With the new year comes a chance to re-evaluate your business and figure out what's going wrong and what's going right.
Whether it be decision-making skills, routine processes or corporate initiatives, there's always a few resolutions to be made that could help your company succeed. Here are five to get you started:
1. Put repeat customers on a pedestal
New clients can help a business grow exponentially, but a repeat consumer helps keep revenue afloat. It's likely that many small- and mid-sized businesses spend the majority of their resources on attracting new clientele, but USA Today urged owners not to forget to entice people to keep buying.
Consider starting a loyalty or rewards program to entice repeat business. The benefits don't have to be so substantial that they tank your profits, but they should be flashy enough to attract those who may not have returned in the first place.
2. Shred the paper
This should go without saying, but so many organizations have yet to go digital. Plagued by manual processes, operations come to a standstill when an important piece of paper goes missing. Forget the pencil and upgrade to a keyboard.
Business process management software allows any size company to apply a digital strategy to their old methods and procedures. By leveraging templates for transactions, project planning and everything in-between, employees can collaborate and hold each other accountable for ordinary tasks.
3. Develop a digital presence
With your newfound appreciation for all things technology, it's time to take a look at your company's digital presence. The type of ads you create and blogs you post say a lot about your company and can ultimately help you get into new markets.
The Balance reported that business owners should set some time aside this year to audit the company's website to make sure everything from searching products to check-out is smooth sailing, but also to figure out what type of content they should be posting. Blogs, videos and newsletters all work wonders in retaining customers and attracting new ones.
4. Attend more trade shows
Although a passive marketing strategy like promoting digital content can help your company grow, trade shows still provide a wealth of value for business owners. Skyline Trade Show Tips reported that 4 in every 5 attendees have buying authority, meaning nearly every conversation you have at the event presents an opportunity to make a sale.
Furthermore, almost 80 percent of those visiting trade shows will travel more than 400 miles to get there. Even if you go to an event just a few towns over from your business, there's a strong likelihood you'll be able to expand your sales to other states.
5. Re-evaluate your business plan
Every small- and mid-sized business should have a strategy in place that dictates the direction the company is going in, how they'll interact with customers and contractors as well as a number of other financial components. If you don't, it's time to create one.
For those who do have all their professional aspirations collected in one manifest, take a look at it and evaluate how the decisions you're making are helping your organization reach the ultimate objective. Visit www.AppWright.com to learn how our software can help your visions become a reality.