January has come and gone, but the opportunity to make resolutions that will take you through 2019 is still there for you. While you’re embarking on a new weight loss plan and Kon Marie-ing your household, this is a time to work on improving your business life, too. Here are ten ways you can improve your business in 2019 and beyond.
- Take a close look at your 2018 balance sheets
It’s time to look at your profits for the year of 2018. Are you in the black this year, and poised to take on new opportunities and investments? Or do you need to revise your spending plans and tighten your belt? A review of your current financial state is necessary before making any changes to your spending.
- Craft a 3 year budget
By planning 3 years in advance, you can ensure that your capital expenditures are truly helping you work toward your long-term goals. Large investments in technology, training, or infrastructure might be needed to future-proof your business.
- Appraise the competition
Remember that your competitors are constantly innovating. By evaluating the new successes and developments made by your competition, you can keep on top of new developments and bring those technologies to your customer base. While loyal customers will stay by your side no matter what, there are always opportunities to bring them the latest and greatest in your field, growing your consumer base along the way.
- Work to improve relationships with vendors
Even as you focus on improving your relationships with consumers, you should consider the relationships with vendors and suppliers that form the backbone of your business. It’s important to review contracts with vendors to be sure that prices are fair–to both you and to them. Cultivating long term relationships with vendors is important, but cutting lose relationships that are no longer working for your bottom line is always an option, too.
- Evaluate your compensation packages
Be sure that you’re compensating your employees fairly. As the years go by, it can be easy to forget to let employee wages grow with inflation. Be sure to evaluate your employee budget every year–or else risk losing your skilled employees to the competition.
- Double-check your insurance coverage
Don’t assume that your insurance broker is doing you any favors. Each year, take a look at your insurance coverage to be sure that you’re getting the best value available for your budget. Like compensation, a fair insurance package that’s commensurate with your industry can help retain qualified employees.
And don’t forget to evaluate your emergency insurance packages as well. The last thing any business needs is to be derailed by fire, theft or flood in the new year, simply because you let your own business insurance lapse.
- Review your marketing plan
Focus groups or marketing professionals can help you to ensure that you’re reaching the right consumer base at the right price. Marketing is a key component of any business, and needs to be updated according to the latest in online and social media market trends. Don’t become emotionally attached to marketing efforts that might not be effective overall.
- Delegate tasks to others
We know that you love your business more than anyone else. However, it doesn’t help your bottom line if you, as a business owner, are overextended or exhausted. If your budget allows, consider delegating tasks to qualified employees. These opportunities for professional development can help with employee retention, too.
- Give yourself a skills refresher
Even when your marketing plan and technology are up to date, it can be easy to forget to update your own skills, as well. Be sure to keep on the cutting edge of your business by taking refresher courses in your field. Educational opportunities are useful for management personnel, as well.
- Check-out market trends
An honest evaluation on the newest advancement in your field can be key to your next five-year plan for your business. Thanks to changing technology and social trends, many businesses are evolving faster than ever. Be sure to remain informed on the wider developments in your field of business so you can continue serving your customers better.
With these points in mind, we hope that 2019 will be a year of growth for you and your business.