Best Ways to Start the New Year in Business!
The New Year is a great time for renewal and good intentions in your personal life as well as your business. Unfortunately, intentions do not always translate to actions and we did not want you to go through that cycle in 2016 so we put together three strategies to implement this year that will help your business reach the next level.
There’s a brand new economy that was created in 2015 called the ‘share economy’. The Internet, apps and smartphone are the biggest reason enabling the new style of business. Airbnb, Uber, Sparefoot and Lynda all have disrupted traditional business models and industries. The titans in these industries are trying to push back, but there’s always resistance to new and scary threats. We are sure this trend is only going to continue in the coming years and ignoring it would only be foolish.
You need to ask yourself, how will the sharing economy affect your industry and business? How can your business take advantage of this trend?
You also have to analyze other trends in your industry and stay ahead of the curve so take advantage of any new technologies and processes. Perhaps Internet sales have been driving a dagger through your revenue and it is time to adjust to the modern economy.
Check out the Competition
Competition can be a good thing. As long as there’s a healthy dose of it out there, you can use it as the motivation to make positive changes to your business. Study your competitors, figure out what marketing and business strategies they are using. This will help you identify niche’s that are not being targeted and how to differentiate your marketing strategies from the competition.
These are opportunities that your business should pounce on as soon as you can identify them, because your competitors are also scanning the market and the window of opportunity will not last too long.
Review Your Overhead
In many ways, a business is like and organic process. You can keep feeding it and it will keep growing. This is particularly true regarding your expenses and overhead. Therefore, it only makes sense to review your indirect expenses every year. Figure out where the business is spending money and if there is a more efficient method to achieve the same results.
A simple example can be your phone line. Are you still operating your business via a landline? VOIP phone lines and systems used to be only affordable for large-scale business. Not only has the technology become more reliable in recent years, but also more affordable. It is now even in the scope of small businesses to sign up with a VOIP service provider and save big on your telephone bill.
Go over your financial statements from the previous year and your budgeted 2016 statements. Review your expenses line-by-line to find cost efficiencies. Call you insurance provider and ask him detailed questions about your insurance coverage. You might be able to discover savings that you didn’t even know existed.