Before the new year starts, it's a great idea to make a note of a few things you'll commit to doing that will set your business up for success in the coming year. Here's our top five tips for a brilliant 2019 for your business.
The start of a new year is a great opportunity to reflect on your business and implement a few things that could contribute to 2019 being a successful year for yourself and your business. Here’s a few things we suggest you do to put you in the driving seat of creating a great 2019.
1. Surprise and delight your biggest customers
Have a look through your database and shortlist your biggest clients. Call them out of the blue or shout them lunch, not to talk about your business or how to increase your profit. But to form relationships that are more meaningful and deeper than simply transactional.
Business is all about relationships, so the stronger you build them with your customers the more likely they are to stay for the long term, rather than them feeling like the only time you have a conversation is when you are selling more services or increasing prices. Regular conversations that don’t come with a cost to your client is a great strategy to grow the relationship, which in turn, should result in revenue growth.
2. Review your biggest costs and make some cuts
The two biggest costs in any business are rent and staff, so it pays to review them to see if you can make some cuts. Is your lease up for renewal this year? Is so, then there are some great opportunities around and you should definitely be negotiating with your landlord. Do you need as much space or can you move to smaller premises? Can you sublease to bring in a new revenue stream?
In terms of staff cost, consider innovative ways to tie staff remuneration to performance, turning it into more of a variable cost as the business expands or contracts. This can also suit the seasonality within most business sales cycles which may help to protect your cash flow over quieter times.
3. Understand your 80/20
It’s important to identify your biggest customers. not in terms of revenue but in terms of contributing to profitability. Are there customers who use up a lot of time and resources that you should look to service differently?
In terms of service lines/stock categories, use effective reporting tools to assess your profitability. If you sell 100 things but 80% comes from five items, your focus should be on these items.
4. Look for areas that you can outsource
Focus on your core business, and don’t try to do the things that you aren’t good at. Look at outsourcing some tasks that you aren’t skilled at or are chewing up your time that could be better spend on your clients or on revenue-earning work. Things like marketing, legal, admin, bookkeeping etc. You didn’t go in business to do those things, so look at outsourcing. The amount of time you’re spending trying to manage these sorts of tasks, you’d probably save in the long run and have a better outcome by leaving it to a professional in that field. Our clients have peace of mind that we’re accurately managing their bookkeeping, leaving them to get on with growing their business.
5. Remember that business funds life
If you don’t love your business, your potential clients, customers and employees will see through it. Business is hard, so if you’re not having fun, you’re doing something wrong. Imagine looking back in 20-30 years’ time and to not have enjoyed building your business. Or perhaps having spent so much time in your business that you haven’t allowed yourself to enjoy life. Make 2019 all about finding your fun.
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