Estimated reading time: 3 mins
Could 2020 be the year that your business really takes off? Just as we reflect on our achievements and what we want to do better in our personal lives at the end of another year, so it’s a natural opportunity to do the same in our business operations. Increasing your success in business is a matter of strategic thinking, so but taking the time to evaluate your strengths and what could have gone better, you can lay down some plans and begin the new year in a stronger position than before. So what could you try for your business in 2020?
As an entrepreneur, you get used to wearing many hats. In the early days, with the budgets and resourcing of a start-up, you have to do it all yourself through necessity – from pitching for investment to writing a marketing plan – and as your company grows, you can be so used to doing it all yourself and being so emotionally invested that delegating becomes really difficult. However, it’s key to remember two things – firstly, there is only one of you, and if you take on too much and burn out it’s going to seriously derail your business. Second, diversity is a crucial business strength, so bringing on board other people with different talents and viewpoints is essential – they will see things differently from you and that is a real bonus. Learning how to delegate can be quite tough but it will free up your bandwidth enormously to concentrate more on the areas where you can drive most impact.
Trim Your Business Expenses
There are a few different methods for increasing your bottom line. And while expanding into new markets, boosting conversion rates or increasing your average customer order value are very worthwhile pursuits, it’s also a good idea to look at what expenses you can trim. The less you have to pay out, the more profit you can take to the bank after all. Everything from the cost of your Web hosting provider to the cost of van insurance for your fleet can be lowered. Don’t be afraid to haggle a little or even create a co-operative with other businesses to benefit from economy of scale – whatever suits your situation the most.
No business is an island, and the connections we make can be hugely valuable. So instead of leaving it all up to fate, make a concerted effort to find local networking events and go along. Meeting other businesspeople helps to spark ideas and collaborations, win new business and build your network for future opportunities. Create a strategy for networking events and scan the attendee list in advance where possible, so you know who you’d like to speak to – then brush up on relevant news and sector gossip so you can create those new connections with ease.
Learn When To Let Go
Sometimes what you don’t do is just as important as what you do. If an idea or a product just isn’t delivering results, decide as part of your yearly review that you won’t waste any more time and resources on it. There’s little time wasting energy on something which is proving unworkable. Shelve it and you may be able to come back to it at a later stage – and you wont be spreading yourself way too thin either.