The New Year is almost here, making now the ideal time to set a few New Year’s Resolutions for your Small Business. Don’t go it alone though. Get your team’s input on what to explore next and their feedback on the goals you set for your organization. Keep the team inspired all-year long by posting resolution updates on your digital office signs.
#1 Update Your Business Plan
The end of the calendar year may not be the end of your fiscal year, so it may not be the right time to update your financial plan. However, it is an excellent time to revisit your business plan. As sound as your plan was when you launched your business, your initial plan is likely to have evolved. Maybe there has been a major industry shift or an unexpected new demographic. Or maybe you have lost sight of an initial objective. With the fresh start of the year ahead, it’s the ideal time to assess your progress and revise your plan.
#2 Launch A New Product Or Two
Even if you are meeting or exceeding your sales objectives, you must take a proactive approach to keep things that way. If you haven’t identified what to launch in 2023, gather your team to brainstorm. Just keep in mind that “new” doesn’t have to mean entirely new. For example, it could be an evolution, add-on, or upsell of current products or services. Or an elevated version. Or a wider range of colors, patterns, prints, flavors, design materials, sizes, and more.
Be sure to get your team involved and build excitement by posting the best ideas on your digital office signs.
#3 Innovation Program
As your business grows from small to mid-sized, you’ll need to take a more strategic approach to innovation. By that, we mean projects that will take a significant investment in time and resources. You may even have more than one project in the mix at the same time, one that you will launch in the next 12 months—and one that you will launch in the next 1 to 3 years.
Your innovation program should also include projects that will further optimize organizational efficiency. For example, establishing or refining operational automation.
#4 Leverage Third-Party Partners
Even major corporations leverage third-party partners. Your partners provide you with the unbiased insights of a subject-matter expert. They also save you time and resources and optimize your outcomes. Experts minimize your learning curve, and they often have the tools and technology to perform what you are outsourcing. In some cases, such as outsourced HR and payroll processing, they ensure your business practices are compliant. At the very least, experts cost less than creating a new position or department before it’s in the budget.
In other words, you and your team do what you do best—and hire a third-party partner to do what they do best.
#5 Perform A Technology Audit
A technology audit is something that should be performed by a tech expert. From adding more digital office signs to optimizing your organizational automation, upgrading your computers, exploring new software, upgrading your digital security, and more. You may require more than one expert.
For example, a tech expert who specializes in your industry can advise on which industry software to transition to. A more general IT firm can help with all other technology questions. Many IT firms also manage your technology warranties, automated data backups, and 24/7 IT monitoring.
Even if you have an in-house IT team, it’s always good to have an external team you can turn to when emergencies arise.
#6 Invest In Your Team
One of the many ways you can minimize your turnover rate is by investing in your team’s ongoing development. Thankfully, this has never been easier to achieve.
Consider sending your team to industry events and scheduling speakers and trainers to speak on-site. Also, consider providing your team with assigned or of-their-own-choice online training programs. Think beyond developing their industry skills to also developing their interpersonal skills. Soft skills can optimize communication and the empathy required for customer service and teamwork. You could even read a book or two as a team and facilitate a group discussion.
Don’t forget your development too!
#6 Expand Your Marketing Mix
Marketing strategies are constantly evolving, so you must continue to explore your options. Keep what is working but try new things too. This could include entirely new marketing platforms, such as programmatic ads, or utilizing current strategies in new ways. For example, if you only use Facebook for retargeting, start testing other types of ads.
Also, explore offline marketing channels and cross-channel marketing, including adding digital office signs in areas visible to your clients. Maybe in your lobby, main entrance, or building exterior.
#7 Expand Your Reach
In addition to hyper-targeting your key demographics, digital marketing empowers you to expand your reach statewide, nationwide, and globally. So, if you haven’t yet, it’s time to consider expanding your digital marketing. If needed, you may also need to expand your shipping area. Or diversifying your product or service mix with digital products that don’t have to be shipped. This strategy alone can rapidly and drastically increase your sales.
#8 Next-Level Networking
In-person networking will never go out of style, but it’s time to recommit. Many small business owners are active in their local area after they launch their business, then they let networking fall by the wayside. It’s time to recommit to networking and encourage your team to do the same.
This includes remaining active in your local Chamber of Commerce, joining local and nationwide industry groups, and nationwide and global networking groups. Yes, getting more active on LinkedIn can be part of this strategy. In fact, LinkedIn is one of the most underutilized places to network and market.
How Can We Help?
If you decide to invest in additional digital office signs for the new year, Mega LED Technology has you covered. We build our signs from scratch to your precise specs. If needed, this includes the components required to place your sign outside. Reach out today to learn more!
And Happy New Year!