With the New Year all but here, it’s time to design a plan to improve your business in 2019. Resolve to build on what you have in place and make improvements as needed. Review your marketing strategies, payment solutions, budgets and accounting needs. Note any issues or deficits and seek solutions to improve your business for the New Year.
Assess Your Marketing and Positioning
Look at your place in the market. Where are you in relation this time last year? Is your messaging on point? Are your pricing, product and services offerings competitive in your industry? It’s important that your brand positioning conveys why your business matters to your target audience and how it meets their needs or solves a problem. Are your marketing strategies accomplishing those goals effectively? Ideally, you have metrics in place to measure and analyze your successes and misses in this area. If not, put these in place so you can improve your business for next year.
Review Your Budgets
Check your operating costs and revisit your budgets to ensure they’re all in line – making adjustments as needed. If you’re in need of more capital for operating expenses or expansion, consider applying for a business grant. The government is keen to see Australian business success grow. That’s why they offer grants to entrepreneurs as well as small and medium businesses. Specialty grant programs are available too, like research and development and global connection incentives.
Ensure Your Bookkeeping is in Order
Double check your financial books to ensure everything is in order and operating correctly. Are you using the right accounting software for your business? Are you using automated payment options to improve cash flow? These are the questions you should be asking. If you choose a reliable provider, you could even merge your accounting software with payment processing add-ons for quicker and easier payments – potentially saving you thousands on administration costs and improving your cash flow.
Set Quantifiable Goals
Once you’ve performed all these pertinent reviews and identified any areas where you’re lacking, it’s time to set goals. Identify at least one top priority or business goal and set a timeline for completion. Make a plan with the steps you need to take to attain your established goals. Use calendar milestones to ensure you’re tracking your progress closely and cross off anything that’s been completed. By identifying problems, setting measurable goals to fix them and following through, you’ll be creating an actionable path to improve your business in 2019.
Should you need any assistance with your payment processing goals, IntegraPay may be the solution you’re looking for. Speak to one of our payment professionals today to discuss how we can help you improve your business for the New Year.