- Reevaluate Your Mission Statement and List of Goals
Things change a lot in business and particularly if you haven’t revisited your business plan since its inception. The economy changes, competition changes, and maybe your own direction evolves. This is why it’s important to reevaluate your entire business and see what new steps you can take and what still works.
Did you know for example that according to a US Bank Study, 82 percent of businesses that fail fall victim to cash flow problems. This involves timing as well as amounts and if there are cash flow issues, reevaluating some aspects of the operation may be essential.
- Get Criticism from a Number of Sources
Listening to criticism is never easy but the more information you receive, the more you can strengthen your operation.
A spokesperson from PinProsPlus, a promotional company, states that criticism from varied sources makes all the difference. “Get criticism from board members, trusted advisors, and even your own employees. They will give you ideas from their unique perspective and then brainstorm to figure out how to resolve recurring problems.”
- Don’t just update your social profiles—review the entire market.
Social media and marketing changes very quickly and what was popular yesterday is sometimes not popular today, and is completely old news by tomorrow. New platforms emerge and it serves you well to keep up with the latest social media trends and then determine how you can join the competitive market and offer your own spin on it. Compare these results to your campaign from 2016 and examine what worked and what didn’t quite take off. Now is also the time to review your keywords and SEO, using webmaster tools. Study web analytics and see if there may be areas for improvement or if a brand new approach may be necessary. For instance, according to an Altimeter poll, 38 percent of all organizations were planning of spending 20 percent of their total advertising budget on just social media channels alone, and over 90 percent of businesses use more than one social media account.
- Upgrade the technology.
Whether it’s office hardware or cloud software to make for an easier online viewing experience, upgrading technology is of the utmost importance. The new year is a great time to do something drastic, whether it’s making a mobile site, an app, or a brand new website section to lure previous viewers back. It also pays to review the products on your line, and determine if they might be considered outdated technology. Some products may not be selling well, or may be holding the brand to an old standard. In this case, it’s best to let them go.
A spokesperson for Inc For Free, a company that helps businesses with incorporation, states that a new year is truly a new beginning. “We don’t just review what went wrong, but what went right. Every company should remain optimistic and not forget the positives of the previous year when planning ahead.”
