Happy New Year! The holidays have come to an end and now is the time most of us turn our attention to our plans for the year. Have you already set your goals and direction for your business this year? Some business owners had them set months ago and some are still working out the details and direction while they recover from the year-end and holiday rush. Either way, here are three areas to work on if you want to position your business for success this year—and every year.
Position Your Business for Success by Building Relationships
In the 21st century, relationships are the key to lasting success in business. Instead of just selling this year, get to know your clients and prospects. Getting to know them and their business (and personal) needs and goals will help you build client loyalty as you get to know them and let them know how much you appreciate their business and your relationship. You will also better know what they need for success in business. And you’ll be able to tailor your services to match those needs. Not only will you have some great relationships, but you’ll also end up spending more time serving and less time having to sell.
Build alliances and partnerships with other businesses, with your suppliers and even with some of your clients. Use those partnerships for mutual growth and for sharing your expertise with your community. When we help others succeed, our success also increases.
Give back to your community. Whether individually or as a company find local causes you can support, use local suppliers when you can and encourage new and existing businesses and professionals by participating in mentorship and internship programs.
You don’t have to choose all of these—and certainly not at one time—but choosing to focus on any of these relationship builders will strengthen your business, strengthen your community and lead to success.
Position Your Business for Success by Supporting Your Team
Unless you’re a solo entrepreneur, your success isn’t yours alone. You have a team working with you, who should be as invested in your success as you are. And to keep them invested in that success, give them the support they need. Listen to your staff. Is there training or tools that would improve their jobs—and their lives? Investing in the success of your employees is investing in the success of your business.
In addition to formal training, offer your team the opportunity to mentor and/or be mentored. Recognize and reward their efforts and successes, whether they are company successes or personal successes. Build better relationships with your team than you do with your customers. Include them in your business planning as well.
Position Your Business for Success by Reviewing and Updating Your Business Plan
The best way to get to our destination is to have a good map and directions for getting there. Your business plan should be that map. A business plan doesn’t have to be a fancy formal document. It just needs to be a guide for how you want to run and grow your business.
Start by reviewing last year. How did you do? Did you meet your goals? What went right? What could have gone better? Are there any policies, products or services that weren’t profitable for you or didn’t align with your company’s values or goals? Look at what ended up being your strengths and weaknesses (don’t assume—sometimes your review can surprise you).
Once you’ve reviewed last year, use what you’ve learned to create a plan for the coming year. Set realistic goals for growth—this would be goals that stretch you and are realistic. Be sure to include your staff in creating your growth goals. Get their feedback and ideas. Remember, they are the ones who interact with your customers, suppliers and the public every day, so they are very likely to have some great insights.
In addition to setting goals for growth, this is a good time to review your expenses and income. An important part of successfully setting business goals is knowing you have the right tools in place to make them happen. As part of that review, now is the perfect time to review your insurance coverages.
Do you have the right insurance for your business in the right amounts? Is there insurance that you need but don’t have—or is there insurance you have but don’t need? A free insurance review from Roper Insurance can answer these questions for you, giving you peace of mind and allowing you to pursue your business goals without worry. Call Roper Insurance today at 303-721-1145 or email us now at [email protected] for your free no-obligation insurance review, and let us help you position your business for success this year.