be realistic – nobody wants to hear about pie-in-the-sky schemes – but if you do your research, plan accordingly and impress your associates with ambitions that are both attractive and achievable, you’ll generate the buzz that powers a truly great company.
You could be looking at offering your brand as a franchise opportunity, forming a strategic alliance with a complementary business, or even buying out a competitor, taking advantage of the goodwill that comes with it.
Diversify your range of products and target fresh markets, set about winning high-profile or international contracts and, at every stage, get the word out about what you’re doing. That could mean improving your online operation by investing in your social media presence and working with affiliate sites that, for a price, will bring in new clients through organic web search.
Resolution 2: Look after the pennies
Be ruthless with your inventory – if an item isn’t selling, then discount it or drop it altogether. Save money on currency transfers – with Covercy you can slash banking
Look at the benefits of group buying – if you can place an order alongside another retailer, then you could secure a serious discount on the wholesale price.
Above all, eliminate waste! That could mean reducing your energy consumption, using smart apps and devices, shopping around to get the best deal on office supplies, or cutting down on unnecessary travel when a video call can suffice.
Resolution 3: You can’t spell “team” without “me”
A great employee is worth their weight in gold, but as the global economy improves, staff mobility will inevitably increase as people discover they have a wider range of options. Everyone needs a sense of genuine progression, in terms of their professional development as well as their salary, so whatever the size of your business, make sure that you take training and career development seriously, offering your people opportunities to improve their skill set and take on more responsibility.
Give them crystal-clear targets to aim for and a good idea of the rewards they can expect for meeting them, provide timely, constructive feedback on their accomplishments (and mistakes!) and make sure they’re recognized by their colleagues for all their achievements. Also consider stock options as a means of incentivizing them – this is a low-cost, low-risk means of giving people a real stake in the success of your business, and because a deal of this type usually includes a time-frame of several years, it can be a superb way of ensuring long-term loyalty.
Make your resolutions now, stick to them, and you could be looking back on 2017 with a smile for decades to come. Happy New Year!