The new year is almost here. Making some changes in your business could enable you to get better results in 2020 than you did this year or in previous years. Taking time to make an analysis of your business and its various aspects can enable you to be better prepared and ready to achieve better results. Examining several key areas of your business can help you be more successful this coming year.
Reflect on the Past Year
Take some time to think about how well your business performed this year and how poorly it did in others. Jot down the shortcomings and areas that need improvement. You also want to think about the changes and features that you want to add in the coming year.
Review Your Finances
Take a good look at your finances in the last quarter and for the entire year. Review your profit-and-loss statement to see your income and expenses. Then, look at your balance sheet to determine your assets and liabilities along with any outstanding debt. Compare it with the previous year. You also want to be sure to take a good look at your cash flow and how that money is being spent.
Look for ways to improve your budget by removing or reducing unnecessary expenditures. You also want to consider getting a higher ROI on your money where possible. When finances are looked at in terms of the ROI, it will change the way you use money and there will be less waste.
Look Over Your Website
Companies today know the value of having a website that will draw customers. Evaluate your website, or have an expert do it for you, and improve it. You can get ideas from your competitors’ sites. Make sure that it is usable on both laptops and cellphones and that order forms can be filled out in as few steps as possible. You also want to be sure that it loads fast and is easily navigated. Forms should be checked and links to be sure they are working.
Plan Your Online Marketing
Building traffic to your website can greatly increase your revenue. Instead of adding content haphazardly, or when you have time, it needs to be added strategically. This involves posting regularly, using keywords, and having engaging content that leads to a clear call-to-action. This also demands watching the metrics and making changes as needed. Paid for marketing can bring even better results, but this also needs to be done carefully so that your budget is not spent too quickly.
After reviewing your business finances and noting the changes you want to make for the new year, set some definite goals. Base them on where you would like to be by the end of the coming year. Make sure that they are attainable and that you also write down some actionable steps to make it happen.
Get Ready for Taxes
Look over the new tax laws for business or have your accountant help make plans on how to meet the new requirements. You also want to ensure that all paperwork is up to date for each employee and that you will be able to meet the tax deadline on April 15.
Have a Staff Meeting
The end of the year provides you with a natural opportunity to review your staff’s performance and goals for the future. You can do this individually and provide some instruction about things that need to be worked on for the better, and present any changes in policy.