New Strategies for a New Financial Year

The past year has been one of survival for many businesses. One of battening down the hatches, shedding costs, looking inwardly and waiting for the storm to pass. Well, the storm appears to be on the wane and now is the time to start looking outward and identify new opportunities that will be there.

The storm that was the global financial crisis has left some lingering damage however and this will make taking advantage of opportunities difficult for some. Credit is still tight, banks are risk averse and many businesses have consumed what fat they had while in survival mode. Despite this I have listed a few tips below about areas that business owners should look at during the new financial year as possible strategies for re-growth.

Tip #1: Innovate Across The Business

Make a commitment to researching and testing new ways of getting things done, from production to marketing, product design to packaging – in short, find a way to renew the energy and enthusiasm for new ideas you had when you first launched your business, then improve on it with the wisdom of experience.

Tip #2: Pursue New Growth Opportunities

Most business owners are well aware that in order to be a success a business needs to grow its sales and profits; therefore you need to diligently establish sales and profit targets and measure your progress. Research under-served segments of your markets, explore value-add sidelines and incentives to encourage more sales, more frequently.

Tip #3: Improve Quality

Quality issues have been at the heart of business management issues since the 1960s, culminating in the strategies of Total Quality Management (TQM). Quality issues are interwoven into the very fabric of business ownership, and include issues such as customer relationships and customer satisfaction, supplier relationships, manufacturing and service delivery.

Tip #4: Explore New Marketing Methods

Marketing in its broadest sense encapsulates advertising, public relations, selling and distribution. It is basically the act of letting people know what you have to sell, where they can get it and what value it has. In order to grow a business, a business owner must be constantly looking at creating and putting in place new marketing methods in order to gain access to new prospects and customers for the business.

Tip #5: Deal With Staff Issues

Good employees are critical to the growth of any business, but more especially SMEs. Therefore don’t let staff issues remain unresolved. Take care of employees and develop them, making sure they are satisfied in their jobs and have the knowledge and resources to perform well. Employee loyalty is especially important in times of recovery when you want employees to achieve more – while pay rises might be out of reach, actively offer smaller rewards such as lunches, unqualified praise, training or mentoring. Some of your staff (especially the good ones) may also use the period of recovery to start looking for a new job. Make sure you keep communicating your thanks to them for a job well done in 2009 and what plans for growth you are now thinking about.

Checklist for business owners:
1. Innovate in at least one area of your business over the next 12 months.
2. Focus on growing your sales and profits in new areas.
3. Institute some form of quality management into your business.
4. Add at least one new marketing method into your business this year
5. Take care of your staff.

For help in implementing any of these strategies contact the author at andyburrows@iconbusinesssolutions.com