Eight in 10 entrepreneurs are optimistic about their own business prospects for the coming year and half of this group are ‘very optimistic’ about the next 12 months, according to a new report from Smith & Williamson.
All the answers to your unique business lifestage questions
Every business wants to increase headcount in terms of clientele. But, it is important to take a step back to reflect on the past year, see what worked and what can be improved for this New Year. Here are some factors for you to consider:
Think of how you can disrupt in your industry
Blow your customers away with your service and products, and this can be done by doing things differently. It is important to consider what is said and done and important to know how they are doing it.
Related: Your free 7-step business action plan
Leverage ecosystems and networks that work
No business stands alone or moves forward alone. Every business owner needs support if you plan to dominate your market. Having the right partnerships is important.
Understand the laws of reciprocity
Create value for your employees and clients. Richard Branson said: “Take care of your employees and they will take care of you.” A large percentage of your business success is how you treat your employees. They have the word of mouth on how good or bad a business owner or manager you are.
The respect you give your employees will determine the effort they put in to make your business a success. By taking initiative and creating value for them, you are almost guaranteed that they will create even more value for your support.
Related: Is your business plan working against you?
Develop goals that lead to the next level
Each goal that you set should be SMART goals that are specific, measurable, attainable, realistic and timely. Time is one very important aspect that cannot be recovered once lost. Make use of your time wisely to get the goals set for the day done.
Super-size your profit margin
Make a conscious decision to know if you need to rebrand your business. This includes consistency, being innovative, approachable and reliable.
During the course of running and growing your business, you will need access to both short-term and long-term cash savings to pay salaries, suppliers, or even to save for a future project or large payment. Standard Bank provides a range of flexible Savings and Investment solutions, with competitive interest rates, to help you meet your business’s savings and investment needs.