That being said, here are common business objectives you may want to consider for the coming year.
Growth is typically on the top of the list for every small business owner. However many of them don’t actually take the necessary steps to make that happen. As the year comes to an end this is the time to really set the stage for growth through your sales funnel.
A sales funnel is a sort of map. This map shows different purchasing options for your customers depending on what stage they are in. Here is a very basic one from my business:
After consulting with professionals, you can find new ways to upsell to your existing clients and get new ones.
The reason it’s important to map out sales funnels for your business is that it can help you better predict cash flow. For example, I know what percentage of partners, affiliates or consultants I can convert to paying clients. From there, I know what percentage of potential customers I can convert to actual paying clients. This allows me to better plan my cash flow and my finances.
In order to get people into your sales funnel, you need to be visible. This looks like increasing your social media following, getting media attention and running smart ads.
Where you decide to increase your visibility depends on what’s working in yours and other businesses. For example, I know I can convert Instagram followers into email subscribers and customers, so that’s where I focused a lot of time and money in 2019.
Another way to create more predictable cash flow is to upgrade your systems. For example, make sure your payment systems are working in order for you to actually get paid. In addition to that, you may want to consider some of your payment policies to ensure you can better plan your finances.
Other systems you may want to consider improving include email marketing and client relationship managers. Or maybe it’s as simple as updating policies for your team and how you answer the phone to how to automate your order process... document your processes to show where they can be improved.
I can’t even tell you how many business owners I talk to who think they only need to do market research once. The truth is you need to be in constant communication with your market so that you can continue to improve your products, marketing and ultimately, your sales.
In fact, if you only implore one of these business objectives for 2019, let it be this one. Truth be told, this is the one objective that will help you determine what you need to do with all the others.
For better or for worse we’re living in the time of constant innovation. Good news is there’s a ton of new technology every single year that can benefit your business. Bad news is that it means you may have to replace some your old systems with new ones.
Hire a IT Consultant - Let PCS be your consultant to help with your process
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Don't leave your technology solutions to fate
If you have the time you should check out our managed services to see if you’re up to speed on the latest technologies available. Here are a few tools you may want to check out before going into the New Year: (Keep in mind that FREE is not always the best as you give up something for free tools)
Choosing your business objectives now can help you plan for a better 2019. The only word of caution is that you don’t try to meet too many objectives at once. These things don’t happen overnight, so focus on the one or two objectives you know you need to focus on in the next 12 months.