As we start the New Year many of us will be setting business goals and strategies for the following 12 months. We should start by saying there’s no set formula for success; it takes a lot of time, patience and managing the unexpected. A winning approach for one company may also be very different to another. But there are some strategies which have been proven to help accelerate your business strategy which we thought we’d share.

Hire The Right People

If you’re a small business, you’ll quickly realise you can’t do it all! Whether you’re outsourcing an area of the business or hiring full-time staff, finding the right person is the quickest way to reach your expansion goals. It also removes pressure from you, knowing you have an expert managing a task you might not particularly enjoy.

Be Adaptable

If 2020 taught us anything it’s that if we don’t adapt, we won’t thrive. If you build this mindset into your yearly strategy you can prepare for anything. This agile approach allows you to test different theories, respond to changes in the market and recognise areas of opportunity. Documents such as a Business Contingency Plan can also help you prepare for any situation.

Review Your Customer Experience

Your customers are your lifeline. If no one is buying your products or using your services, then you’re not making any money. Nor are you increasing brand awareness through reviews or word of mouth. Perception of your company has a huge impact on your success, so focus on your existing customer base and how you can improve their experience. Ask for their feedback and areas which could be improved and don’t forget to look at your competitors too; what are they doing to cause potential customers to go to them instead of you?

Invest In The Right Areas

Analytics are essential. By measuring what works and what doesn’t, you can focus your attention on the right areas. This can vary from company to company but could include upping your stock, increasing your content marketing, or investing in new software or equipment. This could even include investing in yourself, especially for start-up companies; ensure you give yourself the training and support required to give you a head-start.

Follow Your Missions And Values

You’ve probably heard of Corporate Social Responsibility, and many customers will choose where to shop based on whether your values match their own. By practising CSR, you’re acknowledging the impact your business has on the environment and community whilst actively using your platform to reduce this impact. This could include allowing your employees time to volunteer, regularly supporting a charity or switching to more sustainable operations.

Passive Income Streams

One way to support your business growth is by having a ‘Plan B’ or alternative ways to consistently provide an income whilst you continue to focus on other areas of your business. This strategy might not be achievable for everyone, but you could consider:

• Collaborating with another company
• Selling courses or e-books
• Sell advertising space on your website or blogs
• Build an app to upscale your service
• Rent out unused equipment or premises

Work With A Finance Broker

Here at Busby Finance, we’ve made it our mission to support businesses; enabling them to reach their goals by providing a range of financial solutions along the way. If you’d like to learn more, please get in touch with us today.