15 Jan Get your business right on track in 2020
1. Refresh your business plan
Take into consideration recent and upcoming trends that you’ve identified you’re your own market research and update your business plan. This can help to provide you with a new and refreshing focus for the year ahead to keep you and your team motivated and help you identify commercial opportunities and priorities.
The best businesses never stop learning and adapting, so keep and eye on your competitors, consumer shopping preferences, the economy in general and not to forget, innovation.
2. Update your tech equipment
It has become inevitable for any business, even SMEs to use the latest technology. Discuss this with your banker and research the best offers for your business. Some things that you may need to consider are updating software, increasing machine production capacity, utilising portable mobile payment devices, cashless payment options and other mobile online tools to get ahead.
3. Grow your online presence
The online space is another important revenue stream for your business and will only continue to grow. Ensure you keep a well-maintained website and social media page. It is not only more cost-effective way to market your services and products, but it keeps the culture of professionalism, transparency and efficiency internally andexternally. Do your research and consider what your online presence should look like and whether it needs some sprucing up for the new year.
4. Keep quality records
Good quality bookkeeping records that reveal your true position at month end is central to business success. It has so many benefits: keeping your employees on track, ensuring transparency, and helping you understand your current debt position, associated obligations and profitability of your business.
It is normal for the monthly cash flow volume will rise and fall during the year. quality records allow forecasting which will help you to predict upcoming cash surpluses or shortages to help you manage your business.
5. Go forward with a positive mindset
Make it a priority to keep yourself and the company working in a positive environment with a positive mindset to keep everyone motivate to continue striving for growth. Successful businesses need to know when to make wise decisions for change while maintain positivity and willingness to turn challenges into opportunities.
A business that cannot see pass revolutionization may only see cost challenges. Wise positivity where the growth could be found.
As ad industry professionals, Intellect brings experience in overall strategy and product direction which steers your business forward into modern marketing media.