New Year, New Goals
If growing your business is one of your goals for 2019, here are six key initiatives to start the new year off right:
- Focus on Your Customers. Who are your top customers? Are they loyal to you? What do you do to nurture the relationship? It costs much more to acquire new customers than it does to sell something to an existing customer. While customer acquisition is important in any business, you need to focus on the customers you have. Do you have strategies in place to nurture existing customers, such as staying in contact with them via an e-newsletter or letting them know about promotional events ahead of time.
- Customer Service. Ensure your customer service is exceptional and go the extra mile when you can. Your customers will not only remember great service they will also be more likely to refer other people to you.
- Identify new opportunities. Analyze new opportunities in your business by understanding your demographic better. Are there products or services you should add to your mix? Are there untapped markets that you can expand into? Has the competitive landscape changed? There may be new opportunities you could pursue immediately with the proper amount of planning. Put a plan in place to pursue those opportunities in 2019.
- Go where your audience is. How do you market? Where are your customers? What attracts their attention? How do they engage with you? What do they love about your product or service? Review your message. Do you market your business online effectively?
- Form Strategic Partnerships. Strategic partnerships can help you reach new customers. Look out for companies that are complementary to your own. Reach out to them, but make sure you understand how it is mutually advantageous. Attend networking events. Invest time to build your network. These relationships allow you to make connections and grow word-of-mouth referrals.
- Identify Resources. Find organizations that support small businesses. There are so many free resources out there, find a list of them at NWMO Sourcelink. You can also join trade organizations or other business support groups, including Cup of Joe. And remember, the Center for Entrepreneurship is always available to help you with free, confidential business coaching.
We at the Center for Entrepreneurship are excited about the new year and the possibilities it brings for your business. Give us a call to schedule a meeting and start planning for your business growth in 2019!
SAVE THE DATE: Entrepreneurship Week – March 25-29. Click here for more details.