With Christmas just around the corner it’s time for ambitious entrepreneurs to turn their attention to their hopes and dreams for 2018.
If you’re a sole trader or small business owner hoping January will signal your year of success read on for our tips…
Create an up-to-date business plan
No matter whether you work alone or have multiple staff, a business plan must grow with your business and be updated regularly to take account of any changes to staff, customers or suppliers. If you have high hopes for 2018 then be clear about what you want to achieve and realistic about the action and resources needed to make it happen. A business plan will help you stay on track and realise your ambitions for the year ahead.
Manage your cash flow
Tens of thousands of small businesses see their loan applications rejected by the banks every year which leaves them unable to fulfil their full potential. Figures from the British Business Bank (BBB) reveal there’s still a large group (38 per cent) of smaller businesses that give up after being rejected by the first financial provider they’ve applied to. It well worth doing your research on alternative finance options such as asset finance to help you manage cash flow and achieve your growth plans.
Stay on top of productivity
It’s been revealed that the productivity of UK workers fell in the three months to June despite the chancellor highlighting it as a priority in his last budget. Don’t let it slow your business down and stand in the way of your aspirations for 2018. Create a positive, relaxed environment for staff and review their performance regularly to ensure that your expectations and their understanding are aligned.
Listen to your customers
If you’re ready to drive your business forward in 2018 then listening to your customers is key. Try holding focus groups, sending feedback forms and online surveys to help identify how to improve and grow your customer base.
Follow these tips and who knows? This time next year…