Small businesses have a distinct role to play in New Zealand economy but the smaller the business, the lower the chance of survival. Fortunately, small businesses are in a strong position to change bad habits and adapt to the market for survival. It is important to revisit your business goals this month. Reflect on what you have learned in 2016 and how you can make better choices this year. Self-awareness creates the opportunity to change, adapt and improve. Here is what every entrepreneur should be thinking about going into 2017.
Partnering
Partner relationships are key to running a successful business. You may want to expand your business, develop new products or make the move into new markets. A partnership can assist as a connection to an established community. Effective business partnering involves two or more businesses pooling their resources and expertise to achieve particular goals and reciprocal benefits.
Marketing
Change up your marketing strategies. Marketing, especially in the digital sense is ever evolving and it is important to keep up. It is not a one size fits all scenario so you need to be aware of what marketing options are available and follow a process of trial and error. There are a number of software programmes available to track your marketing strategies and present them in analytics so you can see what is driving your customers, what works and at what cost. A good marketing strategy takes time to build but the returns are invaluable.
Outsourcing
2017 is the year to grow your business and this mantra is becoming more and more achievable for small businesses with the option of outsourcing. Outsourcing allows companies to access specialists for the work they require without footing an annual salary. Outsourcing tasks overseas has seen a large rise over the past five years with access to a large talent pool at lower costs. There are a number of reputable companies that assist in the hiring process, HR and ongoing care of remote staff for businesses in Australia and New Zealand.
Review Your website
On average, a consumer will look at over ten information sources before they make a purchase so it is important that your website represents a company that is worth investing time and money on. First impressions are everything so it may be time for a complete website overhaul. Ensure your website is easy to navigate and full of positive testimonials. Websites should be accessible on desktop, tablet and mobiles.
Keep on top of your finances
This is the most repeated piece of advice but it is amazing how many small business owners choose to ignore it. A poorly organised cash flow and lack of forecasting is the sure demise for any company, no matter how good the product or service. Spend the early part of January chasing up on any outstanding balances. Tighten your processes for 2017 and keep track of all your finances on CashManager software.
Invest time in you and your staff
Happy and challenged employees are more motivated and productive in the workplace. Investing time to upskill staff is invaluable to your business and their growth within the company. Identify individual areas of weakness or areas within the company that could benefit from staff training. As well as making employees more proficient at what they do, they will feel valued, more productive and staff retention will be increased.
Start your year with a positive and clear mind. Spend a few hours with your team rearranging your office space. Declutter your desk area and rid your computer of any unnecessary documents that could be slowing down internal systems. A successful start to 2017 begins with reflection and the motivation for change.