Regardless of what industry you’re in, each new year brings the promise of exciting opportunities for growing your business. There are new, bigger goals to reach, new markets to tackle, new clients to bring on board, and so on. But all that possibility can be overwhelming. When you’re already bogged down in the day-to-day details of running your business, it’s hard to find growth opportunities. Start small and focus on a few specific goals. Here are some tips on how to get started.
Get Ready For Tax Time
It can be tempting to put your tax prep off, but there is no benefit to procrastinating. If you haven’t already, set up a meeting with your accountant to prepare your taxes and get all of the necessary documents and information together. And, of course, remember you aren’t in this alone. Your accountant can carry much of the burden for you, and there is great payroll software available these days to help you prepare and file pesky documents — some software even offers tax penalty protection along with automated taxes and forms. Incorporating this kind of help will allow you to ensure no mistakes are made so that you can have a bright start to the new year.
While you’re thinking about your taxes, this might be a good time to think about your annual report, which most states require businesses to file. Although the information in these reports tends to vary from state to state, it’s still a yearly requirement. Failure to file one could result in serious penalties, so it’s important to stay on top of this.
Take a Spin Through Your Business Plan
If you haven’t revisited your business plan in a while, now’s the time to dust it off and crack it open. It can play a vital role in your goal-setting and financial projections. Give yourself the time to look back at your original thoughts which you may have pivoted from with good reason, but this can also help center you back to your original vision and philosophy. Being more centered can help narrow down your decisions around growing your business. It will also give you an opportunity to assess whether you’re ready to expand into an area or market that you weren’t ready for when you first opened your business. You might also be reminded of a product or marketing idea that you’d forgotten in the hustle and bustle of getting your business off the ground.
And remember, no business plan is set in stone. When you start going through yours, you might find that it simply no longer coincides with where your business is today and where you want to take it tomorrow. And that’s okay. Make adjustments. Revamp it. Use it as a guide for making positive changes and growing your business in 2021.
Join Forces With a Local Business
When you’re running a business, especially if you don’t have employees or a business partner, it can sometimes feel like you’re doing it all alone. But you don’t have to go it alone. In fact, there may be very lucrative ways for you to join forces with a fellow business owner that will be mutually beneficial to you both. Joint ventures on a corporate level can be huge undertakings, but don’t let that intimidate you. There are many ways small business owners can join forces to boost their businesses. For example, you might simply offer neighborhood stores a coupon while they do the same for you, or you might add jam or baked goods from a local supplier to your store shelves. Be open to these possibilities but do weigh the pros and cons for your own business before taking the plunge.
Open Your Doggy Door (i.e. Brainstorm!)
We are a nation of animal lovers. People love shopping at dog-friendly businesses, and people love working for dog-friendly employers. In fact, 78 percent of dog owners say they’d bring their dog to work if their employers allowed it! And for good reason: Our pets boost our mental and physical health. Making your business dog-friendly, whether it means offering dog treats for four-legged patrons or having a store or office pet to greet customers and employees, can mean a more profitable business.
Of course, being more dog-friendly is not going to work for every business, and it certainly won’t revolutionize your sales numbers. But it’s a reminder to always be looking for ways to diversify your business and please customers. Make time in your (very busy) schedule to brainstorm new ways to build customer loyalty and grow your business. You never know where a good brainstorm session will take you.
Right now, 2021 is a vast expanse of untapped opportunity. Get a plan in place now so that you can be sure your business turns that opportunity into profits. These tips are a great place to start. Good luck and have a great year!
Do you need marketing assistance, financial strategies, or help raising capital? Reach out to the skilled professionals that specializing in helping entrepreneurs in growing their business at AngelytiX Consulting! 310-955-1369
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