new year resolutions

New Year Resolutions for Small Businesses in 2020

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INFOCLUTCH | JANUARY 3, 2020

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2019 has been a good year for small businesses, and with 2020 fast approaching, small businesses are grappling to find new approaches and tactics to establish themselves as reputed and trustworthy organizations in the market.

Of late, the strategy to outsmart their competitors, have provided them success in many cases. A small business like yours, should also not be left behind and try all the innovative methods to reach the pinnacle of success within a short time.

The New Year resolution for the small businesses in the upcoming year should be:

1. Finding the Right Target Audience:


It’s a complete waste when your marketing content could not reach the target audience. Your all effort goes down the drain, as the lead, which you thought as the potential customer does not get converted. A right number of sales is necessary for any small business to survive and have sustainable growth in the market. This New Year, you should draft the right plan, which you think would facilitate in targeting the right audience and provide you with the best revenue and ROI.

target audience

Image Courtesy: Kristen Joy Blog

2. Staying Updated with the Latest Marketing Innovations:


In recent years, marketing has seen drastic changes. The ever-evolving marketing tactics are proof that as a marketer, you need to find innovative methods and new media for reaching the target audience. The way one builds the traffic and promote the content online would likely to transform the digital landscape as well as the industry. For example, guest blogging is one of the effective and popular methods for marketers as it helps to promote the brand in reaching out to the targeted audience. The blog content gets promoted, further establishing the brand as an authority in that arena. Find out the below information for better understanding:

marketing innovations

Image Courtesy: BuildFire Blog

3. Dropping the Action Which isn't Working in Your Favor:


As a small and growing business, you are bound to face many obstacles on your way to success. Your every plan might not work. Do not be hassled, drop the old plan, and implement new actions so that your business could move in the right direction.

4. Learning Something New from Experiences:


Any new thing you learn might be related or unrelated to your business, but every new learning could add to your skillset and broaden your thinking pattern. As rightly said, when you start thinking of solving an issue by analyzing different angles and perspectives to it, you finally reach the right solution.

5. Promoting Your Business Consistently:


This helps your business in the long-run, and attract new customers to reach your target. Creating a marketing plan that aims to reach the right customer at the right time, and trying some of the low-cost ways for the promotion could generate the best revenue for your organization.

6. Jumping on Social Media Marketing Bandwagon:


Social media marketing is here to stay for many years to come. Companies across the world have allocated a separate budget for marketing on LinkedIn, Facebook, and Twitter, etc. So, if you are not active on this platform, revamp your marketing strategy at the earliest for not losing out the potential customers.

social media marketing

Image Courtesy: Three Girls Media

7. Starting Your Blog Service:


Every business which has a website should start their own blog. It is one of the easiest ways for putting fresh content and have an indirect promotion of your service to get the right exposure. A steady stream of information could make your service familiar to potential customers.

8. Understanding the Financial Statements of Your Business:


Every business has some constraints. The constraints which most of the times, a small business has is “limited budget.”

There are many business owners who do not understand the financial statement of their business for making the best and accurate decisions for their organization. When you start analyzing in the right way, it helps you to get a bigger and broader picture to make strategic decisions.

9. Strategizing a Weekly Event for Your Business:


Planning is the big thing that you have to do every time. You cannot afford to miss this step. It has to be a weekly event so that you can step back to analyze what worked and what didn’t. It would then motivate you to improve in the area where you think there is a scope for improvement.

10. Enhancing the Technology Footprint:


An outdated technology could never work in favor of any business, even for a small business, when you are dealing with the financial crunch. You should look for long term profit for surviving and having sustainable growth in the market, and for that, you need the latest technologies and trends.

11. Communicating With Your Staff More Often:


In order to generate more profit and revenue, most of the small businesses tend to ignore their employees. One should understand that a skilled employee is a valuable asset for the organization, and should be nurtured just as a potential customer is nurtured. Communicating with the staff more often could break the ice and remove the communication gap, which further could help to improvise your service.

Summarizing:


Whether it is a new strategy or plan, as a small business, you should experiment with new ideas to check which one works best for you. The same plan which worked for others might not work for your business. So, do not limit yourself and expand your horizon with the new ideas and strategy for outgrowing the business from a small one to an established firm.

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