The new year is a great opportunity to plan ahead. It’s a time to reflect on the previous year’s wins and losses and get creative by trying something new. Here are five ways to make your business better in 2024.
Set goals and key performance indicators (KPIs)
Goals help you focus your attention and decide where to dedicate valuable resources. Setting goals at the beginning of the year helps inform strategy and is fundamental to business success. Start by deciding what key performance indicators (KPIs) to track for the year. KPIs help measure the health of your business and the progress toward goals. At a minimum, you should track the following financial and operational KPIs: profit margin, net profits, revenue, inventory turnover, order fulfillment rate, daily sales, labor productivity, and customer service response times. If you’d like to brush up on other important KPIs, read this article.
Create quality search engine optimization (SEO) content
Lead generation is key to profitability, and organic search can provide reliable leads at a low cost. SEO or search engine optimization is a technique to improve a website’s visibility and ensure your website or social media profiles come up when consumers search online. While it keeps your business competitive, it does take time so start early and give it at least four months to start seeing results. Start by defining your business’s keywords and audit your website and other online content for readability, keywords, and backlinks.
Take advantage of social media
In 2023, 77% of small businesses used social media to engage with customers. Businesses are primarily using these channels to build brand awareness and drive revenue. If you’re not currently using social media, it’s time to start or be left behind. Start with a business page and promote products and brand content, regularly interacting with your followers. Social media marketing requires a strategy and there are lots of tips and tricks to be successful. Here are a few to get you started.
Make the most of referrals
A recent Nielsen study found that 92% of consumers trust recommendations from family or friends over ads. Word of mouth is a very effective form of promotion, and it’s one
worth taking advantage of in the new year. Reach out to customers and incentivize them to spread the word. For example, you could offer a discount for referrals or a coupon code for those who leave a positive review. The beginning of the year is a perfect time to reach out to your current customer base and check-in. Don’t forget to thank them for their business!
Capitalize on automated tools and artificial intelligence (AI)
Leveraging technology saves resources and time. From software that helps you maintain your inventory to AI that can help you write social media posts, many products are available. Look at your to-dos and daily activities and see what work could be streamlined with technology. ChatGPT, an artificial intelligence program that can generate answers in response to a directive, is one resource that can help in writing customer correspondence or creating summaries.
Make the most of the new year with these ways to improve your business. Protect what you’ve worked so hard to build with business insurance. To learn more about how FBICI can help safeguard your business, contact your local agent.
Disclaimer: The information included here is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts.
Sources
Moody Bank
Search Engine Land
Forbes
Forbes Advisor
The Social Media Hat
