It’s that time of year again. The start of a new quarter and a new fiscal year for most companies. There is no time like now to sit down and assess what went right in 2019 and how you can improve in 2020.
Here are some common New Year’s resolutions that business owners like you can make in the coming year.
Operations
As 2020 gets underway, you should also take a closer look at your operations. Efficiency is a cost saver. Something as simple as entering receipts may be better left to your accountant or a bookkeeper. Similarly, look at what you could delegate to workers with less responsibilities. For example, you might want to leave responding to social media for your receptionist while you focus on money-making activities.
Cut Costs
Likewise, look at other ways to reduce your costs. This could involve paying down debt, an overstaffing correction, choosing a different supplier, offering your customers a discount when they pick up their orders instead of choosing free delivery or transferring certain actions to other people. Pay attention to how long each task takes and how much you are paying your staff to complete those actions. You may find that it is actually cheaper to outsource certain activities.
Marketing
Thanks to technology, the way companies market their products and services is changing. Even if your business is largely local, having a strong social media presence will help you capture and keep the attention of your customers. You may even attract new business. Look at what worked about your social media strategy in 2019 and what didn’t, as well as popular trends, such as shopping via Instagram.
Customer Service
If providing top-notch customer service has not been at the forefront of your business strategy, 2020 is the year to change that. Modern consumers expect to receive support 24 hours a day. They expect access to someone who can help at all times. Chatbots can help you provide answers or escalate issues when the office is closed, but don’t leave those tools to your website alone. Social media chatbots are just as necessary.
Focus on Retention
According to the Harvard Business Review, it costs as much as 25 times as much to attract a new customer as it does to wow existing clients into coming back. In fact, simply improving your rate of customer retention by 5 percent could increase your profitability by up to 95 percent. Start by tracking your customer churn rate so you can see how well you are doing, but remember that figure has a lag time of six to eight months.
Security
New year, new security issues. Take the time to make sure that your company, its computer systems, its customer information and its data systems are protected. Best practices are a good start. Back up your data regularly and change passwords frequently. You might also want to use data encryption, install security software or install a firewall — but these are really just scratching the surface. Adding a digital IP business security solution with features like 4K Ultra HD Resolution, Color Night Vision, PTZ dome cameras and vandal-proof cameras will help you keep eyes on your company and your property so you can prevent theft.
Small Business Resolutions for 2020
Make 2020 your company’s most successful year yet. Take the time to look at your operations and identify ways to cut costs. You may be able to increase your margins by reducing your expenses. Take a look at your marketing efforts as well. Make sure that you reach your customers where they are. Customer service and retention are important, too. Finally, take time to prevent security issues with best practices, the right software and security camera solutions. Your business will thank you.
