Steps to take for a successful year ahead

If you’ve decided to revisit your business planning, you’re already taking a proactive step toward setting your business up for success. Whether you’re aiming to strengthen your market position, improve operational efficiency, or explore new growth opportunities, having a clear and actionable strategy is essential.

To help you get started, we’ve outlined five practical ways to reinvent or fine-tune your approach so you’re better equipped to navigate challenges and capitalize on opportunities in the year ahead.

Step 1: Act as a New Start-Up

Imagine if you could start again. Decide which parts of your business you would change to build a new, stronger business on the foundations of the old one. Think about what you would do differently and visualize how the business would look.

You may want to:

• Delete unprofitable product or service lines
• Introduce new products or services that are experiencing growth
• Close down parts of the business that are no longer profitable
• Change the expertise mix of your staff, even letting some go
• Invest in new research and development

Investigate whether you can expand your offerings by adding something new or using a different approach, such as trial offers, free samples, special pricing, or added services. If you identify new opportunities in a defined target market, consider pivoting part or all of your business to meet that demand.

Step 2: Employ Low-Cost Marketing Techniques

Bootstrap how you promote your business by finding inexpensive ways to get in front of customers. Review past promotional efforts and identify which delivered the best results. Rank them from least to most expensive and start with the most cost-effective options.

Low-cost marketing ideas include:

• Contacting likely customers directly by phone
• Increasing your presence on social media
• Using email campaigns for your existing contact list
• Building word-of-mouth by encouraging referrals
• Using virtual meetings to reach customers outside your normal service area

Many of the most effective small business marketing strategies take more time than money—something you may have more of during challenging periods.

Step 3: Sell More to Existing Customers

It is often easier to sell to existing customers because you already have a relationship and track record. Ask what they need and consider offering incentives such as discounts for prepayment or early access to new products and services.

Additional strategies include:

• Using accounting software to identify and reconnect with inactive customers
• Analyzing buying behavior to offer complementary products or services
• Running product demonstrations

Review your costs and pricing carefully to ensure each sale is profitable. Extra revenue from low-margin customers with high costs or returns will not support long-term growth. Focus on the 20% of customers and products that generate 80% of your sales.

Step 4: Find New Customers

If sales from existing customers decline and your business cannot quickly pivot, focus on acquiring new customers by:

• Selling online by adding an e-commerce option to your website
• Using third-party marketplaces or industry-specific platforms
• Promoting products and services on social media
• Forming strategic alliances with complementary businesses

New customers often resemble your existing ones. Define your ideal customer profile and research where they spend time and how best to reach them.

Step 5: Explore New Business Models

To maintain cash flow and uncover new opportunities, consider adjusting your business model.

Examples include:

• Selling online if you don’t already
• Targeting growth segments such as government, military, education, or healthcare
• Creating a specialized platform or hub to connect buyers and sellers
• Subcontracting services to other businesses for short-term projects
• Selling your expertise online by the hour

If you decide to make significant changes, involve your staff, advisors, friends, and family in the planning process. Seek professional advice if decisions may affect your financial well-being.

Next Steps

• Identify which steps align most closely with your business goals and focus first on those with the greatest immediate impact.
• Share your plans with your team and encourage collaboration and ownership.
• Set clear objectives and regularly track performance, making adjustments as needed.
• Reach out to industry professionals, mentors, or advisors for guidance and fresh perspective.

Over the next twelve months, much will change. Be proactive by deciding where to invest your time and money, then implement and test your ideas quickly to learn what works and what doesn’t.

This content is provided for general informational and educational purposes only and is not intended as financial, legal, or investment advice. Individual circumstances may vary. For guidance specific to your situation, please consult a qualified professional.