Once you’ve laid out and executed your business plan, you might set your sights a little further in the future and plan to make next year your most successful year yet. To chart your course, try these five suggested updates that can take your local business to the next level.
Take control of your web presence
Some research suggests that most shoppers do online research before making a purchase, even if they intend to buy something in store. Do your business a favor by appealing to those shoppers and communicating the most vital information about your business online.
Make sure your website conveys what’s valuable about your products or services and that the writing’s free of typos. If you don’t have a website already, you can set up a Facebook business page with your contact information in less than 5 minutes, and use it to stay in touch with your customers.
Reevaluate your operating costs vs. your revenue
Having revenue outstrip costs is perhaps the most important objective of a business. In 2019, you can improve your margins by finding ways to lower costs. Take a close look at what you spend on contracts — everything from your phone carrier to your accountant — and make sure you’re getting maximum value for your money.
If you run a retail business, you could also boost revenue by rethinking your assortment: stocking fewer of the slow-moving items and more of the top sellers. You could also evaluate the market to see how competitors have evolved. Do some research about other businesses around yours and evaluate your finances to see what price changes might be possible.
Beyond simply knowing what your industry is, your friends should understand what makes your business compelling. When you talk about work in 2019, try to explain it to them in a natural way. By starting with the people closest to you, you may be able to boost word of mouth for your business, as this story in The Business Journals suggests.
Make sure your friends understand what you do
Beyond simply knowing what your industry is, your friends should understand what makes your business compelling. When you talk about work in 2019, try to explain it to them in a natural way. By starting with the people closest to you, you may be able to boost word of mouth for your business, as this story in The Business Journals suggests.
Write or revise a local business plan
A business plan is an ever-changing blueprint for your business, and having one makes everything easier, from finances to staffing to communications. Get yours in fighting shape for 2019 — read our tips on updating your business plan.
Make community connections
The primary reason people shop local is to support the community. In 2019, play to your local business’s strengths by giving back to a local cause. In addition to raising money, you might also build connections in your neighborhood by volunteering your time, as this story in Forbes proposes.
Every local business is different, so you may decide to combine a few of the above or aim for something else altogether. The important thing is to look for opportunities to improve and grow, because when local businesses are thriving, then whole communities thrive. That’s what our local business revolution is all about.
