The holidays are an extremely busy time for small business owners and the weeks following them should be used to grow. This time of year is typically slow for many businesses and using your time wisely will greatly impact your success for the rest of the year. Revisiting your business plan and developing new revenue generating strategies is a great way to use your down time and reduce your chances of a post holiday slump. Continuously evaluating your company will help you identify new markets and increase efficiency. While many owners are still experiencing a holiday hangover it’s important to use this time to secure the future of your business. There are several things you can do to start your year off right. Here we’ve outlined some of the most important post holiday objectives that should be addressed.
Budget
Small businesses typically experience an influx of revenue during the holiday season and with another year on the books it’s time to evaluate your budget. Determining where you can save money and how much you have to invest in the growth of your business will help you develop your plan for the rest of the year. A detailed audit of your finances will help you streamline your budget and allocate funds towards growing your business. Take a look into which promotions were successful, which ones failed and when business was slow. This will help you shape a plan to maximize your revenue for 2017.
New Products and Services
The new year is the perfect time to brainstorm and roll out new products and services. Buying trends that have been uncovered during the holiday season will help to shape your new offerings. Taking an in depth look into best sellers and items that are overstocked should give you ideas on the wants and needs of your customers. If there is a new product or service that you’ve been meaning to put into place but haven’t had the time, take advantage of the slow season to develop and promote them.
Marketing Campaign
The marketing world has changed drastically over the last decade with an influx of digital technology to help distribute and analyze your marketing initiatives. An investment in digital marketing technology, paid social advertising and content creation have proven to provide a significant boost to the reach and awareness of small businesses. Often times small businesses lack the staff or infrastructure to carry out a well organized and optimized marketing plan. In this case it may be advantageous to invest in an outside marketing firm to develop and implement your campaigns. This will require an initial investment that may not fit into your current budget, but the potential returns can be significant. More and more small businesses are adapting to these technologies and strategies. In order to keep up with the competition the importance of an increased focus on new marketing techniques can’t be underestimated.
Online Reviews
With so many avenues for customers to provide review and feedback, there is no shortage of testimonials or complaints about almost every company. Whether it’s good or bad feedback there are ways you can leverage these comments to improve your image. If someone gives you a bad review you can take that as an opportunity to strengthen your company. Advertising the negative while explaining the steps you’ve put in place to make things better will show your company’s willingness to listen to their customers. Conversely, if you receive a good review, you can take that opportunity to use it as a testimonial to showcase your great products and services on your website and throughout your social channels.
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