What should be your 5 business resolutions for 2014? |
Posted: December 25, 2013 |
The year 2014 is said to be cautiously optimistic for businesses of all verticals. With business experts predicting low unemployment, low interest rates and exponential growth – the confidence levels of business entrepreneurs have boosted. Now to capitalize upon this upcoming flattering opportunity, it requires savvy business owners to ensure that their companies are in the best shape. In short they require forming certain BUSINESS RESOLUTIONS. In the words of a leading business columnist – ‘’ There are thousands of jokes about New Year’s resolutions. But then they still hold a kernel of good sense. At the end of every year, it is good to review different elements of your life with the aim of making some improvements. And what better way to start this than with well thought-out and realistic New Year resolutions for the most important element of your life – your business.’’ With that in mind, here are 5 business resolutions (based on industry trends) that will help you be on the right track. 1. Refresh your mind and contact book through networking Business owners often talk about the importance of networking. But then do they actually do it? Not really. According to the experts, in the coming year, better deals will be available, employees will seek greater roles, and opportunities will multiply. And the ones who will be the closest to the action will benefit the most. Guy Mucklow, CEO of Postcode Anywhere (Technology Company) plans to, "solely focus on networking" in 2014. In his opinion, there is nothing better (for business entrepreneurs) than to interact/socialize with other likeminded business professionals to generate new ideas, refine old ones and most importantly - make valuable contacts. 2. Pledge to keep Customer Experience at the forefront The needs and wants of customers are forever in fluctuation, and keeping up-to-date with their needs should be the top priority of all businesses. Mandy Brooks, founding director of PR and marketing company Chazbrooks Communications believes that Customer experience can be a key differentiator in a company’s brand promise. Consequently, every company should keep in mind that the experience while interacting with a business is the thought customers recall every time when they use the company’ products or interact with its sales and support staff. Hence, every customer touch point holds importance. He suggests setting up strategies for collecting, communicating and responding to customer feedback. Again, doing these can be as simple as putting a suggestion box by the front door or as advanced as using customer relationship management (CRM) software. 3. Take the ‘guesswork’ out of your business In spite of living in the information-rich age, most often business entrepreneurs lack definitive answers to simple but important questions. For instance -
Explaining this point further, here is what Rob Russell, engineering manager at Critical Software Technologies has stated – ‘’Most businesses have a ‘data-rich but information-poor’ status. Although they have the key metrics, business professionals are unable to make use of it as data lies in dormant state – hiding away in spreadsheets and databases.’’ 4. Listen to your people The New Year should bring a fresh start to everything which also includes the approach to the staff members. Simon Hill, founder of idea management firm Wazoku believes one of the best ways to make staff feel respected is to include them in the formulation of company strategy. In his words – ‘’Businesses who consider its people as its best asset are the ones who make it to the top very fast. While most strategic decisions are left to the management, it is actually the opinion of the end users that should be considered. For instance, when a company plans to invest in custom web development for better synchronization of sales and marketing, rather than the CEOs and CIOs, the sales and marketing reps should participate in the discussion. ‘’ 5. Track your finances Kevin Byrne, managing director of Checkatrade.com says – ‘’Business entrepreneurs aiming for a leaner and cleaner future should focus on their finances which will help them recognize goals which are achievable and opportunities which can be targeted.’’ In short, before businesses raise their cost base through new acquisitions, they should always ensure that they can afford to do so. After all, growth is important, but then so is regular cash flow and profitability.
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