Every
new day gives you a chance to move forward from your present
situation. You can improve your business on a number of fronts: by
increasing profits, reducing losses, getting more customers, expanding the
markets, becoming more visible in the community, going public or a number of
other items deemed desirable.
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You must have a vision of what you want to achieve, where you want to go,
and what you want the business to become. Learn ten ways you can improve
your business:
1. Start the
year in high gear. Take a
notebook (or a laptop or PDA) and jot down your thoughts and plans for the
year. It's the time to get excited to the prospects of this New Year! List
down ideas on new product lines, or new projects that you want to take on.
Write down your ideas on how to expand and energize your business. Only
through innovation and continuing adoption of relevant new products and
ideas can your business improve its competitiveness and profitability. Start
the ball rolling with financers, lenders and bankers if you need to take on
additional capital.
2. Dust off
your business plans.
Review, review and review your business plan. See how far (or little) your
business has taken shape from your original idea. Many entrepreneurs write a
business plan at the start, only to forget about it. Some stray away from
their plans - and fail. Go find your business plans and update it. Since
your business' inception, a number of factors must have changed - from the
overall business climate to your product line. Take all those changes into
consideration, factor in your and your family's goals, and get a clear
assessment of the direction of your business. Get in touch with your
business advisers, if any.
3. Rekindle
your relationship with your customers.
The start of the year is the perfect time to tap your customer database and
get in touch with your existing customers. Whether by phone, email or
letter, contact your customers to greet them "Happy New Year!" and
remind them that your business is ready to serve them this year. You need to
constantly look for ways to encourage repeat business. Although marketing
and advertising are important to get more customers, quality, service and
customer satisfaction are what keep a business successful in the long run.
4. Evaluate
your pricing. Think about
raising your rates. Now is the appropriate time to inform clients that your
rates are going up. Just be sure to check out what the competition's doing
and make sure your prices or rates aren't too low. You don't want to
overprice yourself out of the market, yet you should not bear the burden of
a cash flow shortage. Give your customers a month or two advance notice
should you decide to increase your rates.
5. Find ways to
cut your costs. Even if
you have secured funding from investors, you need to constantly look for
ways to reduce your costs. From making double-sided paper copies to ordering
shipping supplies in bulk, you can reduce wasted material, effort, and time
in making, selling, and delivering your product. The result is an
improvement in your company's bottom line and an increased competitive
advantage.
6. Resolve to
improve your weak spots.
Take stock of all aspects of your business operation and list down the areas
that you want to improve. If your list of delinquent receivables is longer
than Santa's list, find out how you can improve your billing and collection
process. Perhaps you need to improve your record keeping to help flag you on
delinquent accounts.
7. Institute
measures to assess the performance of your business.
Setting clear standards for your business allows you to determine the
effectiveness and efficiency of your strategies. If you haven't done so in
the past year, start determining how much you are making per hour of work,
how effective your advertising is, and some other measurements of where your
business has been. Set some benchmarks and periodically assess how your
business is doing. You need to know what you consider an improvement before
you can start to improve on it.
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8. Keep
employees involved. Good
employees are hard to find; yet they are an important element in your
business. Check to see if they are getting what they need and make them part
of the team. Help them understand the importance of their role in your
business and how their job impacts the business as a whole. Review your
relationship with your employees and find ways to keep your relationship
happy and avoid costly attrition.
9. Explore new
markets or improve marketing.
Start the year by exploring new markets for your business. Whether you are
looking at targeting a new demographic or getting your business up on the
web, take time to plan how you can expand your existing market. Look for
ways to improve your marketing, whether by winning easy publicity, arranging
an open house or preparing direct mails.
10. Find out
how you can live a more balanced life.
Work and business are not the be-all and end-all of your life. Learn to have
fun! Spend more time with your family. Take a vacation once in a while.
Engage in activities that will rejuvenate your spirit and your life. Take
care of yourself, and your health. Your productivity and focus will improve
if you are stress-free and healthy.
-- George Rodriguez is a staff writer of PowerHomeBiz.com.
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