10 STEPS TO CREATE YOUR BUSINESS PLAN

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10 STEPS TO CREATE

YOUR BUSINESS PLAN

You started a business, and it’s doing well only two years in. Now it’s time to expand, and you’re going to need funding to assist you in your growth aspirations. There are many paths to take for business growth, and you’ll need to articulate it in a business plan. The typical business plan is comprehensive and time-consuming. Beginning with research, there’s an inordinate amount of work and effort in preparing your business idea(s) for growth to your audience. However, when completed, it’s a work of art. You’ll customize it to captivate your audience so that when they assess and analyze it, they are comfortable with making an informed decision on your funding request.

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Your business plan is a navigation tool; it’s essentially a GPS for your business, and it’s important to clarify the best path forward for expanding. The content of your business plan involve critical thinking on your part, including facts, trends, and details that you’ll want to include to support your request for funding. Depending on the audience for your pitch, you’ll want to create your presentation accordingly.

Preparing a business plan is daunting. Take heart; there are some wonderful organizations available, such as SCORE and the Small Business Association (SBA), that provide mentoring and will help you bring your plan to fruition. A project of this magnitude takes an incredible amount of time and patience. Prepare yourself psychologically for a deep dive into the current health and future growth of your business.

When Do You Require a Business Plan?

  1. When applying for a business loan from a bank or through the Small Business Administration (SBA)
  2. When petitioning investors and members of the board
  3. When requesting commercial space for rent

What Resources Are Available to Help You Prepare a Business Plan?

There is a prescribed format for preparing a business plan, and writing one is a lofty undertaking. The good news is that there are many resources available to help you in the preparation. One that I highly recommend is the SCORE organization. They not only have a fabulous website filled with excellent business advice, but they have business plan templates and mentors available to help with writing the business plan. You can find these resources here.

Not to be forgotten is the large assortment of generic business plan templates that are right at your fingertips within the Microsoft Office platform. See what’s available here. Google has one that I’ve found online at this website.

Another great resource is the Small Business Association (SBA). The SBA is a federal government agency that has been in existence since 1953. According to Wikipedia, the agency’s activities have been summarized as the “3 Cs” of capital, contracts, and counseling. They are recognized for their loan programs, entrepreneurial development programs, and their educational centers throughout the United States.

For business-related particulars that are ambiguous, there’s a wealth of alphabetized information at the bottom of this website, which I highly recommend to help guide you with preparing your business plan. For example, you can click on “marketing plan,” and the link will inform you of all the elements to include in your marketing plan. If you need help with preparing your company’s strengths, weaknesses, opportunities, and threats (SWOT) analysis, the link provided will explain how to go about it, and you can also use the one that I prepared, which provides an extensive list of important elements for you to consider. Vitally important are Excel spreadsheets for your financials. They are available along with simplified instructions for developing a distinctive mission statement and persuasive value proposition that’ll attract customers, and convince lenders or investors that you are highly informed about your business operation and its growth trajectory.

Last, but not least, is Savvy Swan Communication and Marketing—that’s my operation! We can prepare your business plan from start to finish. Perhaps you need us only for specific sections. Please ask. We can formulate your marketing plan or create your SWOT after we do the marketing research. For a beautifully polished and impressive business plan, we’ll include graphic design features to help your tables, graphs, charts, and other important components stand out. Please fill out the contact form on our website.

What Is the General Format of a Business Plan?

A business plan follows a structured framework. The main sections of the business plan are as follows:

1. Title Page/Cover

This page has all the relevant information that identifies your business, including your registered business name, its physical address, and the company logo. It also displays the owner’s email contact information and the date of submittal.

2. Table of Contents

The table of contents details all the sections of your business plan. It is best to hyperlink all the business plan sections so that the reader can go straight to the section they want to peruse.

3. Executive Summary

The executive summary is a synopsis of all the sections of your business plan. Investors and bankers will often read it first to glean the substance of your business plan. The general rule of thumb is that the executive summary should be written last to provide a panoramic view of all the prevalent details contained within the business plan. Although the executive summary is an overview, it should be clear, concise, and compelling for the reader. Two pages in length is the customary standard.

4. Company Overview

The company overview is a window into your company and covers some basic details about your company that appeal to your audience. You need to draw the reader in, so use this section to add personality and intrigue about your amazing company! Structure the overview with a few sentences for each main topic. Introduce your company’s owner(s), the management team, and key roles. It’s important to include your registered business name, your company’s physical location and its business structure, that is, whether it’s a sole proprietorship, corporation, or alternative option. How does your company shine? Revel in its strengths. What makes it unique? When was it established, and what’s significant about its history? What’s the company culture like? Definitely include your company’s mission statement. What products or services does your company provide? What types of problems does your company solve for customers? Who are the customers you serve? What are the future goals for the company? Share your company’s vision statement when discussing future goals. Discuss the purpose of the business plan. Are you seeking start-up funds as a new business launch, or are you planning to expand by scaling the business? Briefly state your intention.

5. Industry, Market, Competitor, and Customer Analyses

This section of your business plan contains extensive primary and secondary research. It is an arduous task, but it provides in-depth insight of your business goals and reinforces your business planning decisions. You can find everything that you need for this analyses section of your business plan in this marketing cookbook, a 64-page free download from SCORE.

While this section of your business plan is painstakingly detailed, it furnishes your investors, bankers, or lenders with solid information that bolsters confidence in your request for funding, and it affirms your keen understanding of market and customer demand.

Pack this section with primary and secondary research sources and statistics to validate your credibility. Primary research is direct research, happening in the moment based on customer observations, and comprises contemporaneous questionnaires and surveys. This is expensive research to conduct. Primary sources of research in business come from annual reports, SEC filings, 10K reports, news releases, legal documents, interviews, blogs, press releases, tweets, corporate policies and codes, financial statements, promotional materials, meeting minutes, and market surveys. The Small Business Association has an excellent list of market research and competitor analysis resource links that you can access free. Primary research, because it’s costly and time-consuming, is usually avoided in favor of secondary sources of information. Secondary research draws on information provided from syndicated third parties, such as investment banks, industry associations, organizations, and company websites, among others. Practical ecommerce.com has a variety of research links available for secondary research, and I recommend the comprehensive list of research links found here.

a) Industry Analysis

The most effective tool for assessing an industry was created by the famed business strategy leader and author Michael E. Porter, Harvard University. He states that all industries and markets are influenced by five forces. MindTools is a good resource with which you can learn more about Porter’s Five Forces, and there are excellent internet templates available to analyze these forces and include in your business plan. I recommend the bevy of free templates available from Stretechi.com to delve into your industry analysis.

b) Market Analysis

Investors and bankers must understand your business to make a determination about your funding request. Market analysis that you have thoroughly researched provides bankers and investors with information about the industry as well as the markets in which you compete. Garner substantial information about your competitors in preparation for your competitor analysis. Much of this information is accessible in their respective websites, and there is a wealth of information available in online press releases and trade periodicals that describe their latest innovations or the types of markets they plan to enter. The website Toolsrush.com has a good list of research links for preparing your market analysis.

Include statistical information about your target market’s size, demographics, and consumer behavior. Your market analysis should be brimming with information about market demand and the potential to enter new or untapped market opportunities that you’ve outlined in your company’s SWOT analysis. Visit my earlier blog here for a sample of what to include in a SWOT analysis.

c) Competitor Analysis

Collect substantial information about your competitors from their respective websites; on sites such as Yelp, Hoovers, Dun and Bradstreet; in press releases, trade directories and magazine articles; and in social media. Set up Google alerts to send you an email when one of your competitors is mentioned in the media. On Facebook, you can discreetly set up “watch pages” on your competitors’ posts in the Facebook Insights section. Learn more about it from Social Media Examiner. The competitor analysis highlights the strengths and weaknesses of competitors within your market. After you perform an analysis of their strengths and weaknesses, exploit their weaknesses and develop barriers to prevent these rival firms from entering new or untapped markets. Be sure to analyze direct and indirect competitors as well as possible new entrants that compete in some of the same horizontal markets with you. They can potentially become fierce competitors in new markets that you wish to enter. Create your competitor analysis by checking out the numerous free online templates from Templatelab.com. Buffer.com, also has great templates and there are links that tell you exactly where to go to extract all the available research needed to produce an awesome competitor analysis. Select one to include in your business plan.

d) Customer Analysis

Your customer analysis section involves segmentation of typical customers you currently serve or plan to serve in the future. The information that you analyze has to demonstrate customer interest in your product or service in that it solves a problem or satisfies a desire or need. Your product or service may fulfill different needs or desires for different segments of customers, and many companies create buyer personas to get a better picture of the customers that they serve. Read and learn more about personas at usertesting.com. Customer segmentation starts with identifying the customer characteristics of your current and potential customer segments and analyzes the demand. Evaluate your customers by demographic characteristics. For individual customers, identify them by age, generation class, race, sex, ethnicity, geography, income level, education, social-economic background, family background, preferences, and trends. For businesses that you serve or plan to serve in the future, identify their characteristics by size, revenue, legal structure, capitalization, competitive status in the market, growth rate, business strategy, and any other information that illustrates the level of demand. Go to page 5 in the SCORE marketing cookbook to help you with your customer—target market—analysis, and visit PennState Extension to read and learn more about customer segmentation.

6. Marketing Plan and Sales Plan

The marketing plan describes the marketing mix in terms of the 7 Ps, which are 1) product, 2) price, 3) place, and 4) promotional channels through which it sells goods and services. Additionally there are 5) people, 6) processes, and 7) physical evidence that relate to the interaction that customers experience when encountering your business, whether online, on the phone, or in its physical space. Your annual marketing plan essentially includes the competitor analysis that you’ve created separately and your company’s brand positioning. It also details your company’s marketing goals, advertising and promotional activities, pricing strategy, marketing tactics, and marketing budget, among other detailed information. Visit Go Daddy to help you create your marketing plan. Of course, you can refer to the SCORE marketing cookbook (above) and visit the SBA website to lead you through the full business planning process (or you can contact us)! We write business plans and perform research, too.

Sometimes the marketing and sales efforts intersect and contain similar information. Ideally, the sales plan highlights the company’s unique selling proposition and details how the company plans to sell products to its target market, the distribution methods in which it will sell products, and the type of after-sales support or services it offers to customers, among other detailed sales strategies that you’ll use. Pipedrive.com has an excellent template and explanation of what’s important to include in your company’s sales plan.

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7. Operations Strategy

Your company’s operations strategy revolves around your company’s core business processes and its value chain. This section of your business plan should be highly comprehensive in describing how you create value for your customers. The idea of a value chain was pioneered by American business strategist Michael Porter. He provides a value chain method and a strategic tool that companies can use to perform this analysis. You can learn more about the value chain at this website (Investopedia.com), and from Harvard Business School. If companies find cost efficiencies in their value chain, they maximize value for their customers. This interactive tool helps you perform the value-chain analysis to include in your business plan, and there’s an in-depth look at what to include in your operations strategy here. Find a road map for formulating a value-chain analysis at the Simplicable.com website, too.

From a business management perspective, you should routinely look for opportunities to add value to your business through capacity of production, product development, market penetration, customer engagement, and supply chain, among other strategies that correspond to the opportunities highlighted in your SWOT analysis. Ultimately, you need to satisfy your customers; thus, special warehouses, equipment, and physical requirements (such as office space, machinery, labor, supplies) and inventory are of importance in meeting their needs. Other considerations are product line expansion, procurement, and logistics. Your operations strategy affects your company’s bottom line; therefore, effective processes and procedures are routinely scrutinized for efficiencies.

Also included in your operations strategy is your company’s value proposition, which helps differentiate your brand from competitors. A strong value proposition maximizes your company’s competitive advantage and its revenues. By continuing to create value for your customers, you sell more products or services and over time gain loyalists. Profits soar when your customers are happy.

8. Financial Documents

The financial documents are an important section in the business plan that demonstrates the financial viability of your business. These documents are often a bellwether for determining whether the business will receive the financing required from financial institutions, investors, or venture capitalists. Financial documents should demonstrate that your business is able to meet its financial obligations. The income statement, balance sheet, and cash flow statements, along with tax filings, determine the health of your company’s ability to repay a loan. Be sure to include financial documents from the last few months and the aging report.

9. Funding Request

In this section of your business plan, outline your funding requirements. Clearly explain how much funding you’re seeking, and specify whether you need the funds for future expansion, buy equipment or materials, pay salaries, or cover specific bills until revenue increases.

10. Appendices and Exhibits

The appendices and exhibits is the last section of a business plan. It includes tables, graphs, charts, floor or building plans, and any additional information that banks and investors may be interested in. Some of the information that may be included comprise lengthy or detailed market research, products/services offering information, marketing brochures, and credit histories.

We are business plan specialists. We help with preparing your business plan in its entirety, or we can prepare portions of it at your request. Contact us today!

Patti Kondel, CEO of Savvy Swan Communication and Marketing, has an MBA from the University of Massachusetts, Lowell, and an MA from Emerson College, Boston. Patti is a business and marketing strategist, brand booster, arts lover, yoga practitioner, content creator, and cookie connoisseur (the sweet variety—as well as internet cookies for marketing consumption). Let me help you trumpet your business to the world by contacting me today!

Savvy Swan Communication and Marketing is available for business opportunities around the globe. We also welcome related news, article submissions, and helpful blog post tips from our community. If you’re interested in submitting compatible content, please email info@savvyswan.com.

 

FIVE BUSINESS TRENDS TO ACCELERATE SALES IN 2022!

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FIVE BUSINESS TRENDS

TO ACCELERATE SALES IN 2022!

As 2022 takes shape, employee contentment is no longer an afterthought. You need conscientious employees to accelerate sales after “The Great Resignation” that unfolded during the pandemic. I’ve identified five prevalent business trends that are reshaping the way business leaders are doing business, and some center on keeping your reliable, hard-working employees enthusiastic about working for you.

1) Customer Service And Engagement

Customer engagement is a highly valued differentiator that many companies fail to recognize as an imperative in today’s market. Much of the contact between a company and a customer is made before and during the actual sale. Impressions matter. You’ll want to make sure your company’s values are put into practice during customer interactions and your customer service representatives are friendly, not aloof. Here’s an excellent article to help you  learn more about customer engagement.

After the sale, customer relationships wane if your company fails to provide effective customer support. Companies need to build a coalition across the organization, creating training seminars, establishing better processes and technology integration, and building good metrics for important insights on customer retainment. Remember, eighty percent of your current customers become repeat customers, and you’ll want to nurture those relationships. Loyal customers appreciate good service; it’s what keeps them engaged in the long term.

Customer service should not be a postscript to the sale; it should be an integral part of the customer experience. Company analytics that show excessive hold times, transfers, or other issues with customer engagement will require the customer service agent to promptly apologize and offer a discount for any difficulties that were remarkably averse to the way the company does business. The best companies monitor their customer interactions because loyalty is a precious commodity that shouldn’t be discounted.

2) Team Training And Individual Workshops

Retaining skilled employees is going to require some work on the part of the employer. Employees want to learn, grow, and stay relevant during rapid technological change and innovation. With each new skill set they acquire, they can contribute to the company in a more meaningful way. Supportive employers help their employees grow in their careers. Yes, there is risk in losing them to competitors; but on the flip side, if employees see how much you’re willing to invest in them, they’ll feel appreciated, and that goes a long way in terms of high productivity and loyalty.

Employee-training programs are an effective way to introduce employees of different departments to one another through collaboration and cross training. There are programs to discern individual skills gaps so additional skills can be taught. With each new learning module, employees hope to be recognized for promotions. They resign when they feel ignored or undervalued. It’s critically important that employers improve job satisfaction for their employees. This improvement can start with online technology to keep your employees abreast of new product introductions or promote team-building opportunities.

A supportive work culture and a commitment to keeping your employees happy and engaged can save you money. One of the highest costs a company experiences is attrition. Finding and training new employees to take on the role for those who have quit involves many hours of personnel intervention: phone screens, in-person interviews, testing, and so forth. Employee morale and job satisfaction are important components for a happy workforce. Employees who improve upon their skills feel fulfilled in their career growth, and knowing the company values them as employees increases the likelihood they’ll stay with the company. Work with employees to build their skills, and promote from within, and you’ll avoid the costs that come with attrition. Here are some great examples of the types of training taking shape in the workforce in 2022 that your employees will love.

3) Video In Shorter Segments

With increasingly shorter attention spans comes the need for marketing consumption in shorter video segments. Customers are expecting bite-size bits of information rather than a big gulp as in previous years. This means video messaging has to be short and targeted to your customers. If you miss the mark, you’re likely to lose a customer to one of your competitors. Today’s customers have no time to dawdle and hang on to a marketer’s every word. They want the meat-and-potatoes version of your promotional ad (minus the fillers), or they’ll ignore it. They want to learn about the most important features and benefits of your product quickly and then make a purchasing decision. The quicker your customers get the necessary information, the quicker the sale. Today’s video promos should be like attention spans—short and sweet. Ask us about all your advertising video campaigns. Let’s collaborate!

4) Flexible Work Models

The disruption that occurred during the COVID-19 pandemic resulted in reinvention and decisive acceptance of remote work that was previously inconceivable. Now that workers have experienced working remotely, some have embraced it as a means to avoid their insane hour-long commutes. Although productivity was a nonissue during the start of the pandemic, some employees missed interacting with their coworkers. Dissatisfaction, depression, and the social isolation of working remotely became more prevalent as the pandemic continued longer than expected.

Many companies have found success in flexible work models. The hybrid model involves splitting employees into two groups and having some work remotely while others go into the office, occurring in rotation. Unprecedented employer flexibility has brought about happier employees. With a happy staff, productivity soars; there is less absenteeism; and, consequently, there’s cost savings to companies’ health care premiums.

Digital tools such as Slack, Zoom, and Microsoft Teams became the cornerstone of new work models, enabling seamless collaboration and project coordination. They will continue to costar in remote and hybrid settings to enable productivity. Both employers and employees learned that the sky didn’t fall during the pandemic and that work can continue at home and virtually anywhere.

The adaptability and flexibility to new modi operandi is a trend that will continue into this year and beyond, and new flexible work models will emerge that previously would have been off the table if not for the pandemic.

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5) Wellness As A Central Companion

Employees are exhausted. The prolonged pandemic has weighed heavily on everyone’s mind. Employees are pondering how they map out their future and their purpose. This is a time when everyone needs a little kindness and encouragement. Savvy companies that want to retain their greatest assets—their employees—will include wellness in their benefit packages. It’s not just about covering the costs of a hospital visit and surgical procedures; it’s about avoiding these situations and making wellness a central companion to your company’s purpose.

Companies have had to become agile and flexible during the pandemic, and flexibility is the only way forward, not just with work models such as remote and hybrid but with attitudes. Employers must show a little kindness to their employees and be more accommodating. Allowing your employees the opportunity to develop healthier lifestyles with an employer-designed wellness program that encourages employee participation on-site is another way to be flexible. It’s mutually beneficial to both the employer and the employee because your company’s purpose is to decrease absenteeism and lower the costs of medical premiums that affect your company’s bottom line. Bring the gym and on-site yoga to the workplace. Allow employees some time away from their desks to take advantage of wellness activities.

There are myriad activities that help employees reach their wellness goals. Many of these activities can be incentivized through weight-loss competitions where the top winners get a gift card or a special parking spot close to the door for a month. Health screenings, smoking cessation, and yoga programs are strategies to encourage employees to consider their wellness path and make positive steps toward better health. Productivity soars when employees feel well and are happy. If you want to accelerate sales, boost your company’s wellness offerings.

With the end goal of companies lowering medical premiums and cultivating a happier, healthier workforce, there’s compromise on the part of the company, but in reducing chronic disease, the true recipients of improved wellness are your employees.

Volatility will continue to influence business trends and bring about change in the workplace through 2022. Disruption in business often leads to profound technological change, innovation, and new business models that can spur growth and accelerate sales. Will you be ready strategically when golden opportunities transpire?

By Patti Kondel, CEO, Savvy Swan Communication and Marketing, MBA from the University of Massachusetts, Lowell, and MA from Emerson College, Boston. Patti is a business and marketing specialist, brand booster, lover of the arts, yoga practitioner, content creator, and cookie connoisseur—the sweet variety—and for marketing consumption, Internet cookies too! Let me help you trumpet your business to the world! Contact me today!

Savvy Swan Communication and Marketing is available for business opportunities around the globe. We also welcome related news, contributing article submissions, and helpful blog tip posts from our kindred community. If interested in submitting compatible content, please email info@savvyswan.com.

 

EIGHT NEW YEAR’S RESOLUTIONS TO IMPROVE YOUR BUSINESS IN 2022

 

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EIGHT NEW YEAR’S RESOLUTIONS

TO IMPROVE YOUR BUSINESS IN 2022

Over the past 12 months, your business has probably seen its share of ups and downs. The new year brings with it an opportunity to analyze your financials, review your company’s goals, and incorporate those goals into your business plan. Marketing is instrumental to sales, therefore, it is crucial to examine the marketing strategies that did and did not work well in 2021 to ensure expensive ones that weren’t highly successful won’t be repeated. Your company’s business and marketing plans are living, breathing documents that you must always review and revise throughout the year according to market trends and changes.

To coincide with your business and marketing plans, you should continually revise your strengths, weaknesses, opportunities, and threats (SWOT) analysis; take advantage of your company’s internal strengths; minimize its weaknesses; and acknowledge outside threats that may affect it while looking for opportunities to grow in 2022. In this post, I present my take on important business resolutions to consider for 2022.

STARTING ANEW IN 2022

1. Revise your company’s business plan.

Your company’s business plan is always a work in progress, but the new year happens to be a perfect time to discuss what decisions worked well and which ones fell flat and were counterproductive for your company. Looking toward the future, consider what it takes to be successful in business in 2022. Professor Michael Porter of Harvard University has devised standard strategies that work universally, such as cost-cutting and differentiation.

By offering something unique and providing value in a product or service that competitors aren’t providing, you can become a market leader. Many indicators in your business plan this past year require prudent thought, beginning with your company’s finances, income statements, balance sheets, and cash flows. Look to the past and decide how this year’s decisions will improve your business in the upcoming year. Can you focus more intently on your core competencies? Are you in a position to offer rewards for customer loyalty? Can you scale your operation by forming partnerships or expanding into new territories?

What major trends are reshaping your industry and marketplace? What governmental, economic, technological, and cultural changes pose a threat to your company’s survival? Your decisions include risks, complexities, and new prospects, but a deep focus on your past financials, markets, customers, competitors, and operations should be at the crux of your business plan. The SWOT analysis tool provides additional business intelligence to support decisions and strategies that form the basis of your business plan in the new year. Feel free to use the SWOT I created in a previous blog post as an outline to create your own.

2. Revitalize your company’s marketing plan.

When reviewing your company’s marketing plan over the past 12 months, you may have noticed some marketing campaigns didn’t work as well as expected. Perhaps your marketing strategies weren’t successfully executed, or maybe certain customer segments didn’t accept them. Was your marketing message clear? Did you set aside enough funds to execute an effective marketing strategy so it reached your audience? Was your ad frequency too low to generate enough traffic to lead to a sale? Was your offer valuable, understandable, and relevant to your customers? Did your marketing advertisement grab attention and stand out from your competitors? Were the marketing channels used to broadcast your message relevant to your target customers? Here are some great strategies to consider when preparing or updating your company’s marketing plan. Marketing shouldn’t be puzzling. Sending your customers an online survey helps you understand their desires. With a brief survey and an incentive to complete it, you’re likely to get more responses and remove guesswork so you can provide customers with targeted content.

 

The professionals at Savvy Swan Communication and Marketing help small businesses create their own strategic business plan and marketing plan. If you’re interested in learning about our services, contact Savvy Swan Communication and Marketing here.

3. Clean up your customer databases, bounced emails, and mailing addresses.

If you send out Thanksgiving, Christmas, or other holiday e-cards and have noticed your email bounce rates have increased over the past 12 months, now’s the time to research and clean those lists. It’s easier to amend lists on a monthly basis, but the reality of running a lean business means there simply aren’t enough employees or hours in the day to prioritize this task. For some small businesses, the last week in December tends to be slower.

Many companies shut down, which gives you more time to research LinkedIn and Yellowbook to fix email errors and note physical address changes. In my small business, I find making time for this task at least triannually helps with accuracy and lessens the number of bounced emails and paper mail returned when I want customers to recall doing business with me. Customer relationships are vital. You want your customers to remember you as a valuable resource, so it’s wise to refine your databases, email addresses, and postal mailing lists before sending out annual holiday correspondence or e-cards.

4. Find more sales leads.

Selling goods and services is how businesses make money and stay afloat. How will you acquire more sales leads this year? You can begin by asking your current customers for referrals and offering a discount on their next order. Maybe you could ask for leads from business associates who have provided your company with services. Another great avenue by which to acquire services or potential leads from your existing customers is through hosting webinars or workshops highlighting potential solutions for those customers. Financial investment firms often offer free dinners; while dinner’s served, they present their service offerings, and you get to engage with them afterward if you choose to use their services.

In finding more leads this year, expand your social media networks to broaden your company’s reach and brand. Choose the platforms that are most appropriate to your business, such as LinkedIn, Instagram, Facebook for Business, and Twitter.

Email marketing is still an effective and efficient way to reach potential customers. Remember to use sequential marketing emails for each step in the buying process and end with a call to action.

Using paid ads—or pay-per-click on Google—is one of the best ways to generate leads. Alternatively, you can earn free leads through organic Google search results if your website achieves a high ranking. To get a high ranking with strategic search engine optimization (SEO), you should pay an SEO company to build backlinks and try other SEO approaches monthly to help you climb in the most popular search engines.

Take advantage of the many free online directories in which to build a list of potential customers. Although online directories are broad, they’re worth exploring to determine whether you can exploit these leads for your products or services. Find an excellent list of online directories here.

5. Explore options for automation.

Automation is important in manufacturing and service-based industries. In all business sectors, automation is inevitable. The early adopters can enter new areas outside their core competencies, which could intensify competition, create technological leaders, and separate them from industry laggards. You’ve seen it in the automobile manufacturing industry, starting with Toyota and the hybrid vehicle, and now with Tesla and electric self-driving cars.

Automatic technology has been brought to many industries so that laborious, repeated processes function automatically, which reduces the toll on workers. You’ve experienced self-checkout at food chains and supermarkets, self-serve digital banking, and self-managed online hotel and flight reservations. Because of the pandemic, customers have flocked to contact-free businesses, which they’ve received particularly well in the hospitality industry.

Take the hotel service industry as an example. Before the internet, clerks had to respond to phone calls, answer customers’ questions, collect payments, and organize room data on multiple platforms. Now, service management automation software allows you to accomplish all these tasks, which frees up labor hours for staff to respond to more complex questions and provide customers with greater personalization. Where there are limited substitutes, unique customer information helps businesses create protective competitive barriers.

Customizable information provides a distinctive experience for customers that is tough for competitors to replicate. Superior customer service in the service industry truly matters because it fosters unwavering customer loyalty and recurring business. Automation provides convenient and cost-effective solutions to improve the customer experience, reduces labor and transaction costs, and increases profit margins. Although once completely face to face, the hospitality industry has found that a hybrid of direct-facing interaction and automation offers flexibility and the ability for lodgings to cater to a wide variety of guests.

Business plan

In manufacturing, automation helps companies develop new products quickly, standardize processes, improve labor productivity, reduce labor costs, and increase the production rate as efficiency wanes. Frankly, repetitive processes are boring, exhausting, and irritating. Automating repetitive tasks increases employee job satisfaction, reduces manufacturing defects, and contributes to consistent product quality.

Human error lends itself to quality control issues that can lead to costly mistakes if not noticed immediately. For manufacturers, the benefits of automation are often intangible. Having a prestigious reputation in the community builds trust, and great labor relations help avert the high costs associated with employee turnover. Intangibles are often overlooked, but they are of immense worth in terms of competitive advantage.

6. Achieve a better work–life balance.

The ideal work–life balance varies from person to person, and having diverse programs in which you can participate either at or outside work is of benefit for both employees and employers. A poor work–life balance produces high stress levels, which have a profoundly negative effect on the body. Research has indicated that chronic stress can cause some of the following health problems:

  • Weakened immune system
  • Fatigue
  • Heart disease, heart attack, high blood pressure and stroke
  • Sleep problems
  • Weight gain
  • Memory and concentration impairment

Studies have also shown that employees’ chief complaints about their work–life balance are caused mostly by the following:

  • Work beyond standard business hours
  • Rigid work hours
  • Long commutes
  • Being a parent

Yoga, Pilates, massages, mental health counseling, meditation, and other health modalities can help people with their emotional and physical health, and improved physical health increases employee morale and productivity, which benefits organizational behavior as a whole. When employees enjoy a healthy work–life balance, employers experience less absenteeism and reduced health-care costs (one of the steepest expenses for most companies).

If your workforce is truly your best asset, then tell them so. You can show your appreciation by investing in a flexible approach to employee wellness programs. With a happy workforce, you’ll have reduced turnover and hiring costs. That means you can invest more financial resources back into your business—and save on health-care costs.

7. Update processes and procedures.

Inefficiencies hide among your processes and procedures. When you tackle inefficiencies, you save a tremendous amount of time and money. Talk with your staff about repetitious tasks, inconsistent processes, eliminable loops, and obsolete or outdated procedures. Consider technology—no one uses floppy disks anymore. If one of your procedures describes a floppy disk, then it’s time to refresh your policies and procedures with your current method.

As the year ends, it’s a solid idea to schedule some time to revise your policies and procedures. Make sure all your policies and procedures comply with new innovations, technological changes, laws, regulations, and mandates in your industry. Legal matters may arise that call into question your policy and procedure guidelines, so it’s important to keep them up to date.

According to leading research and advisory company, Gartner, Inc., organizations will lower operational costs by 30% by combining hyperautomation technologies with redesigned operational processes. Keeping current with your industry’s latest regulations, technologies, and best practices saves labor and operations costs because you find efficiencies; help your business avoid legal hassles; and protect your company, workforce, and customers.

8. Write an informative article or blog.

An informative article or blog can educate your customers and set up your company as a credible expert in the field. Rich blogging content helps build your online brand and becomes powerful if it resonates with enough readers—especially when they share it with their social networks. Blogs can broaden your audience, build a reputable opinion of your company, increase your potential for expanding your customer base, and promote your company’s products and services along the way.

Blogs offer many opportunities for monetization and can be a great sideline, although there is considerable time involved in terms of researching, writing, and publishing them. To learn more about generating money from your blog, check out this excellent article from Forbes.

For a newly established business, part-time business entrepreneur, or sideline blogger, a blog is a great way to start the new year. Many platforms are free, but some have more features than others. To learn about available blogging platforms, here’s a fantastic list.

As you begin the new year, we at Savvy Swan Communication and Marketing wish you a wonderful and prosperous year ahead. Remember, you can contact us anytime with questions related to our areas of expertise: strategic marketing, brand management, marketing communication, and desktop publishing. You can learn more about us by visiting our website at https://savvyswan.com/.

Patti Kondel, CEO of Savvy Swan Communication and Marketing, has an MBA from the University of Massachusetts, Lowell, and an MA from Emerson College, Boston. Patti is a business and marketing strategist, brand booster, arts lover, yoga practitioner, content creator, and cookie connoisseur (the sweet variety—as well as internet cookies for marketing consumption). Let me help you trumpet your business to the world by contacting me today!

 Savvy Swan Communication and Marketing is available for business opportunities around the globe. We also welcome related news, article submissions, and helpful blog post tips from our community. If you’re interested in submitting compatible content, please email info@savvyswan.com.