As we transition from 2021 to 2022, you might be thinking about goals for the next year. How are you going to make your company more successful next December than it is this year?
There’s no one-size-fits-all strategy that will work for every company. But there are certain general guidelines that can be adapted for just about any situation. Here are some of the best ways to build your business in the new year.
Define “Growth”
Before you start making any type of plan, the first thing to consider is what you mean by growth. There are many different kinds of growth, each with its own implications for your company. Examples of growth include:
- Growth in revenue
- Growth in profit
- Expansion into new markets
- Adding more retail or online purchasing options
- Growth in total number of customers
- Growth in customer acquisition increase rate
- Increased employee headcount
- Acquisition of additional real estate, office space, or warehouse space
- Addition of new products or services
Obviously, these things aren’t mutually exclusive. For example, if you’re growing your number of customers, you’re hopefully growing your profit and revenue at the same time. If you’re expanding into new markets, you’re hopefully gaining new customers. These are just a couple of ways that different types of growth can synergize.
If you’re not sure what to focus on at this point, now is a good time to hire a consulting service. These services, such as https://kevinmiller.com/, can help you identify growth opportunities you may not have noticed. This is a great way to get a leg up on the competition.
Set Research-Based Goals
Once you’ve decided what direction you want to go in, it’s time to do your research. For one thing, you’ll need to find out how much investment in growth is worth your while. You’ll also need to determine whether or not the kind of growth you want is even attainable in the current market.
The best way to do this is to conduct a general survey on your industry. There are multiple ways of doing this. First off, you could survey your existing customers, to find out what types of services they want, and how your company could do better. You can also read trade publications to find out what leading industry players are doing to stay competitive.
By doing this research, you can better estimate your return on investment. As the saying goes, “You’ve got to spend money to make money,” and any growth strategy is going to require some kind of upfront investment. You want to know how much you’re going to spend, and how long it’s going to take to achieve your results.
Most importantly, you need to set an ultimate goal. This goal needs to be something measurable, or you won’t have any way of knowing whether or not you’re making progress. So if you want to grow your revenue, how much do you want to grow it by? Pick a dollar amount.
A good goal will need to strike a balance. On the one hand, it needs to be in line with your ultimate goals for the company. It should challenge you and push you to do better. At the same time, it needs to be realistic. Make sure it’s something you can honestly expect to achieve.
Finally, set a timeline for your goal. If you want to increase revenue by 20%, how quickly do you want to do it? 12 months? 24? Longer? The answer will help you better track your progress.
Partner Up
To truly maximize your growth, it often makes sense to partner up. Sometimes, this takes the form of a merger, acquisition, or partnership. These arrangements can be mutually beneficial, and grow both companies’ lines of business simultaneously.
This is most often done between companies that provide complementary services. For example, most car dealers partner with a financial services company to manage their loans.
But a partnership requires you to give up some control of your business. In the case of a merger or acquisition, you might even lose control altogether. If that’s something you want to avoid, it can make more sense to look for an investor, instead. They’ll expect to see results, but you’ll have more autonomy, and you can even retain control of your company.
Regardless of what type of partnership you choose, you’ll need a capitalization table and other financial data ready to go. You’ll also have to do due diligence on anyone you’re partnering with.
Make it Easy for Your Customers to Pay
If you want to grow your revenue or customer base, you want it to be easy for your customers to pay. If your competitor accepts credit cards and you don’t, you’re going to be losing some business.
Of course, any modern business accepts credit cards. But there are more things you can do to facilitate transactions. For example, you could use a cryptocurrency payment gateway to accept Bitcoin and other crypto payments. Along the same lines, if you offer financing, you can invest in better credit report software. With the right software, you can run reports almost instantaneously, and get your customers approved faster.
Make Sure Everything Works
When you’re gardening, you sometimes have to cut away dead branches to allow your plants to flourish. The same is true for your business. While you’re looking to grow, look for things your company is doing that aren’t working out. Then, cut away those dead branches.
Along the way, you might also want to look for inefficiencies. Are you using some bloated, free office software? Bite the bullet and invest in Microsoft Office. Are your register systems slowing down your retail sales? Maybe it’s time to buy some modern registers.
Delegate Some Tasks
To make your business as successful as possible, try starting at the top. If you’re doing too many tasks yourself, you might find that the limiting factor isn’t your employees or customers – it’s their leadership.
Take a look at your to-do list for the last three months. Now, ask yourself how many of those things absolutely had to be handled by you personally. Was there a meeting that you attended, when you could have just had somebody brief you? Is there paperwork you can delegate to someone else?
The more you can delegate, the more time you can spend growing your company.
Engage With Social Media
Nowadays, social media is an inescapable part of the cultural landscape. If your business isn’t engaging on a daily basis, you’re missing out. Because social media is totally free, even a little bit of exposure is a good thing. And with the potential for content to go viral at any time, you might see some impressive results.
Make sure to use the right platforms for the right purpose. For example, Instagram is ideal for pictures, while Facebook is better for promoting events.
Ask for Feedback
As you implement changes, continue to seek feedback from your customers and employees. You started out with a survey, so why not end there?
By following up and asking for feedback, you can identify further opportunities for growth, and repeat the cycle. You’ll also find out quickly if you’ve made an error, so you can correct the course accordingly.
