The New Year is a great opportunity to evaluate your small business processes, regulations, and plans to make sure you are running your small business as efficiently and effectively as possible. Here are some small business tips to help you start your business planning process for 2018.
Small Business Tip #1: Perform A Competitive Analysis
A competitive evaluation will let you decide your business’ strong points, flaws, and opportunities in comparison with your top competition. “Have a look at their rating, website, brand strategy, social media presence, business model, customer list, and anything else that may be relevant. Understanding your competition’s strengths and weaknesses help you to brainstorm new ways to differentiate your small business in the forthcoming year.
Small Business Tip #2: Evaluate Your Cybersecurity
Big businesses like Equifax aren’t the only businesses susceptible to the emerging risk of cyberattacks. According to a study by Nationwide, 58% of small business owners surveyed have experienced a cyberattack, and as per the survey, it can take more than six months and over $100,000 to recover.
In keeping with Nationwide, almost 90% of cyberattacks start with phishing scams in which email users are tricked into provide log-in credentials reluctantly. Cybersecurity training and education can be a valuable as you are heading into 2018.
Small Business Tip #3: Review Your Business’ Credit
Dun & Bradstreet is the industry leader in business credit reporting. in case you haven’t established a DUNS number, 2018 is a great time to do it. Taking steps to build up your small business’ credit history. Signing up for a business credit card can assist your small business establish a credit history and profile. This is essential as the business grows and has financial requirements which include securing a line of credit or loan.
Small Business Tip #4: Produce A Marketing Plan
Effective marketing strategy is planned in advance and primarily based on preceding data, so evaluate last year’s sales trends to determine opportunities for 2018. Have a look at the monthly expenses and sales of your small business to decide when you need to run the promotions and offer discounts.
Small Business Tip #5: Review Your Financials
Make certain that you are taking advantage of available tax benefits by reviewing your financials with your accountant in the beginning of the year. Things are changing from year to year in terms of how you run your business, and how the government evaluates the taxes and benefits.
It is quite hard to keep up with on your own, so get in touch with your accountant and tax professionals to see wherein you can save with what you’re already doing or make changes to save more in the coming year.
Small Business Tip #6: Improve Your Online Presence
The end of the year is an excellent time for you to not only update your website, but additionally you can review your analytics and social media strategy. Google Analytics and social media metrics can offer valuable information regarding how people are finding what they want and the use your website and the how you are engaging and targeting your customers online. You can use these things to update your business website, the subjects that you are running a blog on, and what you are speaking and sharing about on social media platforms.
Following these tips to start your new year, not only make your business process easier, but you can also get lots of advantages in the future.