12 Feb 5 Business Resolutions To Make For 2019
It may seem hard to believe that we’re already two months into the New Year, especially if you were planning to change the fortunes of your business in 2019 and have yet to make a difference. Below, we’ve rounded up five business resolutions that should encourage you to take your business to the next level this year, whatever your goals and ambitions may be…
Reassess Your Finances
Whether you’re the director of a multinational organization or a small business owner that is experiencing growth, take the time to reassess your finances and look for opportunities to cut costs. For example, do you need to provide employees with free lunch every week, or would that money be better spent on providing training, healthcare, and other employee perks? As your business grows, it can be easy to lose track of where your finances are headed, so sit down with your accountant/bookkeeper and your eyes may be opened to new possibilities.
Update Your Marketing
When was the last time you reviewed and refreshed your marketing strategy? As the world becomes increasingly globalized and competitive, it is critical that you position your business as an expert in your niche and experiment with new digital marketing techniques to maximize engagement and brand awareness. For example, potential e-commerce customers who are sent abandoned shopping cart emails are twice as likely to come back to your online store and complete their purchase than those who aren’t, so be experimental with your marketing and look for opportunities to increase yields, sales, and deliver a return on your investment.
Get Smart With Data
Another way to increase your competitiveness and create an efficient and profitable business is to get smart with data. Top strategy consulting companies are able to analyze and dissect data to help make impactful business decisions, whether in marketing, recruitment, logistics or business. If you’re struggling to capture or understand the meaning behind your data, we recommend working with a consulting company who can help to drive your business growth.
Another business resolution to consider for 2019 is to get lean. Indeed, many businesses fall into the same mistake of employing too many managers or members of staff who don’t add to the business or its growth, resulting in higher-than-average talent expenditure. Reassess the roles and responsibilities of each staffer, and don’t hire a new team member if you think that an employee would be able to handle more responsibilities and an increased workload. If you’re overstretched, it may be wise to lay off staffers that are not commercially viable.
Plan Your Growth
Finally, make plans for business growth. It’s all well and good plodding along at your current speed, but if you don’t set actionable goals or targets then the chances are that you’re going to get distracted and fail to live up to expectations. Be realistic – $500,000 to $5,000,000 in six months is probably not going to be achievable and will cause burnout or demotivate your employees. Small, manageable goals and a long-term vision will keep everyone on track.
At Global Forest Consulting, we believe that we are amongst the top consulting firms in the world. If you’re looking for a tailor-made solution to streamline your operations and increase profitability in 2019 and beyond, get in touch with the team to arrange a free consultation.