09 December 2013

Take stock for a successful 2014

December is the perfect time to take stock of your business and plan an effective strategy for the year ahead.

As 2013 comes to an end, it is a good opportunity to reflect on your company’s successes and failures so you can set goals and targets for 2014. Here are our tips for preparing for the next 12 months:

1.Take another look at your business plan

If you don’t have a business plan written down, now is the time to write one. And if you do, it is a good idea to review it to make sure it is still the best strategy for your company. It is important to keep updating your plan so it can help you achieve the business growth you desire.

2.Make sure the numbers add up

Take a look at your figures and make sure there are no problems you need to address. Burying your head in the sand is the worst thing you can do when it comes to finances so it is important you identify any potential problems so you can address them head on. Having an accurate picture of your costs, revenue and profit and an overall picture of your business funding will also help you set realistic targets for 2014.

3.Pay attention to your website

Many small businesses make the mistake of setting up a website and then ignoring it. In today’s digital age, websites are a crucial way of attracting new customers so it is important to make sure yours is up-to-date and still accurately reflects your business. Make sure all the details on the site are correct and remove anything which no longer applies. If it is starting to look dated, it may be worth refreshing the design or writing new copy for the website. Use Google Analytics to find out where your visitors are coming from and which parts of your site they are looking at. You can then use this information to make your website more effective and appealing to your target audience.

4.Get tips from other entrepreneurs

Start 2014 as you mean to go on by getting motivated. Think about the bigger picture and get some good ideas for your future strategy by reading a business book which is relevant to your company. You could also consider seeking advice and support from a mentor. Talking to other entrepreneurs about their own experiences can also be a good way of getting new ideas and seeing your business from a new perspective.

5.Look at ways to save time

One thing most business owners have in common is a lack of time. It can be easy to get bogged down with mundane tasks which stop you from reflecting on your business and focusing on achieving your goals. It may be worth considering getting help with the administration side of the business or moving to a larger business space and hiring more staff so you can delegate more tasks and free up your time. Looking at the way you do things may also help you identify ways you could become more efficient.

Bizspace wishes you a prosperous 2014!