6 Tips for Starting the New Year 2024 Right As a Small Business Owner

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Recently, one of the questions I’ve been asking myself has been “Oh wow, where did 2023 go?!”

It feels like we all blinked, 2023 flew by and 2024 is already here. It’s a new year! First of all, well done on managing your business through the year and bringing it into a brand new year, because running a business in Nigeria isn’t the easiest. And while some people may think it’s easy to manage a business, it’s not. No be beans! Failure rates for small businesses increase with each passing year, and bringing your business into a new year despite the odds deserves a pat on the back.

Also, 2023 has probably been a year filled with lessons! You’ve grown as a business owner, and if you’ve been checking out articles on the Bumpa blog, you’ve definitely learned a whole lot.

And now, it’s time to prepare for the New Year. You may think you just need to keep powering through, and you’ll eventually make it to the end of 2024. But here’s an interesting thing to do instead: plan and prepare.

The most important question now as 2023 draws to a close should be “What’s the plan for my business in this new year?”.

An important New Year culture is creating New Year resolutions and sticking to them for the year, and as a business owner, you should also apply that culture, and create a plan for your business in 2024. After all, planning and structure can make all the difference that matters for your brand.

In this article, we’ll cover 6 tips for starting the New Year 2024 right as a small business owner, and help you start to prepare your business for a fantastic 2024!

1. Reflect on the Past Year

The journey so far, whew!

The first thing you need to do is to celebrate your achievements of 2023 and acknowledge the challenges you have faced as a business owner, as these are key in setting the stage for success ahead. Reflecting also allows you to appreciate your accomplishments no matter how big or small, and draw motivation from them. And know this, no accomplishment is too small.

Also equally important is taking in the setbacks, and learning from them. In a recent interview with Wunmi Kolawole, the CEO of Shoepify, we talked about running a business for 7 years, and the importance of learning from every step. It is through these experiences that valuable lessons are learned and strategies are refined.

So, embrace a mindset of growth and resilience, as it will help pave the way for a stronger and more prosperous year ahead.

2. Set SMART Goals

Create a roadmap for success by using the SMART goals approach.

SMART stands for specific, measurable, attainable, relevant, and time-bound. This approach can greatly benefit you when it comes to setting goals for the new year because it helps you create goals that are specific and clearly defined, and measurable goals also allow you to track your progress and celebrate your milestones along the way.

It is important to ensure that these goals are achievable though, because setting unrealistic expectations will lead to frustration. The goals should also be relevant to your business’s overall objectives. Lastly, they should be time-bound, to provide a clear deadline for achievement.

To give you an idea of what some SMART goals could look like, here are some great examples.

1. Increase Monthly Revenue: Increase sales by 15% within the first quarter of the year through targeted marketing campaigns and strategic partnerships.

2. Expand Customer Base: Acquire 500 new customers by the end of the year by implementing a referral program, optimizing online advertising, and enhancing customer engagement.

3. Improve Customer Satisfaction: Boost customer satisfaction ratings by 20% within six months by implementing personalised customer support, improving response time, and gathering feedback to address pain points.

4. Enhance Online Presence: Increase website traffic by 30% by the end of the second quarter by optimising search engine optimisation (SEO), creating valuable content, and leveraging social media marketing. This can be tracked with tools like Google Analytics, and you can learn everything about Google Analytics by taking a quick course on Bumpa Academy.

5. Streamline Operations: Reduce overall operating costs by 10% within the year by implementing automated processes, optimising inventory management systems, and identifying inefficiencies. Inventory management software for small businesses like Bumpa can help you optimise your inventory management and prevent stockouts.

Remember, the most important thing is that your goals align with your overall business objectives!

3. Review and Refine Business Strategies

Look back, analyse and use your data to improve your plans.

The next thing to do is to review and refine current business strategies. This involves a comprehensive assessment and analysis of existing practices, identifying areas that require improvement or adjustment.

One valuable tool for this evaluation is the SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats). By conducting a SWOT analysis, you can identify your business’s strengths and leverage them, address weaknesses, seize opportunities, and mitigate potential threats. This introspective process allows you as a business owner to gain valuable insights into the internal and external factors impacting your business, enabling you to make informed decisions and refine strategies for the future.

How to Conduct a Simple SWOT Analysis for Your Business.

1. Identify your business's strengths: List the unique qualities, capabilities, and resources that give your business a competitive advantage. Consider aspects like expertise, strong customer relationships, intellectual property, or unique products/services.

2. Recognise your business's weaknesses: Assess areas where your business may be lacking or could use improvement. Consider factors such as limited resources, lack of brand awareness, operational inefficiencies, or skills gaps.

3. Explore potential opportunities: Identify external factors that could present opportunities for growth or improvement. Look at emerging trends, changes in consumer behavior, new technologies, expansion possibilities, or untapped markets.

4. Identify potential threats: Be aware of external factors that could pose challenges or threats to your business. Consider competitors, changing regulations or policies, economic fluctuations, disruptive technologies, or any other factors that could impact your business negatively.

5. Analyse and prioritise: Take a step back and analyse the findings of your SWOT analysis. Look for patterns, connections, and areas that should be prioritised. Determine which strengths you can leverage, weaknesses to address, opportunities to pursue, and threats to mitigate.

6. Develop strategies and action plans: Based on your analysis, develop strategies and action plans that capitalise on strengths, minimise weaknesses, seize opportunities, and address threats. Set clear objectives and outline the steps needed to achieve them.

4. Enhance Customer Experience

A satisfied customer will always come back.

If you’re looking for a way to make your business stand out, your customers always come back and your sales increase, then delivering exceptional customer service is very important. By prioritising your customer experience, you can differentiate yourself from the rest (especially in Nigeria!) and build a loyal customer base.

You can improve customer experience by:

• providing personalised and convenient interactions,

• providing prompt and attentive communication,

• offering multiple contact options and,

• implementing live chat support.

Personalising interactions through tailored recommendations or personalised offers can make customers feel valued and understood. Additionally, actively seeking and listening to customer feedback helps in understanding their needs and expectations, enabling improvements and adjustments in products, services, or processes.

5. Invest in Marketing and Branding

Build brand awareness and attract customers.

Promoting your business’s products or services effectively is a vital component of driving growth and success. By investing in marketing and branding, your business can reach its target audience, increase brand awareness, and bring in more customers.

Also, make sure to explore a variety of marketing strategies, both online and offline to increase visibility and engagement. For online strategies, social media marketing offers a powerful avenue for connecting with customers and showcasing products, and content marketing like valuable and informative blog posts or videos, helps you establish yourself as a thought leader.

Consider networking events and collaborations with local organisations and other businesses that fit your brand objectives and goals for offline strategies.

6. Prioritise Work-Life Balance

All work and no play…

While it may be tempting to work constantly, it's essential to recognize the value of personal time and self-care. To manage time effectively, you can create schedules, prioritise tasks, and delegate when necessary. Setting boundaries, such as defining dedicated work hours or creating designated non-work zones, helps maintain a healthy separation between work and personal life. Taking breaks, pursuing hobbies, and practising self-care activities rejuvenates the mind and body, preventing burnout in the long run.

Conclusion

2024 has the potential to be the best year yet for your business, but starting right helps you lay the foundation to achieve that potential. Make sure to follow the tips listed above, to set the stage for a successful and rewarding year ahead, filled with growth and achievements. Most importantly, don’t forget to take breaks and take care of your mind and body! Happy New Year in advance!

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