January is traditionally a time to plan and improve your business, in the light of the past year’s experiences. Here are five ways you can sustain and grow your business in the coming calendar year.
1. Make sure your business is wholly customer orientated
Your business wouldn’t exist without customers so it’s worth taking stock of what they say about the product or service you provide. Use data analytics to highlight what they like, what they dislike and what they would buy more of if it was available. Outsourcing your data requirements avoids costly IT purchases and the need for in-house analysts.
2. Look for ways of reducing the fixed costs of your business
Are there areas of your business such as warehousing space, which are underutilised? If you out source your fulfilment of orders to a specialist company like DK Fulfilment you convert you fixed costs to variable costs dependant on the number of units you sell. In addition, you can achieve extra income from the sale or lease of your redundant warehouse space.
3. Don’t be an information technophobe
Information Technology (IT) is an integral part of every successful business enterprise. If you don’t have the skills or financial capability to make IT work for you, consider using a specialist company for your IT needs. The critical business information you receive will make your business more competitive.
4. Avoid micromanagement and learn to delegate
Regardless of the size of your business, if you try to perform all the tasks, you are unlikely to achieve optimum performance. The opportunities to grow your business may be limited. If you employ a workforce, use their skills diligently or alternatively use specialist companies to perform the logistics and IT for your company. This will free you up to develop new products and services and keep focused on what your customers want.
5. Regularly revise your business plan
Flexible and responsive business plans give your business the ability to respond to changing economic and market conditions. Ensure that you refer back to and if need be revise your business plan on a regular basis to allow you to make full use of your data analytics.
The key to growth is market knowledge and being able to respond to fluctuations in demand in a timely, cost effective manner. Incorporating some of these ideas should assist you in this process and help you have a happy new year.