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4 Ways to Prep Your Business for a Happy New Year

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(Dmitry Sunagatov/Dreamstime)

By    |   Tuesday, 18 December 2018 09:37 AM

It’s that time of the year again; the month of December is upon us. So many people and businesses are already in a festive mood and winding down for the year.

This season presents a perfect time for entrepreneurs to take stock of how they’ve fared in the year; where they’ve succeeded and where to focus more for better results.

If this isn’t you, as an entrepreneur, no need to feel uneasy as 2019 is just around the corner and it’s the time to plan and position your business for growth in the years ahead. 

Some states have already commenced setting plans in motion to better position them for the year ahead in order to attract more investors to their ongoing projects. For one, the state of New Jersey approved a budget increase to market Atlantic City, in order to further consolidate its investment drive. The situation shouldn’t be any different for an entrepreneur. Plans should be in full swing to prepare for the coming year.

Here are four tips to better position your business for the year ahead:

  1. Planning and Review

Among a host of things to consider, the end of the year presents a time for re-evaluation of options. Perhaps you need to explore viable channels that are in tune with modern practice to drive your business. However, some may not like reviews; they act as guides and should be a necessity on your checklist.

Planning and reviewing enables you identify areas of strengths and weaknesses of your business and also what options to take in order to improve or better still abandon non-viable transactions.

  1. Assess the Option of E-commerce in Your Business

E-commerce has proven to be a viable driving force for businesses to expand their reach beyond frontiers imaginable. It enables businesses to interact with suppliers, customers and a host of individuals involved in the distribution channel at a lower cost than using usual physical channels.

If you’re of the opinion that the e-commerce option isn’t worth exploring, that notion is wrong as e-commerce as a mode of driving businesses has come to stay especially in the internet age. As a matter of fact, in industries such as third party logistics, the market is expected to exceed $1.1 billion by 2024 as a result of the effect of e-commerce. It’s been proven to be equally effective in other industries and sectors.

  1. Make a List of Your Business Rivals 

Your business may just be starting out, and out of desperation you may feel the need to take on every job that comes your way. These jobs turned out not to have been worth the effort. This is an important issue that needs tackling going forward.

The Pareto Rule, the 80/20 rule, will come in handy. Not every offer is worth your time and effort, it’s very much okay to decline offers when they don’t meet up with your business’ requirements or projections.

  1. Lose Dead Weight

You can plan all you want and make sound projections for the New Year, however where deeply rooted and equally debilitating underlying factor exist, there is very little you or anyone can achieve in your business if those issues aren’t sorted out. They act as drains to plans and goals.

The constant advancement in mobile telecommunications presents dangers of addiction. These mobile devices can be addictive and, for some, it may require the installation of some apps to kill the addiction to the mobile device.

The above is in addition to the list of which addiction to substances ranks high. Proper steps should be taken to tackle the problem. Seeking professional help and treatment for the addiction should be the watch word to really combat it. You should look at enrolling some effective rehab program and get all the help you can.

In order to achieve set goals you have to be in the right frame of mind because that is the very foundation upon which everything else stands. So as we look forward to the ball dropping and say goodbye to 2018, put these items in practice and the New Year is sure to be a different one and enable you kick butts to achieve your goals.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.
 

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So as we look forward to the ball dropping and say goodbye to 2018, put these items in practice and the New Year is sure to be a different one and enable you kick butts to achieve your goals.
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Tuesday, 18 December 2018 09:37 AM
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