6 small business tips to help you plan for the new yearRebecca Bendikov
The silly season is almost upon us and 2014 is only weeks away. This period can be crazy for many small businesses, with staff absences, increased business activity, and extended trading hours. Business owners need to have a plan in place to kick off the new year in the best way possible.
Review Your Products and Services
Can you repackage or arrange promotions to make your products and services more attractive to changing customer needs for the holiday and new year season. You could also start planning for other times in the year when customers’ needs change like Easter.
Look at Your Pricing Structures
Put proper processes in place to keep track of and respond to competitor pricing changes to ensure you are competitive and able to make money.
Examine your Sales and Marketing Strategies
Make sure your plans are optimised to help you achieve the best results not only during the holiday season but also well into the New Year. Make all your staff aware of their targets and be proactive in monitoring their progress.
Use a Bookkeeping Program to Maximise your Business’ Performance
Easy accounting software like Cashflow Manager is an excellent tool to help match your small business’ cash supply with planned outlays and is particularly useful in managing cash flow throughout the holiday season. Not only that, but it will reduce the stresses of invoicing and paying employees.
Update your Business Plan
Make sure your business plan is updated constantly to reflect changes in the market and within the economy. This might seem crazy, as you will need to update it regularly, but it is an important long-term planning process that sets up your strategy, objectives and the future steps you need to take in your business.
Make Sure You Take a Break
Take advantage of public holidays and time off to protect your health and well-being to scale back the risk of illness interfering with your business activities.