January is a month of change and new beginnings. This is why making resolutions is so popular during this time of year. While traditional resolutions involve personal goals like losing weight or travelling more often, they don’t have to be confined to the individual. You can also set meaningful resolutions to boost business success as well. After all, a resolution is a decision and commitment to do something differently in order to bring about positive results.
So, if you’re looking to boost business success this year, here are five simple changes the Slater Byrne Recoveries team suggest you make:
Manage your cash flow more effectively
If your business experienced significant financial problems last year, then this is the perfect resolution for you. Learning to manage your cash flow effectively will not only help you make the most of what you earn, but also allow you to cash flow issues last year, then this is the perfect resolution for you. Start by going over your financial statements for the past 12 months. Identify what caused your money problems and come up with cash flow management strategies to help you avoid those mistakes in the future. Creating a cash flow forecast may also help you address cash flow issues in the short and long term.
Adjust your goals to match your clients’ goals
It’s more than likely that your customers are also engaging in their own transformations for the new year. To make sure your business does not get left behind and remains top of mind, you need to align your company objectives with the goals your customers are pursuing. Conduct a thorough market research to determine the changes in your customers’ aspirations and preferences. Then, use this data to create marketing strategies that will match those changes. For example, if your customers have incorporated or plan to incorporate e-invoicing, then you also need to adjust your process of sending or receiving payments from customers. This will help your company become a go-to part of this year’s goals.
Learn to delegate tasks
As a business owner, it’s normal for you to feel like you have so much work to do and yet so little time to do it all. But if you end up with more unfinished tasks than completed ones, then you definitely need to make a change. It’s time you started bringing in other people to pick up the slack. Make this year the year maximise productivity by delegating tasks more effectively. This involves assigning the right tasks to the right staff members—those who have ample skills and experience for a particular job. This also involves knowing which tasks are better off outsourced to third party professionals. Debt collection, for instance, is a time-consuming task that is often outsourced. By hiring a professional debt collection agency like Slater Byrne Recoveries to take care of your outstanding accounts, you can save resources and focus on other essential business processes.
Improve your digital presence
If it’s been years since you updated your company website or if you haven’t taken any steps lately to make your online presence more mobile-friendly, this resolution is perfect for you. The internet is how consumers find the information, products, and services they need. So, if you are not online, spending money to improve your marketing strategy so new customers might not be able to find you. No matter what industry you are in, whether you are in the construction, aged care, or education, digital and online strategies should be part of your marketing plan for this year. This means doing everything from creating an email list to updating your social media accounts.
Stay up-to-date with the latest trends
Aside from improving your online/digital presence, it’s also a good idea to watch out for new trends and technological developments that might affect your industry, such as how Chat GPT may be able to help your business. Conduct an evaluation of your market and relevant tangential markets so you can identify any industry changes this year that you might need to prepare for. This will not only help you stay ahead of the curve, but also allow you to maximise chances for success.
Making sure your business gets off to a great start in the new year can be a hefty challenge. But with detailed planning, critical thinking, and strong dedication, you can set a realistic course to boost business success and be prepared for any hurdles you might face throughout the year.
Liam White joined the Slater Byrne Recoveries team in early 2013. He has worked across the credit & dispute resolution industry for a number of years. He is currently working in a Marketing/Head of Sales capacity at Slater Byrne Recoveries.