By Bizna Brand Analyst
As a business owner, all year you have likely been running around acting as manager, developer, business generator, marketer, human resource manager and administrative assistant. Given the numerous roles, it is often tough to sit back and look at the big picture. For some businesses, December can be a slower month and it is a great time to reflect and plan for the future. Whether you are running a law firm or a mboga stand, as 2016 comes to an end there are several things that a prudent business owner should consider to position themselves for the new-year. Here are the top things you should consider.
Thank your customers
Study after study has shown that it is far easier to get new business or a referral from an existing client than it is to find a new client. Even though many know this is the case, some business owners ignore current clients while spending significant resources trying to attract new clients. This is a big mistake. While business generation is important, you should make sure that you are catering to existing clients and you should also find some way to thank your clients. The most effective way is by giving a free thing or bonus. A generic blast email to a client or simple conversation, depending on your kind of business is better than nothing (although pretty close to nothing), but instead of this approach you should always try to personalize any message you send. Let your customers know that they are special and it will likely be the best time and money you ever spent.
Thank your referral sources
In order for a business to thrive, a significant amount of your clients or customers will come from referrals. Many of these referrals will be extremely lucrative for you and you should certainly acknowledge the people who send customers/clients your way. This is not only a matter of courtesy but it is good business, as it will differentiate you from others and keep you at the top of a referral source’s list for next year.
Review your 2016 marketing plan & make a new plan for 2017
Make a list of all of the marketing sources you used in 2016 and compare this to the clients that each source generated. This simple analysis will allow you to modify your marketing strategy for 2017 to focus on the most lucrative marketing strategies.
Set some realistic goals for 2017
You should give some thought to some of the things that you want to accomplish in 2017. If you have not made a business plan yet, perhaps now is a good time to make one. A plan forces you to sit down and think from a financial and strategic perspective and this will only help your business. This analysis should also include a comprehensive review of your expenses and a budget for the New Year. By going through a budget review exercise you will be able to significantly reduce your expenses based on a line-by-line review of what you spent money on in 2016.
Meet with the business professionals that you planned to meet with all year but did not get a chance
One meeting you should have for sure is a meeting with your accountant. Others are people you were just too busy to meet,
Critically review your policies, procedures & make changes
During the year, you might not have time to review policies such as billing, practice management, accounting, personnel, operations and consultations. At year-end, it is a good idea to take a look at how you did things and ask yourself whether you can improve in some way.
Relax – you have made it through another year
if your business isn’t suffering,you have a reason to celebrate. You have made it through another year of business so take the time to reward yourself with a break or a vacation!