A dawn of a New Year is the time to make those New Year resolutions. All of us make at least one of them, regardless of whether or not we stick to them through the year. These New Year resolutions help us to create goals and, ideally, drive us towards achieving them within a set time period. This is an extremely good practice, and if one sticks to it, has the potential to lead to success. The same phenomenon can be made for a business as well. Setting goals and defining action plans is essential in businesses in order to gain profits. An example can be quoted in this manner. Your business is a small scale business that is currently in its growing phase. You wish to expand it further, and into the international market, it could be considered as your goal for the next year. Your company would need an action plan, with set timelines, to achieve this goal. Some of your action items could be to acquire an international customer, identifying offshore merchant account providers and so on, depending on what you need to achieve. Here are the ten best business resolution ideas for the upcoming year.
Strengthen Your Marketing Arm
The marketing division of a business is the channel through which customers trickle in to buy products or services provided by you. Your resolution could be to increase the lead generation of your company by an additional 15 percent. This is fairly an achievable target for a company that is in its growing phase. Some companies do not have separate marketing divisions. The coming New Year could be a good time to establish a marketing division in your organization to increase the lead generation to the company. Those companies that spend a lot on their marketing activities can aim at reducing the cost of customer acquisition by a certain percentage. Your employees will surely be motivated to think of creative, but cost-effective methods, of acquiring new customers.
Increase Your Sales
A lot of companies, especially those that are in the growing phase, do not analyse their sales revenues adequately. This is a place that you could be missing out. You definitely need to analyse and see the facts and figures of how much you have sold each year. Companies who do this, can use this data to set their New Year resolutions. Your New Year resolution could be to increase the sales revenue by 50 percent from last year. So many dismiss this as impossible, but, it is a generally accepted norm in a business. Setting this up as a goal would drive your employees into giving their best towards achieving this particular goal.
Diversify Your Scope
Most companies, once they reach that stable stage in their business life, are content to stay where they are, doing what they have been doing for the past year or so. What most of them fail to realize is that, in this time of contentment and patting each other on the back, is that competitor companies may offer a similar product or service, at a lower price. It is, therefore, always in the best interest of a company to always be on the lookout to be doing something new, something that competitors do not provide the customers. The best way to do this would be to offer complementary products or services to your core product or service. A company manufacturing bottled juices, for example, could venture out into producing canned fruits or canned vegetables.
Embrace the Internet
You, as a business, has the option of either being the most cutting-edge when it comes to finances or one of those companies that are still in the Stone Age. As a company, if you haven’t explored the internet to better your financial transactions, the coming New Year would be the best time to start the trial. The first step could be to switch to online banking when doing all your business transactions. The next logical step would be to allow customers to purchase your goods and products through the internet. Doing this would break the geographical barrier when your customers are purchasing a product or service from you. There are many companies that provide merchant accounts, both local and international, and as a business, it is best to get in touch with such a company for the betterment of your business.