What 3 Things Can Your Business Do to Grow in the New Year?

Now that the holiday celebrating is over and you’ve toasted to the new year, how can you ensure 2019 will be successful from a business standpoint? Especially in today’s fast-moving, digital, everything-happening-in-real-time world, what steps can you take to keep your company competitive, profitable and top-of-mind with your customers?

Use the following three steps to get started:

 

  1. Look at Trends

What trends are occurring in the world – and in yours and related industries – that could help you to succeed this year? You may be surprised what you discover, and what business changes you decide to make as a result.

  • Have there been any recent shifts in customers’ buying patterns or habits? All roads lead to customer service. It costs at least three times more to acquire new customers than to retain them. Will 2019 be the year you create a customer loyalty program? What other tools might you employ?
  • Identify new opportunities. Understand everything from demographics and distribution channels to relevant foreign markets and other potential industries. With the right analysis, you can find numerous new possibilities.

 

  1. Look at Your Competition

Know who your competitors are, whether any new ones have entered the market, and what each of them is doing. Study them so you can identify any unique niches or gaps your company could fill.

  • Garner competitive intelligence. For example, look at online marketing, HR and advertising strategies currently being used. All this information will help you to not only make the best, most informed decisions, but also to emulate best practices.
  • Consider collaboration. Rather than automatically viewing the competition as your enemy, consider ways to collaborate with them. The result may be better results for the entire industry. Or, if you see a competitor providing a better solution, maybe you could acquire them, rather than try to beat them. Follow the example of Microsoft, which acquired StorSimple and brought that company’s cloud-based storage technologies under its umbrella.

 

  1. Look at Your Bottom Line

Carefully review your areas of profit and loss. Is there a less expensive way to operate? For instance, should you enable more employees to work remotely? This not only cuts costly overhead, but also makes you a more attractive employer, which goes hand-in-hand with building profits.

  • Get rid of anything that’s not working. When you complete your cost benefit analysis, you’re bound to find some things you need to change. It could be products that lose money, processes that are inefficient, or people who aren’t performing to your standards. It may sound heartless, but remember, you’re in business to profit and grow. So, you have to eliminate any hurdles that are holding you back.

Partner with Lyons HR!

Lyons HR can help you analyze your business, devise the right strategy, and implement any needed changes from a talent management standpoint for 2019 and beyond. This includes access to leading candidates, PEO services, and market intelligence to drive sourcing and hiring plans. Read our related posts or contact us today to learn more.

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