How to Better Your Business for the New Year

A new year is the perfect time to see where improvements can be made in your business model. When you take the opportunity to rethink traditional methods of operation and look into new options, you increase your ability to grow in the months ahead. These tips can help you get started with a plan to revitalize your company.

1. Operate More Efficiently

New systems for managing invoicing, shipping, customer data and the creation and deployment of content make it possible to integrate multiple data streams across departments. The resulting improvement in communication, increase in efficiency, and reduction of errors leads to greater profits because you can get more done in less time. Many of these systems can also be used to track invoice due dates to ensure that customers are paying on time. Examine your current profits and losses, and find a system that will help tighten up the use of funds in your least lucrative areas.

2. Pay Attention to Industry Trends

If you’re not already keeping a close eye on changes in your industry, 2016 is the time to start. Shifts in consumer behavior influence manufacturing, production and delivery of services. New technology can make “tried and true” methods obsolete almost overnight. As you track trends, take note of what your competitors are doing to ride the waves of change. How are they reacting to consumer demands, and how can you use similar methods to make your business more successful?

3. Modernize Marketing

Content and social media have become the key players in today’s marketing landscape. Platforms, such as Facebook and Twitter, offer their own forms of advertising that can bring your brand to a wider audience than ever before. Pinterest, Instagram and YouTube leverage the power of photos and video to grab attention and increase interest in products and services. These same types of media are useful when taking advantage of the growing audience of mobile consumers. In 2015, 75 percent of all Internet users were on mobile at least some of the time, meaning that a mobile strategy is now a crucial part of any marketing campaign.

Map it Out

When you know what actions must be taken to make your business better, craft a plan that you and your employees can follow throughout the year. It doesn’t have to be long or complicated; a simple outline of goals and the steps needed to achieve them is enough to keep you on track. Get your team together, discuss the plan and make sure that everyone has the tools they need to facilitate success. Come up with an emergency strategy for handling unexpected setbacks, and schedule regular meetings to regroup and adjust the plan as necessary.

Don’t worry if you hit a rough patch on your quest to better your business in 2016. Stay focused on your goals, and you’ll be able to get right back on track. Use setbacks and mistakes as opportunities to gather more knowledge that can be applied to your ongoing plans.

At Verdeja, De Armas & Trujillo, LLC, our experienced team of Miami business advisors will help assure that the foundation of your new business plan is sound. Contact us today for a consultation!