New Business Ideas for the New Year

Wednesday, December 28, 2016

It won’t be long before the ball will be dropping in Times Square, signaling a new year and a new start. While people everywhere vow to make changes in their personal lives, businesses should be no different.

Take this time to take stock of the past year by examining what worked well and what didn’t go as planned. Once you have realized your successes and your disappointments, make a resolution to continue and improve upon what worked, while fixing what didn’t. Don’t just eliminate, but replace with new tactics. This will take you into 2017 with a bang.

Not sure where to begin? It’s common to be overwhelmed. An entire year in review is a lot to take in, so consider dividing the tasks.

Sit down with your team. Encourage everyone to weigh in on the strengths and weaknesses of the past year. Listen to them and take notes. Your employees are your best ambassadors and what they think truly matters.

Once you have a handle on the internal climate, consider your external temperature. Look at the advertising your company placed. Did you see a return on your investment?

If not, don’t scratch advertising all together. Rather, look at what you did and see how it could be tweaked.

Maybe you advertised in the wrong publication or with the wrong web property – one that doesn’t reach your target audience the same way another is able to, even if it may cost a little more. Spending a little more money to actually reach your intended audience is a lot less expensive than spending money to not reach your audience at all.

Not sure what medium is right for you or how to go about getting your message disseminated? Maybe you’re already wearing too many hats and don’t have time to figure out how to adjust your marketing for a better outcome next year. That’s OK. Consider hiring help to correct the course for your company.

What is a New Year’s resolution without goals? Nothing. So now is the time to develop some goals. Want to grow your business? Increase your sales? Cut expenses? Write it down. Then develop objectives (these are measurable) and tactics (ways you will go about achieving the goals).

And don’t stop there. Develop a way to track goals and the achievements. In other words, show your work – your results. This will enable you to chart your success throughout the year, rather than waiting until thousands gather in Times Square this time next year to reflect on the year in review.