5 Ways to Have a Successful Year

Business Advice

5 Ways to Have a Successful Year

It’s a New Year, which means there’s no better time to start fresh and reassess your business. Reviewing systems and updating plans can contribute to the growth of your company and worth doing before things get out of control. Read our five tips to realising success this year.

1. Understand the Market in 2019

The market is constantly changing, so reviewing where your business sits is crucial. It’s also important to see if there are any new competitors around. Do your research online, via advertising and first-hand observation, taking notes to compare your business. By knowing where you sit in the market, you can personalise your product and develop marketing campaigns to target new clients/customers.

2. Update Your Business Plan

When was the last time you updated your business plan? If January is a slow month for you, take the time to review and amend it. By visualising how you want your business to grow, you’ll be able to set new goals for 2019 and update your vision. It can be a time-consuming process, but it will pay off the in the long run and help during the busy periods.

3. Upgrade Your Records System

Keeping records can seem daunting, especially if you have the wrong system in place for your business. That’s why you need to assess how you operate and how big the company is to determine the right tool to use. Small businesses may prefer keeping records manually, while larger companies can benefit from using an online platform like Xero. If the company has grown since 2018, it might be worth upgrading your system too.

4. Grow your Skill Set Through Training

Don’t ever believe that you’re too experienced. Businesses always need to adapt to the ever-changing environment, so review your skill set and consider more training. Work out any new skills you or your business may need. If possible, do this after you’ve updated your business plan, as this will help you determine any gaps. Prioritise your skills and work out how much time and money you can allocate to training, then research what is available in your area. Formal training, traineeships, mentoring, online courses, or even employing new staff will help your business grow.

5. Innovate to Improve your Business

Innovation is key to growing your business and setting yourself up for a successful year. Everyone can do it, and it can help save your business time and money. By analysing market trends, talking to employees and clients/customers, seeking business advice, and developing a plan, you can help implement new services and ideas. Innovation can also mean reviewing old systems or processes in place, and replacing them. Overall, innovation is key to improving productivity, and something worth adopting in 2019.