Financial well-being January 5, 2023 By
Everyone wants a great start to the new year. Whether you operate a local retail store, own a warehousing and logistics firm, or are a Fortune 500 company, hitting your revenue goals early can help build momentum for the rest of year. As well, early successes give you and your staff the freedom to explore new revenue channels, pursue new markets, and roll out new products.
But what does it take to get a new year off to a good start? We did some research and found strategies employed by local businesses that can help all business owners hit their annual objectives.
1. Set Goals
Many of us set New Year’s resolutions. Many successful businesses do something similar – they set sales and production goals at the beginning of the year. Setting business goals is an important part of running a successful business. It helps you focus on what you want to achieve and gives you something to work towards. Setting goals is simple, but there are some recommended steps to follow:
- Make sure your goals are measurable. Instead of a goal like “increase sales,” goals should state a specific outcome like “increase sales by 10% in the next quarter and maintain current margins.”
- Make your goals achievable, but challenging. Goals should stretch abilities and stimulate growth, but they also should be realistic.
- Set deadlines. A goal without a deadline is just a dream.
- Write your goals down and share them with your team. Getting everyone onboard will help all of you move in the same direction.
2. Get Organized & Get Efficient
Many pundits predict the coming year will present business owners with new challenges to maintaining historic levels of profitability. This is a good reason to spend some time reviewing your operations. A well-organized business is leaner, more profitable and better equipped to handle unforeseen circumstances. Take time to review and update systems and processes. Take a look and make sure they are operating as designed, and see if inefficiencies have crept in. Some quick-hit changes that many businesses make include establishing protocols for communication and decision-making and organizing company resources. Streamlining operations and processes can help you save time, reduce costs, and improve efficiency.
FUB Tip: To help your business thrive in the coming year, we previewed trends that will shape the near future and provided tips on how to meet those trends head-on. Read about them here ~ Recapping 2022 & Accelerating 2023
3. Invest in Your Revenue Generators
Revenue growth begins with reviewing your business's past performance and looking at key metrics such as sales, profitability, market share, and retention. Doing this will help you identify what is driving your revenue and margin, and where your business may need to make improvements. Once you grasp past performance, look for new ways to grow revenue through various methods, such as increasing sales to existing customers or introducing new products or services. To grow revenue effectively, it is essential to understand your target market clearly, what they are looking for, and have an effective sales and marketing strategy.
A key contributor to revenue growth is sales & marketing. Both are essential for attracting new customers and keeping existing ones engaged with your business. To kick off the year on a solid note, businesses should develop a well-thought-out plan and consider investing in marketing efforts such as social media advertising, email marketing, and content marketing. These efforts can build brand awareness, generate leads, and drive sales.
FUB Tip: New to marketing? Check out these five practical marketing tips that can help your small business thrive ~ Marketing Your Small Business
Whether you're hoping to grow your business, expand into new markets, or get better organized, implementing these strategies will help your business set itself up for success in the year ahead.
We wish you the best in the new year. We want you to succeed and are here to help you meet your goals. For more tips on Faith, Financial Well-Being, Health and Wellness, and Personal Growth contact a local banker or read more First United Bank articles.