The new year is upon us, so we thought we’d take this opportunity to set aside some goals you can make to help your business make money happen.
1. Consider better benefits for your employees
Employees are your number 1 asset. Whether you have 1 or 100, empowering them to become the best they can be will have a positive impact on your business. This means developing strategies to help them succeed, building long lasting positive relationships, and providing flexible, realistic rewards for all their hard work. Make your staff a priority this year, and you’ll reap the rewards.
2. Invest in social
Love it or hate it, social media is here to stay – so you may as well utilize it for your business. The fact is, most of your consumers use Facebook or Instagram, and when you use these platforms the right way, it can have a tremendously positive outcome on your bottom line. Social media remains an easy, cost effective tool to communicate with your customers. It’s also an incredibly powerful way to build your brand. So, if you’re looking to grow in 2018, start thinking about developing a social media plan. Or, invest in a digital advertising or marketing agency that can get you on the path to success.
3. Improve customer loyalty
This will come as no surprise to anybody. But if your customer base is loyal, they’ll do most of the work for you. As champions of your brand, they build a community of devoted peers that know and trust you. All that they ask for in return is a consistent product or service that they can rely on. But in 2018, you can take it one step further. If you haven’t already, consider starting a loyalty program – just like your favourite coffee haunt does. Loyalty programs are a great way to encourage repeat business, and depending on how creative you get with them, a nice little branding exercise.
4. Take a look back
It’s not always the best to look back at things. Onwards and upwards as they say. However, in business, it’s vital to learn from past mistakes to ensure they don’t happen in the future. Set aside some time to go over the good and the bad of 2017 – you can even open up the discussion to your employees and customers as an exercise in transparency. Not only will you garner hard truths and unexpected positives, but you’ll also develop an honest and trustworthy rapport with the people that matter most to your business.
5. Set longer goals
Finally, yet most importantly, start planning for the future. While setting goals like the above will help you build business in the short term, make sure you’re always thinking about the long game. Setting 5, 10, or even 15 year plans for your business will help ensure you’ve always got a carrot to reach and the means for grabbing it.
If you’re looking to thrive your business in 2018, find out how Business Fuel can help by giving your business access to capital. Complete our online application form today. We’ll be in touch to discuss how we can assist.