5 Business Steps to Take in 2020

With 2020 just around the corner, it’s time to start setting resolutions for yourself and of course, for your business. Revisiting some of your current business functions are a great way to establish new resolutions and goals to ensure your year is better than the last.

Here are some important things to do for your business in the new year:

1. Revisit your pricing

When was the last time you looked into your pricing structure? Look back on the past year’s performance and determine whether it’s necessary to raise or lower your pricing. If your brand had a particularly strong year in profits, you may be able to raise your prices without losing sales, and generate even more revenue going forward. If you’re a designer or architect, think back on the revenue you generated versus the projects you completed and determine whether it’s a good idea to raise your fees based on the results and feedback. It’s perfectly fine to keep your prices the same, but this should always be something to circle back to when running a business.  

2. Strengthen security

Maintaining privacy and keeping your data secure is an essential part of every business and should be revisited on a consistent basis. We often hear stories of data breaches and stolen data, and you need to be cautious of this at all times – no matter the size of your business. If you’re making transactions through your website, you don’t want your customer data getting into the wrong hands. Even if your website has no meaningful data stored, you still want to take the necessary precautions. Hackers can still breach your system to change your password and hold the site until you pay a ransom fee to regain access. To avoid any of this from happening, be sure to update your old passwords with secure, alphanumeric and special characters. You should also ensure your software and programs are up-to-date and continue to back up your data on a regular basis.

3. Revamp your marketing plan

As discussed in a previous webinar, building a marketing roadmap for the upcoming year can be an easy, effective way to plan and achieve success. Setting goals and objectives for the year are a good place to start. You should also evaluate your current resources and determine your strengths, shortcomings, and potential opportunities. Where do you want to improve upon in the upcoming year? Focus on completing the objectives that will get you to your main goal.

4. Examine your hiring needs

Your team is one of the most important drivers of your business’ success. However, as your business grows, so can the responsibilities of your team members. If your existing staff is overwhelmed, it may be time to consider hiring new team members to help with the workload. While adding new employees can be expensive, it may be extremely beneficial to your business’ success and help you grow at a faster rate.

5. Invest in new technology

With another year in the books, consider auditing your current technology and software needs and determine whether they need to be replaced. Hardware with long load times can negatively affect efficiency and slow down your productivity. You should also figure out which of your software products are still necessary to your process and look into other software that can be more beneficial for your business.