Are you ready to improve your small business? There’s no better time than now! 2019 could be a banner year for you as an entrepreneur. You just need to follow the eight tips outlined in this blog post. Keep reading to discover how you can make 2019 your best year yet.
1. Set the Right Goals
Ready to improve your small business this year? It all starts with setting the right goals. If you don’t have a clear idea of what you’re aiming to achieve with your company, how can you possibly expect to achieve it? The answer is, you can’t. So set SMART goals, an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-Bound. Let’s briefly explore each of those:
- Specific: What exactly are you trying to achieve?
- Measure: How will you measure progress toward your goals?
- Achievable: Are your goals realistically possible?
- Relevant: Do you care enough about these goals to make the necessary sacrifices?
- Time-Bound: Do each of your goals have a deadline?
Setting objectives in this way will give you a much greater chance of achieving them. But sometimes you need more than just well-planned goals. Sometimes you need help, in the form of outside funding, to improve your small, business. Whether you’re in need of a fixed term loan, equipment financing, or a line of credit; be honest with yourself and determine what it will take to reach your goals in 2019.
2. Energize Your Team
As a small business owner, you understand that your employees are your most valuable asset. So it makes sense that if you want to improve your small business this year, you need to energize and motivate your team. Fortunately, this usually isn’t that difficult. Just remember to thank your employees and show them how much you appreciate their service. When you’re able, invite your staff into various decision-making processes. This will engage them and make them feel more invested in the overall success of your company. Do whatever you can to motivate your team, even if it requires some sacrifice on your end. A motivated team will work harder and produce better work, and will be more than worth the time, energy, or even money it takes to energize them.
3. Monitor the Competition
Tracking the competition is an often overlooked aspect of running a successful business. You need to be aware of what your competitors are up to. What’s working for them and what isn’t; what they charge for their products and the various services they offer. These insights will allow you to spot new, money-making opportunities that you might not have seen otherwise. For example, if you run a contracting company and you realize that your biggest competitor has started building in a specific area, you can investigate whether your company should seek out work there as well. If the answer is yes, but you don’t have the funds to expand, you can always apply for contract financing, receive up to 20% of the new contract amount up front, and improve your small business.
4. Collect and Utilize data
Regardless of what industry you operate in, you need to collect and utilize data. The more information you have, the more informed your decision-making will be. What kind of data are we talking about? All kinds… Information on your customers; who they are and what they like to buy. Data on your competitors (like we just mentioned) such as what is and isn’t working in their businesses. And industry details. Where is your industry, as a whole, headed?
5. Be Aware of Trends
Speaking of industry details, following trends is essential when seeking to improve your small business. How else will you be able to identify new opportunities before they become too saturated, or avoid costly mistakes? So follow the trends in your industry. But don’t neglect nationwide or even global trends either. A slumping economy, for example, while not necessarily an industry problem, will likely affect your business. Prepare yourself by understanding trends.
6. Invest In High-Impact Marketing Campaigns
To grow and improve your small business, you’ll need to eventually invest in marketing campaigns. Why not do so in 2019? Just make sure to invest in proven, winning strategies. When it comes to marketing, there are many paths your business could take. Most of them won’t be beneficial. Your job as a small business owner is to identify the ones that will work in your industry and that your business can realistically pull off. This may take a bit of trial and error and that’s okay. Look for high-impact, low-cost marketing options and begin experimenting strategically. The strategies that perform the best can then be invested in on a much larger scale.
7. Cut the Fat
This is another tip that many entrepreneurs overlook. As you brainstorm ways to improve your small business, don’t forget to look at what you can remove from your company, not just what you can add. By this we mean, take an honest look at the inner workings of your small business and look for areas where you can cut costs without sacrificing quality. For example, you may be paying for software programs that your team no longer uses. Or be using an order fulfillment process that’s six steps too long and therefore highly inefficient. Identify where you can shrink costs, while maintaining both quality and efficiency.
8. Know Your Limits
You love your business and you’ve grown used to 60 hour weeks. But constantly pushing yourself to the limit is a recipe for disaster. Burnout is a real thing and can quickly derail your small business. Even if you don’t have a complete breakdown, overworking yourself will only lead to less efficiency and productivity. Allow yourself to take breaks. Go on vacation in 2019. Enjoy life a little! Your company will be waiting for you when you get back. And you’ll be re-energized and ready to improve your small business like never before.
Your Turn
2019 is the year you improve your small business, we just know it! Follow the tips in this blog post and you’ll be well on your way to success. And, as always, if there’s anything we can do to assist you, let us know. Whether you need a loan or a new line of credit, or are interested in invoice factoring or reverse consolidation, we have the means and expertise to help you get where you need to go. So give us a call today. Our financial experts will be more than happy to discuss financing options with you and help you craft a winning strategy for 2019