Top New Year resolutions for Small Businesses (Expert Point of View)
If you own a small business, now is the time to reflect on the year gone by, and plan how you want the next year to be for your business. In this blog, we take the viewpoints of John Laforet (Principal at Broadview Strategy Group, a communications firm) on New Year Resolutions for small businesses.
Paraphrased from his latest write-up on Huffington Post – let’s read what he points out as four meaningful New Year resolutions for the small businesses:
1. Team Building
Reflecting on the performance of the business is important but along with that reflecting upon the contributions of the employees holds equal significance. By doing this, you get a clear picture of how your employees have helped shape your company's success in the present year. You exactly come to terms with your team's strengths, weaknesses, challenges, and opportunities that allow you to hone their skills and give greater value to you.
For instance, when you understand the exact capability of your employees, you can easily pose them with more suitable responsibilities and shift aspects of their roles to more appropriate areas. Steps of this nature improve workflow and address areas of the business that are 'owner dependent'. Most importantly, it strengthens the capabilities of your team members and supports their growth within the company.
2. Client Acquisition
In view of the fact that B2B businesses have client relationships that are deeper and long term – it’s important to focus on client acquisition strategy. However majority of the B2B businesses do not focus on it and resultant of which they do not have a clear power balance in their customers. Either they have:
- Too few customers responsible for greater percentage of the revenue
- Too many customers, each accounting for low contract values.
Both the cases are bad and it’s imperative for businesses to gain balance in the customer-ROI ratio.
Overall, John emphasizes upon four key questions in relation to client acquisition:
- Types of customers, the business wants to work with
- Areas/channels where these targeted customers will be available
- Strategies to attract the target customers
- Probable offerings for these target customers
- Strategies to provide good customer service (we suggest)
Further, he suggests that clients should not be selected solely on the monetary value but also in consideration of their characteristics, i.e. whether their traits suit the business profile or not.
3. Business Direction
Determining the business goal for the upcoming year puts the owners on a better position. They precisely know what initiatives and actions need to get implemented in accomplishing them.
John comments – some businesses can be keen on growing, while others focused on maintaining current levels of business activity – irrespective of what the goals might be what’s important is that entrepreneurs make decisions about their business direction during this time.
Planning the business direction is not an uphill task it as it seems to be. Businesses just need to diligently answer a few key queries. For instance,
- What products and services they intend to offer the market?
- Should their old products and services phase out?
- Is there a need to introduce new products and services?
- Will there be any change in their target market?
- Do they plan to expand their geographic reach?
- Do they need to acquire another business to fuel growth?
4. Giving Back
Lastly John mentions about the noble thought of giving back. Achieving profits throughout the year, it seems prudent to give a share back to the society. And what better way than indulging in some charitable work that benefits the people at large. So whether it is setting up a charitable foundation or donating at local food banks – the focus should be one which is to help the public.
Patricia is a full time CRM consultant at ConvergeHub and part-time blogger. She has earned herself quite a fame as a specialist and market expert in CRM software. In the last five year she has worked with various companies as CRM consultant to help them move their businesses to cloud. Her expertise lies in offering cloud CRM consultation, CRM customization and integration solutions to small enterprises. For last one she is engaged in building ConvergeHub, cloud-based CRM solution for SMBs, as a consultant.Follow her at Twitter: @jones_converge