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The new year brings with it new opportunities. It is nature’s ways to tell you to learn from your mistakes and start afresh. A lesson that is pretty much applicable in life and that drives our resolutions, can be applied to business as well.
The past year may have been grueling for small businesses and start-ups. With trying to find your feet in the business domain, and establishing a stronghold. It isn’t an easy journey.
If you haven’t made plans towards growing your business this year, we’ve got you. Business owners who have made plans will also benefit from our list as it helps to keep you on track to achieving your goals.
Here are 10 ways to build your business in this new year:
1. Rehash and Refresh
A business plan is an extremely critical document to help you stay on your growth path. With time, the business plan needs to be revisited with regard to changed priorities and the challenges that alter a few things in the course of time. For starters, do not have a rigid business plan and have some wiggle room. Revisit your business plan, keeping in mind the financial goals of the new year.
2. Have a business resolution
Like personal resolutions, having business resolutions is a good idea. What’s more is that you can have your employees list out their business/work resolutions as well, and make it interactive and fun. It doesn’t necessarily have to be finance related and can also be smaller and fun-like e.g. organizing your work calendar, getting a “break” system, the number of leaves taken etc.
3. Get a calendar in place
A calendar should be drawn for promotional activities, hiring drives, investment cycle etc. separately and diligently. Displaying them for each individual team also keeps the team members in check and keeps the entire organization in sync with the organization’s goals.
4. Human resources
People are the most valued and important resource in any organization. Apart from having a calendar for hiring drives, have incentive programs in place as well. Keep a check on the requirements of the human resources in your organization.
5. Investment plan
Raising money may be a tricky and challenging situation for most small businesses, but so is spending the money wisely. Prioritize what is more important and bracket them under broad goals. Whether it is for the purposes of growth or sustainability. Strike that balance this year!
Startup culture is dynamic and often chaotic. Often one thrives in the chaos of a corporate culture only to find the order in it. Do not make it a habit to celebrate chaos and let this year be the year of order. Have small hackathons or a week with challenges instead of having a whole year walking on fire.
7. Unlearn and learn
Lessons learned from last year should be revisited by the entire team. Even if they are mistakes, it is good to bring them out in the open and delve upon them. One learns more from a mistake than a success. Have new programs, workshops, inter-team meetups etc. in place to facilitate an exchange of lessons.
8. Employee plans
Small businesses and start-ups often ignore employee benefits or small programs that employees find engaging. Celebrating birthdays, having a “bring your pet to work” day, an office book club etc. are economical and doable plans that you can introduce in the company.
9. Digital footprint
This year (and every year perhaps) is the year of technology. It is impossible to ignore the power of technology and if you already haven’t, now is the time to invest in digital technology. Update the website, social media pages and have a sound plan in place for the same. Even if you do not want to focus on investment in advertising online, focus on maintaining your online presence. Get help from Omnibiz professionals for your various digital needs.
10. Get Smart
Having your entire focus on your team and processes is not quite the ideal situation. You also need to stay updated yourself with the latest trends in your business and your competitors. Get yourself reading material that helps you get through all of this and more. Invest in training, courses, workshops etc. that will not only help you but also your business in entirety.
All of us at Omnibiz hope you have an amazing and profitable 2019!
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