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8 January 2015
New Year's resolutions don't have to be about losing weight, getting into shape and saving spare change for a rainy day. In addition to your personal goals, you may be thinking about ways to improve your business in the coming year. What kind of objectives could propel your company forward in 2015?
Here are some techniques for growing and boosting your business that you might want to add to your list of resolutions:
1. Refresh your business plan and marketing strategies
As the Australian Small Business Commissioner suggested, reviewing your business plan and updating your marketing materials and activities intermittently gives you the agility to respond to new opportunities and situations.
For example, if you don't yet have a website or social media presence, these could be valuable projects to pursue in the new year - especially as smartphones and online activity continue to gain prominence among Australians.
2. Expand into new markets
Whether you take your business online, set up shop overseas or pursue new product offerings, these endeavours could be a great way to expand your operations.
There are plenty of nuances to consider when looking into overseas opportunities, so you'll need to do some research first.
For instance, you'll want to think about registration requirements, import and export laws, taxation differences, cultural characteristics and so on. The Australian Trade Commission offers assistance, market insight and support for this process, or you could speak to a professional advisor.
As your assets and activities grow, be sure to update your business insurance accordingly to protect investments new and old.
3. Compare your business to other organisations in your field
While it's also great to focus on improving cashflow, streamlining your operations and more, you might also want to consider how your activities stack up against your competitors.
By benchmarking yourself against similar organisations, you can identify areas you excel in, as well as ways you need to improve to stay at the forefront of your field. If you're not sure how to get started, check out the Australian Taxation Office's benchmarks and bookkeeping guidelines.
