New year comes with new resolutions. Resolutions are a great motivator as you have the opportunity to determine and focus on your business goals for 2018. So, what do you want to achieve this year? How do we improve and get there? If you haven’t done so already set yourself some business goals. Here are some tips to help you prepare for a great business year ahead.
UPDATE YOUR WORK ENVIRONMENT
Quickly review your work space settings. Are you storing broken furniture? Do you have a photocopier that keeps breaking and the ink replacements are expensive? Do you have good internet? Is your software up-to-date? Could you switch to a cheaper or better stationary provider? If it feasible purchase a better printer, change your internet provider or package, update your software etc. These small wins and fixes can increase productivity, reduce time, save money and help you and your team work smarter.
TARGET NEW AUDIENCES
Hopefully your business has been operating well with your current target audience. However, is there the prospect to expand in 2018?
If you feel you have carved out a secure niche with your current target audience, who could you expand it to include? Are there any other groups of people or business who need what you offer? Who can benefit from your products or services?
Without forgetting and paying attention to your current customers, consider whether there are opportunities to appeal to new ones and expand your business naturally.
HIRE THE BEST
Do you need to employee staff? If so, ensure you only hire the best calibre of staff and more importantly know how to keep your top employees.
If you already have staff, ask them if they know anyone with the skills you need. Expand your potential talent pool by offering flexible roles. Consider the job interview questions you plan to ask carefully and utilise social media as a recruiting tool.
EXPAND TO NEW MARKETS
Perhaps it’s time to enter your business into a new jurisdiction, country or region. There may be plenty more opportunities to tap into new markets. Draft your expansion plan and update your five-year business plan. Ensure to complete your research and if the market is attractive contact leading corporate service provider Synergy as we will be able facilitate your expansion plans and make it happen.
By chunking back from your five-year business plan, you can work out what you need to do each year to get there. You can then look at each year (2018) in isolation and work out monthly goals to move forward and grow your business.
If you are not doing so already, periodically review your finances. Know exactly what money is coming in and from where. You’ll be able to review your expenses and remove or reduce any that you need to. Therefore, start tracking all your business expenses. Do not mix it up, keep your business and personal bank accounts separate. Review your expenses over the last three months and establish a budget. Compare your budget to your actual expenses.
It is becoming more and more common for senior role professionals to have a business coach. It makes sense you want to be on top of your game and be the best version of you, why not employ an expert to give you the motivation, tools and strategies. Having a coach that is external to your business to advise and guide you, hold you accountable for your actions, give you a subjective opinion, and validate your strategy and pricing is invaluable.
Without a coach it’s easy to meander. To waste time pursuing activities, you enjoy but don’t essentially grow your business. To work in your business rather than on it. Avoid the tasks that you dislike, but are essential to move forward.
With a coach you have to face up to all areas of your business, and work on it. With a good coach you will most likely progress towards your goals faster.
You may be in the position of needing money to move your business up a level. If you don’t have the funds in your business to pay, then it’s worth looking into investment, financing or crowd funding options. But whatever choice you decide, ensure you investigate your options thoroughly before committing.
IT IS ALL ABOUT YOU
The most important asset in your business is you! Your business cannot run without you, so you need to ensure you are well and working at maximum efficiency. Therefore, take care of you mental and physical health. Eat well, drink plenty of water throughout the day, exercise regularly, get 7-8 house sleep each night, have a hobby and interests outside of business, ensure to spend quality time with your nearest and dearest. Make sure you’re fit and ready to lead your business to success over the year ahead.
Are you ready to make 2018 the year your start-up business shines? Are you ready to expand your business within the UAE and wider-GCC region? If so, contact Synergy to find out how we can help you get it off the ground, by guiding you through every step of the way. Synergy Group, offer a FREE consultation on company formation. Contact us to discuss your business options either by e-mail firstname.lastname@example.org or call +971 4 563 7302. We look forward to meeting you.