A solid business strategy for 2014, in conjunction with a budget, is a tool to predict, monitor results, and work toward a higher level of success.
New Year resolutions are popular for achieving personal goals, but what about your small business? What are key things you can do for your business that would really make a difference in 2014? Maybe it’s launching a new product or changing how you manage your most profitable set of clients to make them even more profitable.
A business strategy for the New Year should be planned with staff. Get your staff involved early-on in goal setting so that they take ownership. Morale will be high if everyone feels a part of the big picture.
Here are tips to get your business started on a more prosperous 2014:
1. Incorporate. The most common motivation for starting a corporation is to ensure owners are not personally liable for debts, obligations, or actions of the corporation. Here are other benefits:
- Corporations can sell securities to raise capital
- Corporations can easily transfer ownership through securities transfe
- Corporations can have an unlimited life
- Incorporating your business can mean tax benefits, but it’s important for you to learn more about LLCs, C corporations, and S corporations to decide which is best for your business
- Corporations are the best way to eventually set up a public company
Review our costs to incorporate and see the immense value you’ll get when you incorporate online with MaxFilings.
2. Improve customer service. If your customer service is not top-shelf, customers will go somewhere else. Review customer service guidelines with employees. Focus on building relationships and empowering your staff to make decisions in favor of your customer.
3. Review product and service prices. If you keep prices reasonable, especially in a down economy, you will keep current clients whose referrals could further grow your business.
4. Review incentives. Whether it’s a coupon or referral reward, review what incentives you offer customers or the public to generate more business. Find out what incentives or discounts your competitors offer and create better incentives to stay competitive.
5. Focus on customer convenience. If you are a dry cleaner or offer computer repair, how can you handle pick-up and drop-off service to make it more convenient for customers? Review how leads are handled and how information is given to ensure potential customers get a quick, convenient response before they go elsewhere.
6. Marketing strategy. Whether you are a brick-and-mortar or web-based business, online marketing and search engine optimized web content is a must to stay a step ahead of competitors on search engine results. Review online and print advertising and marketing strategies. If you need help with online marketing, seek out a marketing consultant.
7. Improve hiring process. If you’ve struggled with hiring good people, consider adding background checks to your hiring process and asking the interview question, “When I contact your former employer what are they going to tell me about you?”
8. Timeline for 2014 goals. On a calendar, set a timeline for business goals and projects that you want to accomplish. Using past year-end profit-and-loss figures, you can best plan a budget and strategy for increasing profits.
Small businesses have advantages over large companies when it comes to building close customer relationships and speed. Each year, review your customers’ needs, how you can offer a better product or service, and how you can respond more efficiently. Be innovative. Do what your competitors haven’t thought of.