5 New Year resolutions
for your business
5 New Year resolutions
for your business
Channel your energy on the
right focus for next year
Although many people associate resolutions with personal goals, business resolutions are just as critical. Take the new year as an opportunity to rethink the way you run your company & redefine your expansion plans.
Here are 5 New Year resolutions that we hope will get you inspired to create your own:
Strong brand and web presence
In this digital age, don’t shy away from being social. Businesses need to take full advantage of the global reach of the internet and social media to succeed.
To maximise your brand’s potential, carve time out next year to create a strong online presence. The 2019 marketing landscape will be characterised by more competition in the digital sphere as more companies embrace paid social ads.
Stay ahead of the competition with personalised content which speaks directly to your customers. To build brand loyalty and stand out in the crowd, ensure you utilise new communication channels such as live streaming and creating engaging social content.
We live in an era of risk and constant flux.
Globalisation and the increase in innovative solutions and technologies brings with them a new level of uncertainty.
Make sure you keep up with market trends so you can stay relevant. This will help you gain an edge over your competition and help future-proof your business.
In our rapidly transforming world, every business is also transforming into a technology-enabled business. Your business should look to technological developments for opportunities to improve business operations and productivity.
Automation is the future, and its applications being seen across every industry from hospitality, banking, construction, and travel.
Have the flexibility and openness to reinvent your business model if necessary. Don’t be afraid to explore new ideas and venture out of your comfort zone.
Drop what’s not working
Very often, a business continues to work on their product or service even when it might not be working for them or the market. This is likely due to a reluctance to let the resources that has already been utilised go to waste.
However, sometimes the right thing to do, is to give it up. Investing more energy into it will not make the unworkable work.
Abandon the technique, product or business relationship. You’ll find that something better will turn up.
Stay focused on your customer’s needs
Customer service is one of the most important parts of any business. Refocus your business and stay connected to your customer. Think about what they want from your service, product, or industry. Consider how you can meet their needs and continue to provide them with value.
To add value to their experience, provide them with something they can’t get elsewhere, be it time to answer their questions or an opportunity they can benefit from.
Write marketing content from your customer’s perspective. Try writing from the angle of ‘you’ to directly address them. This will help you stay in their mind to anticipate what they want.
Anticipate your customer’s future needs and trends – this will help future proof your business and help you anticipate their future needs.
Kick start your business expansion plans
Focus in on your business expansion plans this New Year. There two types of strategic growth for you to explore, vertical growth and horizontal growth.
Vertical growth involves a company expanding within the same general market. Going deeper into the current market and scaling your service within it provides the chance to increase the demand of your product and its adoption. A vertical growth strategy is typically more profitable and can result in better long-term ROI.
Horizontal growth, on the other hand, involves a company expanding the product or service to new markets, new geographies or business domains. If you adopt this strategy, you might encounter challenges which are industry-specific and unique to the markets you are targeting.
The Singapore-based start-up DropSuite has adopted and succeeded at the horizontal growth strategy. They have expanded into a number of diverse markets including India and Australia, consolidating and re-branding several IT solutions into one flexible offering for their customers across the globe.
Interested in expanding your business overseas? Start at the basics with a quality roaming experience.
StarHub Mobile provides you with the widest 4G roaming network, so you can stay in control of your network at all times over the best coverage.
What New Year resolutions will you make for your business? Whatever they are, ensure you stay focused and make 2019 your best year yet.
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