Business Planning for a Successful Year
It has been an unprecedented time for many small business owners to say the least. But, the year ahead comes with new possibilities and opportunities. Here are five ways to re-invent or re-visit your strategy that may help you over the next 12 months.
You may consider:
Investigate if you can expand your products or services by adding something new or different. Or, try a new approach to sell to customers with ideas such as: a trial offer, a free sample, a special price or extra service. If you find an idea that appeals to you, consider if you could incorporate it in the year ahead.
Consider the way you promote your business and research alternative ways to get your business in front of customers. You could work back through your past promotional tactics and identify which worked the best and look at what they cost. You may find that some of these methods that cost very little work well for your business, such as:
Other tactics to sell more to existing customers include:
Double check costs and pricing to ensure you are making money from each sale. Extra revenue to existing customers that has low margin, cost overruns, extra waste or product returns probably isn’t going to help your business succeed in the long term.
Another option is to focus on adding new customers. You could consider:
Chances are new customers will look a lot like your existing customers. Profile who your ideal prospects are (for example, customers who order in volume or repeat orders) and then research where they are and the best methods to get in front of them.
If you think you need to make a change to make the next year a stronger one than the last, consider adjusting your business model to uncover new opportunities. You should consider if any of these ideas work for your business:
Make sure any major changes to your business model is a collaborative effort with your staff and advisors to get feedback and develop your plan of action, and seek professional advice as needed.
In the next twelve months, it's likely that much will change. Be as proactive as you can by taking time to decide where best to place your time and money, then implement your customer, product, service or business model to find out what works and what doesn’t.
If you want to talk about your business banking needs, feel free to contact your TD Account Manager or find an account manager near you.