Happy New Year!
A new year is typically associated with new energy and goal setting. Despite the disruptions businesses experienced in 2020, we are hoping that you are energised. Here are three suggested business goals for your small business to consider this year.
Increase revenue
This is a no-brainer and typically atop every business’ list, whether small, medium or big. There are four ways to increase revenue. Firstly, you could sell more to existing customers or clients. Alternatively, you could acquire new customers for existing products and services. Thirdly, you could launch new products or services by targeting a new customer segment, and finally, you could make your products and services available in a new territory.
Reduce costs
In periods of economic depression or recession, this is a good strategy to adopt because new client or customer acquisition could become more difficult. So, the big question is ‘In what areas can we make savings?’
2020 introduced many businesses to remote work and continuing with remote or hybrid work could be the avenue for reducing costs. Also, consider what else you could do electronically, for instance, sending and reviewing documents electronically to reduce printing costs.
Increase brand awareness
Increasing your brand awareness or the visibility of your company’s management has been linked to increasing revenue. This is because people typically buy products or services which they know or a more willing to try a new product from someone they know. You can achieve increased brand awareness using both traditional and digital advertising. If you do not have a budget, start with social media and actively create content, then use public relations to improve the visibility of your management.
Which strategy will you be adopting? Let us know in the comments section or send us an email and we will help you figure it out.
