New Year Resolution for Your Business Growth
By: Shahzad Bashir
At the end of the year, entrepreneurs and businessmen start thinking about the new year's resolution. With every passing year, they want to expand their business and want to earn more profit than the previous year. Making a new year's resolution is not about writing a piece of paper on the last days of the year. It requires time. You have to recall the mistakes of the previous year so that you cannot repeat them in the next year. With the start of every new year, people around the world are passionate and want next year to bring happiness and growth both in personal and professional life.
Make Financial Projections for 2022
For the new year, make financial projections in your business plan. It will help you to manage the outflow and inflow of money. For this, make a sheet in Excel or use other planning tools to have an estimation of financing and investment. Don’t forget to include recurring expenses, salaries, rent, gas, insurance. Moreover, purchase of machinery and money spent on training and development of employees. It is better to do a market analysis before making financial projections for your business. Additionally, analyze a sales forecast to know the projected monthly revenue. It must be higher than the prior year. Industry surveys will help you to reach realistic numbers.
Entrepreneurs are risk-takers, and they are always ready for unexpected situations. So, develop a contingency plan for 2022. Always have some cash reserve for such situations. Many entrepreneurs have enough cash for 90 days of operation. They keep this cash in the bank or use their line of credit.
In your financial projections, compare your projections with actual results, to know whether you are attaining the company’s objective or not. If not, you can make modifications. If you monitor the cash flow from the start then in case of discrepancy, you can sort business problems on time.
Make a Strategic Plan
At the end of the year, entrepreneurs start thinking about what worked and what did not work in 2021. Therefore, they start developing a strategic plan for 2022. The strategic plan should be accurate and precise, and it should provide you with a road map for the short, medium, and long term. It can be a guide for you to help achieve your business goals in 2022. Entrepreneurs must have different ideas for business growth. Because of multiple ideas, they and employees might deviate from basic objectives.
Therefore, before developing the strategic plan for your business, ask yourself the following questions.
• What do you want to improve in business 2022?
• How will you grow this year in terms of products, quality, sales?
• What is more important, acquiring a system or customers?
• What are the challenges you can face in the industry or market?
After developing a strategic plan, share it with your employees so that they can work to their full potential to achieve a business objective of 2022.
Revamp Your Marketing Efforts
The business world is very dynamic. To keep up with the competitive business world, you must adapt to the latest marketing trend. Otherwise, you will end up losing a great market share. For this, you must analyze which marketing strategy worked well in 2021 and which didn’t. Replace the less leverage giving strategies with new ones. The online presence is a great marketing tool in this digital world. Therefore, you have to revamp your website content, graphics, and online ads. Moreover, you have to give special attention to search engine optimization, e-commerce, and social media.
You need to go for audiovisual services, business translation, and localization to make your marketing efforts more effective. Translation and localization make sure that your intended message reaches the target audience appropriately. Moreover, it does not make your corporate message lost in translation. Around 7139 languages are used around the world with different dialects. These dialects are formed due to regional and cultural nuances.
To reach the target audience in their way of communication is a great challenge. For this many marketing, managers use audiovisual services like closed captioning and subtitling to translate the marketing video content. They keep in mind regional and cultural nuances so that potential customers cannot be offended. In this way, they feel that the video is specially designed for them. With these services, you can attract potential customers to your brand in 2022.
Spend on Training and Development
Your business can grow if you spend money on the training and development of the employees. An organization can flourish if the entire team works with their full potential. They can work with full potential if they have been given proper professional training. As we all know, 2021 was a devastating year because of Covid-19. People are confined to their homes. Work from home was a normal norm. At that time, top global companies of the world did not stop giving training to their employees. Therefore, e-learning was on the top trend. Companies provide online courses to their employees to develop their competencies. The same trend will prevail in 2022. Because it saves your company money on logistics and space.
It is a famous proverb that all work and no play make Jack a dull boy. The same goes for employees, if they follow the same hectic routine, they get burned out in later stages of life. A time taken from work for training refreshes their mind, and they are ready to perform effectively.
You should aim to develop the learning culture of your organization in 2022. Allow and encourage your employees to take time from their daily duties to watch different webinars and enroll themselves in certain courses. It will help them in developing their competencies, and they can become productive parts of the organization for a longer period.
Encouragement and recognition of the employees by the organization will help them in their professional growth.
Keep aside money for the training and development of the employees in 2022. Moreover, you can develop a separate department of training and development and hire competent trainers for a smooth transition of knowledge
Use Technology to Enhance Productivity
The main objective of technology is to make difficult tasks easy to operate. In the international business world, it is very important to have proper software and types of equipment according to the business trend. Technology helps to improve the efficiency of business operations.
You should buy software that integrates the head office with all subsidiaries that are working in different countries. In this way, all the stakeholders and branches of the company abide by the company rules and regulations and work collectively for attaining the company objective. So, are you ready to buy software for your company in 2022?
The second department in which you should use state-of-the-art technology is marketing. You should use different analytical tools to handle big data and can develop a data-driven strategy. This will give you a high rate of investment for each penny you spend in digital marketing. Apart from this, you can invest time, effort, and money in the SEO field to get a competitive advantage.
Due to the lethal pandemic that hit the world hard in 2021, the market dynamics have changed completely. Now companies are looking for telecommuters and remote workers. Telecommuting has become a new trend. Here the technology can help you in establishing strong channels of communication and use more collaboration tools. The right technology with an experienced project manager can bring remarkable progress to your business.
One of the most important advantages of the software is that most of them are compatible with mobile devices. Therefore, if your key employee is on-off day or a vacation, you can still contact him. The IT infrastructure of the company is also very important. They should be technically sound so that they can support various desktop software options. The main difference they make is operational efficiency. This is when your IT department can resolve the software issue without leaving the office. In this way, traveling cost and time is eliminated in the unprecedented business environment.
Sometimes entrepreneurs buy and introduce the new software in the company without taking the input of employees. In such cases, some employees start using the new technology while some resist using it. Therefore, it is important to take suggestions from employees because, at the end of the day, they have to use the technology to increase the productivity and efficiency of the business.
Tell Your Customers that You Appreciate Them
Do you know that the most important stakeholders of your company are your customers? You cannot survive without them. Therefore, at the start of the year, you should appreciate them. For this, you can send a welcoming mail from your database explaining the end of the year 2021 and how you will shape your organization in 2022 with a new year resolution. Moreover, you can also go for a more tangible approach. You can advertise new year promotions and provide certain incentives for business growth.
Sometimes, businesses take customers for granted. Do not make this mistake. As you move to 2022, let your customers know how you appreciate them because they choose you instead of competitors.
The new year resolution will help your company to grow. So, consider this resolution a roadmap for development and growth, and work collectively for the growth of your business. Every company’s new year resolution is unique, and they develop it according to the market trends. What is your company’s new year resolution?