It is a New Year- in a sense an empty book with 366 pages to be filled. There are different plans in motion to make it a successful one, and business owners are not left out.
2019 brought many challenges and opportunities to businesses like the restriction of FX for importing certain items, the AfCFTA signing, Border Closure, CBN’s directive for banks to lend more, the introduction of new finance bill and tax regime, Visa-n-arrival policy, and Stamp duty and Bank charges review, among others.
The New Year comes with renewed energy and anticipation for endless possibilities.
Some of the themes that will shape 2020 for businesses include possible subsidy removal or review, electricity tariff adjustment, anticipated re-opening of borders, possible VAT hike, faster economic growth, possible increase in bank lending, and so on.
Inevitably, there is a need to reflect on the activities of the previous year and to set goals for the present year.
Here are some tips for entrepreneurs in the New Year.
Read also: The biggest waste of money in 2019
Reflection: there is a need to reflect on the activities of the previous year and take note of things well done and things poorly done. Evaluate your mistakes and successes, this will serve as a guide to know what should be done as well as what should be avoided going forward this year. Review your business model and operations and make necessary corrections.
Set goals: after reflecting and making necessary evaluations, it is necessary to draw up targets, goals, objectives and develop projections to be achieved this year, for effectiveness, it is better to draw up the goals on a quarterly or monthly basis, this is more realistic and sustainable, also, it will aid in tracking the progress made during the year.
Prepare: make preparations for possibilities, be updated with global and economic activities, understand the latest business trends, learns necessary skills and acquire relevant certificates. This will help in making you and your business grow
Finances: funds are a crucial part of any business, avoid past mistakes and draw up a sustainable budget targeted at business growth and whatever profits are realized should be ploughed back into the business. Furthermore, cut cost when necessary
Expansion: make moves to grow the business, Consider hiring temporary staff or interns during busier times to help save on overall costs throughout the year to ensure effectiveness and efficiency that will guarantee customer satisfaction.
Improve marketing strategy: the abundance of competitors in the market, as well as other products, requires business owners to be continually innovative and proactive. Employ simple, affordable, and creative measures to remain distinct from competitors and endear yourself and your products or services to clients. Grow your network and daily pitch your business to no less than three people also fully utilize the use of social media in a way beneficial to your business.
Engage in a regular activity of studying other businesses and entrepreneurs, copy what works for you and sift the advice you take.
Give yourself a break when necessary:
While you are working on growing your business, ensure you grow yourself as well, engage in healthy activities and give yourself a break when it is deserved.