Unless you made so much money in 2013 that you're set to retire next month, then your business has room for improvement. Maybe you missed out on some sponsorship opportunities. Maybe you came up short on your projected sales. Maybe you didn't paint that darn pink wall in your store that all of the customers cringe at. Or maybe you didn't get around to that rebranding project or new website that you were planning to do. (If this is you, we should talk) If you've never made one before, just give it a shot. You have nothing to lose by doing so.
Like everyone else making lists this time of year, I've compiled a some of my favorite and most effective business resolutions. Plus, I'll give you tips to help achieve those resolutions.
First, one tip is to make resolutions that are beneficial and that are attainable. "I want to lose 100 pounds by Valentine's Day." or "I will double my profit and half my expenses." are not realistic and reachable goals. Which brings me to my first resolution...
1. Make a branding strategy
So many small businesses have potential to have an effective identity that could retain loyal customers. They just need to have a strategy.How to achieve:
Start with setting just one goal. Don't overwhelm yourself. My suggestion is to be persistent and consistent in all touch points of your brand. I suggest working with a marketing or creative professional (we're more affordable than you think). Anywhere your product or advertisements or other materials are seen by your customers should have a consistent look, feel, and messaging. Then, follow up with customers and your professional every couple months with a larger end of the year meeting to discuss the strengths and weaknesses of the effort.
2. Set a marketing budget
You'd be amazed how many business owners fly by the seat of their pants (where did this saying come from?) when it comes to their marketing. They wait until business gets slow, unfortunately when there's little money to work with, to start advertising in hopes of new customers.How to achieve:
Plan out in January what your marketing objectives are and how much you're going to spend throughout the entire year. A good rule of thumb is to spend 5-7% of yearly revenue on marketing. 4-6% should be spent on regular consistent advertising and 1-3% should be spent on brand improvements like a new website, logo, identity materials or packaging. Divide your budget by month and do a little more marketing in your busy months when there's more to work with.
3. Build a web presence
It's no mystery today that 80-90% of all website traffic comes from search engines like Google and Bing. You can increase the hits to your website and your search rankings by improving your web presence. It's a team effort between your website, inbound marketing, blog and social media.How to achieve:
Again, work with a professional! Set up all of your social media accounts, but only the necessary ones. Make the look and feel consistent in all areas. Start blogging! A huge benefit to your search rankings is to continuously have new content directing visitors to your site. Lastly, work on the keywords and SEO friendly content on your website.
4. Make 1 big improvement to your product or point of purchase
One of the most important things you will do this year is to make just 1 big improvement. If you're not getting better you're getting worse. If you're standing still, you're falling behind.How to achieve:
Like I said, set just 1 big improvement to make. If you don't have a website, you're way past due for one. If your technology is out dated, make a goal to get all new equipment. If your shop is getting run down, make it a point to clean and fix everything. Set a deadline for your improvement and STICK TO IT!
What's your resolution?
All of these things are beneficial and sometimes crucial to your success. Let me know what your business resolution is and I will let you know how I can help.Happy New Year's! And as always, #BeAmbitious.
