At the start of each year I take a few days to review the state of my business. How did my core services perform compared to previous years? Can I determine a trend in the industry, or client requests, that I should adjust to? With as little as 15 minutes you can start your new year off with much needed perspective.
Follow these guidelines at the start of each new year to future proof your business.
1. Don’t depend on one part of your business for complete success
Your most successful service from last year may not do as well this year. Prepare by looking at your mission plan. What is your goal for the company? Does it reflect your current trends? If not, don’t be afraid to rewrite a new mission plan as a blueprint for the next two years.
If it fails, everything fails.
Do you have a particular service, or product, that has become very popular in the past 3-6 months? Shift focus accordingly. Don’t depend on one part of your business to fuel others. It may work short term, but if it fails, everything fails.
2. Past strategies may fail to engage new customers
Don’t be afraid to try something new this year.
If your business has been around for more than 3-5 years you may have relied on print campaigns, direct mail or newspaper and magazine advertising. At a glance, are you seeing the same return on your advertising dollars with that marketing strategy? If not, try something new.
Every few years a new platform emerges that you need to focus on. Don’t overlook potential. Don’t be afraid to try something new this year.
3. Ease into new strategies or marketing platforms
If a strategy, or service you offer, has failed by a large margin, drop it. Don’t do it anymore. To repeat the same tasks and expect different results is literally the definition of insanity. Or, in the least, do not put time and money into pushing something no one wants.
To future proof your business invest 25% in an emerging platform.
Now, look at how much money you spent marketing that product or service. If you didn’t spend money how much time did you invest into it? Remember, time is more important than money. Money can be earned again. Time cannot.
Take that budget and put it in last year’s most successful product or service. To future proof your business invest 25% in an emerging platform such as Social Media or mobile advertising.
Past success does not mean future success is inevitable.
Wake up each day ready to prove your worth. Look for new opportunities to showcase what you have to offer. Remove any failure and replace it with momentum toward success.