Since we all know that the first step toward realizing our goals is to set them, the new year offers the perfect opportunity to review your organization's goals and create new ones. Here are a few great resolutions that can help businesses thrive in today's competitive environment.
The first step toward ramping up your business in 2016 is putting a business plan in place. We know from experience and research that in general, business owners benefit from having a formal, written plan. If you have one already, now is the time to do a quick review and consider updates to reflect your current business needs and goals. If you don't have one, set aside time to put one together.
Get a jump start your competition.
Every business owner wants a leg up on their competition. Taking time to research and understand your competitive landscape will not only help you to better comprehend the market and your key competitors, but will also help you to identify and map out potential customers or partners and perhaps target your next advertising campaign.
Rethink your payment options.
Now also is a great time to evaluate all of the payment options you offer customers and determine whether these need to be updated, including whether to transition to chip card / EMV (Europay, MasterCard, and Visa) acceptance for credit card payments. Accepting advanced technologies like credit and debit cards embedded with chips (EMV cards) is one important step to reduce the risk of fraud, strengthen security and accept more methods of payment. Taking the latest payment options, including accepting mobile payments, can help increase sales for your business by providing your customers with greater convenience and more payment choices.
Manage cash flow.
Even businesses with healthy growth and strong sales run the risk of owing more than they can pay in a given month. Fortunately, spending some time preparing a cash flow projection can help you identify potential cash shortfalls in 2016. To keep your projections on track, create a rolling 12-month plan that you can update at the end of each month. Look for ways to reduce expenses and increase revenues.
Like many New Year's resolutions, the list may seem a bit daunting. But the effort involved is worth it - for you and your business.
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