This is the time of the year to look ahead. Here are a few of SCORE’s best business practices to help you achieve your 2017 goals.
Your employees are your most important asset. Losing key people is expensive and time-consuming. Spend time developing a team you can count on, and focus on their strengths. Mentor them so they are prepared for the challenges ahead. Be sure to deliver what they need regarding financial security, benefits, work environment and culture.
Keep an open mind to learning new things, and encourage your employees to do the same. Keep reading, attending workshops, watching videos and asking questions. Listen to the winds of change as the future is uncertain. The best strategy for dealing with uncertainty is education and knowing your options. It is the only way to stay on the cutting edge of new trends. Be agile and willing to implement new ideas.
Stay in touch with new technologies that may give you a competitive advantage. Sometimes opportunity knocks only once. Be ready to make the right investment in your business. Know what your competition is doing. Pay close attention to the competitor who is coming up fast from behind. What are they doing to capture that momentum? What can you do to capture some of it, too?
If things get tight, the marketing budget is the last thing you should cut. Look first at your systems and processes. What can you do to improve efficiency, reduce expenses or increase profitability? Do you have the right people with the right skills, in the right places? Are your marketing efforts effective, and are you targeting the right markets? There are many areas to consider before you decide to cut the marketing budget.
For more free tips, contact your local SCORE office. We hope this helps you achieve all of your 2017 goals.
