For a business, it is the best time to strategize and to plan for the rest of the year with regards to the goals you are planning to achieve.
The key to achieving all the resolutions you set in the beginning of the year is to set goals that are realistic and measurable. The bottom line of any business is to increase return on investments. We have prepared a few great resolutions that may work for your business in 2019.
- Mastering Cash Generation
Cash generation is the difference between all the cash that flows into the business and all the cash that flows out in a given time period.
Money that flows into a business could be from cash, checks and credit cards that are from the sale of its products. Cash that flows out of the business is in form of salaries, taxes and payments to suppliers.
Every business should ensure that the cash that flows into the business should always be higher than the cash that flows out as that means that the business is managing its costs well. A business can do this through finding cheaper suppliers, negotiating interest, analyzing what items are popular, finding more customers and to avoid stocking dead stock.
- Brand Awareness and Marketing
Every brand constantly craves brand visibility. Brand awareness is the extent to which customers are able to recall or recognize a brand. The goal for any business is to ensure that they make a lasting impression to the people they serve such that they are always remembered. As a business you should include in your budget money that will be used in marketing such as purchasing merchandise, advertisements, communication, etc. The more that people see you the easier it is for them to remember you.
- Conducting Market Research
Market research is the activity of gathering information about consumer’s needs and preferences. A business that conducts research ensures that it remains relevant with its consumers. This is because they are able to monitor the consumer’s behavior, changes in tastes and preferences, the new products launched in the market, prices of their competitor’s products and the close substitutes of the products. One of the ways of doing this is to use email marketing to send out surveys to your merchants or potential merchants.
- Empowered Staff
A CEO should always remember that they employ people so that they can tell him/her what to do and not the other way round. This means that one should be very careful to employ people who are very skilled and hands-on. You should have people who are able to work well in any kind of environment to ensure that there is always progress. On the other hand, an employer should constantly organize training sessions for his/ her employees so that they can be up-skilled. An employee should have great initiative such that they can be able to do their work without being followed around.
- Focus on Your Goals
A bird in the hand is better than two in the bush. The best way to ensure that your business is flourishing is to stay focused on achieving your goals. It is very tempting to focus on your competitors every now and then to try and do what they are doing however in most cases one can easily lose focus and get off course. The best way to achieve your goals is to focus on them. Some of the ways that can happen is to break the overall goals into milestones so that you are able to note all the small steps needed to achieve that and another way is to celebrate each milestone as it motivates you to achieve the next one eg if one of the goals is to acquire 50 new merchants, celebrate every 10 new ones by buying lunch for the team.
- Simplify Your Operations
In order to get many things done, it is prudent to find the easiest ways of doing things. In case an activity can be automated then you should opt for that option so as to make life easier for you and for those who are working for you.