5 Tips for Successful Business Planning in the New Year
As the holiday season approaches, it is a good idea to assess your company's performance over the last twelve months and think about your business goals for the upcoming year. Taking some time to reflect on what has gone well and what improvements you would like to see can help you start the new year off with confidence. Here are five ways to take your business to the next level in the new year.
1. Take an inventory.
As successful business owners know, it is considered best practice to periodically review a company's strengths and weaknesses. A SWOT review of all strengths, weaknesses, opportunities and threats allows leaders to identify areas of success and develop specific strategies for addressing issues. This is a great exercise to use during an end-of-year staff meeting, where many voices from different departments can collaborate, celebrate, and strategize. Having clearly identified goals for improvement will allow you to develop specific courses of action to use in the new year.
2. Get into the holiday spirit to drive sales.
The stretch from November until the first of January is the perfect time to concentrate your efforts on increasing sales. Consumers are hunting for Black Friday discounts and other holiday specials, so make sure you are visible to them. Invest in advertising and marketing to spread the word and attract customers. By finishing the year with a strong infusion of revenue, you will set your business up for success in the new year, especially as the market slows down a bit during late winter and early spring.
3. Take stock of your digital presence.
As more consumers are turning to search engines and online reviews to guide them, it is critical that you maintain a robust digital presence and monitor it frequently. Tracking reviews of your business, especially on Yelp and similar websites, can help you remain proactive and prepare for any negative comments. If your business has a Facebook, Twitter, or Instagram account, be sure to check the comments and develop a strategy for handling any negative responses. Also, take some time to evaluate your website. Is it user-friendly? Is it intuitive? You might want to develop a sleek and inviting new website to attract and retain more customers in the new year.
4. Invest in quality leadership.
A company's strength relies heavily on how well the leadership team and the employees communicate. Employees need to feel supported and confident in knowing their concerns will be addressed, and leaders need to provide frequent feedback and encouragement to foster growth and improvement. As you budget for the coming year, you may wish to consider investing in leadership development training. Whether you decide to go with a leadership consultant who can give your team ongoing support, or you participate in a one-time workshop, making a commitment to developing strong leadership within your company means you are investing in the future and longevity of your business.
5. Set the tone for next year.
As the end of this year approaches, many business owners may feel overwhelmed with end-of-year tasks to complete. However, one of the most important aspects to focus on is celebrating and motivating staff members. Employees respond to thoughtful feedback on their performance, and those who feel recognized and supported by their superiors are likely to begin the new year with a spirit of gratitude and productivity. Depending on the size of your company, you may consider offering such feedback in a manner that is personal yet practical. Personalized letters, individual emails, or verbal recognition are all effective ways in which to thank employees and motivate them to keep striving for success in the new year.
Res Nova Law is a boutique intellectual property and business litigation firm based in beautiful Portland, Oregon. We serve innovative companies and entrepreneurs across the Pacific Northwest, and we’re your go-to lawyers for businesses of all types and in every stage of business growth. As experienced litigators, we can help you resolve intellectual property and business disputes, and advise you on how to avoid potential litigation. Get in touch with our team today, and let's talk about your business goals.