Positive thinking for your small business in 2013 / 2014
I know that the Wampit blog might be as guilty as any other, for bringing you increasing bad news concerning the challenges faced by small businesses in the current economic climate. But we also like to think that we do a good job of balancing this with positive news and good opportunities when we see them.
Now would be a good time to fill you with positive thoughts as you start to look towards the end of 2013 & the start of 2014!
We know, that there is nothing particularly jaw-dropping about our ideas, but we believe that there is some real value in giving these points some of your precious thinking time:
1. Remember what you do best
The New Year is a great time to take your business back to basics. Think about why you created the business in the first place, what your business is really all about, and what your business does best.
It’s easy to get sidetracked as a business owner, especially if you have been focusing on other ways to develop the potential of your business. So this might be a good time to concentrate on your core business.
2. Make a business plan for the remainder of 2013 / 2014 (…and beyond)
Do you regularly revisit your business plans and re-plan your activities for given periods of time? If not, then maybe now is the right time to look at your plans. Try not to see this as a stressful activity, but as a stake in the ground. It’s a good idea to create a living document, a plan that you can develop and add to as the business year progresses.
3. Consider your costs
You might have spent 2012 in the cutting-back mentality and perhaps quite rightly so. However, as part of your planning process, you should confirm that you are cutting costs in the right areas, and indeed, that you have cut all unnecessary overheads. Take care to view the bigger picture on this one; all cuts need to be carefully considered.
4. Review marketing
You may have already got into the habit of minimising your costs and trying to cut down on spending in areas such as marketing. Now could be a good time to think about re-investing in some sensible marketing for your business. You should probably assume that you’ll need to come out fighting for your business in 2014, and perhaps your budget plans should reflect this.
5. Staffing and recruitment
The ability and willingness to delegate is a skill, and can be a massive step for small business owners. If you are used to being in control, then knowing when to let go can feel unknown and completely unnatural. However, think about the benefits that getting some help could bring you, even if it’s just on a part-time basis. It’s possible that delegation could give you the opportunity to do other positive things, such as finding new business, developing new ideas or taking time out for a holiday.
If you have no existing staff to delegate to then maybe 2014 could be the year for you to recruit some help? Becoming an employer is a big step, so make sure that you take time to do some thorough research.
We hope that these five ideas have given you food for thought as you reflect on the past year and look towards a new one, and we hope that the rest of this year and 2014 will be a prosperous one for you and your business.