With the end of 2018 in sight, there’s no better time to start looking ahead to what 2019 may bring. Creating business growth goals and planning how you’ll implement them is a great way to mark the start of a new year in business. Here, our experts discuss how you can make your business more profitable, productive and successful:
Look in to support for your business growth goals
There is a wealth of support available for small or medium business owners. Many people are left wondering ‘what is the catch?’ when they hear what help they can apply for. The truth is, there isn’t one, but it’s important to use it before it’s gone! Whether you struggle to fulfil larger contracts or you need a grant to invest in making your business more profitable long term, if you are based in East Sussex or Kent, you can contact the local growth hub via Business East Sussex. We can connect you with the company or organisation best suited to help with your needs and assist in your business growth goals.
Invest in marketing
All ambitious business plans need a little help to get off the ground. You need to speculate to accumulate as the saying goes – and if you find your referrals or sales have stagnated, marketing can help. Deciding on the right type of campaign depends on your objectives. There’s no need to spend huge budgets initially – start small and keep track of your results. This can help you to determine where you’ve been successful and where budget should be invested.
Be more commercially aware
If you’ve built an SME, you’ll know who your customers and your competitors are. It’s important not to take this for granted though. Keep an eye out for trends and changes in your industry, including things that may affect customer buying decisions or customer ability to buy. It can be easy to get wrapped up in what you’re doing rather than asking what others are doing and how you can do better.
Futureproof what you offer
This is one goal that may seem easier said than done, but with much economic uncertainty on the horizon, futureproofing your business is important. While businesses are being advised to carry on as usual in the face of Brexit, it’s advisable to futureproof where you can. Things you can look at include ensuring you don’t rely too heavily on one area to bring in revenue and identifying future trends. Identifying any potential risks to your business as well as managing existing risks where possible is also advisable.
Tighten procedures & improve productivity
Lax accounting or management can be costly for small businesses. Ascertain where you’re spending money and what’s necessary versus nice to have. Business growth goals may require investment to be fulfilled so cutting unnecessary expenditure is recommended. Improving productivity will also save money long term.
Take things back to where it all began and innovate! It’s no secret that innovation is the key to business growth and profitability. Encourage an innovative environment among staff members and identify areas where your competitors may be lacking. This can help to present opportunities to innovate and evolve.
To find out more about support available to help achieve your business growth goals, please contact us our call our business experts on 0844 415 2260.