As 2021 comes to a close, small business owners are shaping their plans for the new year. Discover four strategies that you can use to grow your business's profile and find success in 2022.
It’s the time to prepare for grabbing more market share in the upcoming year.
With 2022 right around the corner, for many business owners that means it’s time to shift gears and start planning for the upcoming new year. So, I want to take a moment and share with you the four things that I think business owners should start focusing on.
1. Reframe Your Focus
“But, David, I don’t have time to plan because it’s the holiday season!”
I hear this a lot, but unless you are a retailer or a business selling holiday-specific goods or services, now is not the time to try to grab some of your market share. You can easily spend your ad budget trying to compete with others in the marketplace, when it may simply be the wrong time of year to do so.
It’s the time to prepare for grabbing more market share in the upcoming year, not battle it out in Google AdWords.
Ask yourself this question: Would you give Grandma one of your widgets for Christmas? Does Uncle Bob want a dental cleaning for the holidays? If the answer is no, then you need to reframe your focus and use the downtime to plan. Save your ad budget for the upcoming year.
2. Work on Your Website
While everyone is focused on buying holiday gifts, the traffic to your website might be at an all time low. And that’s OK. It means that it is the perfect time to work on your website and improve your offering. Have you updated your sales copy recently? How about your testimonials? Now is the time to invest in a copywriter and a designer and give your website a little facelift.
Make sure the purchase process is easy and straightforward. Go through the purchase process with a fresh set of eyes and see where you can make the process easier and quicker for the end user. Every time you can save them a click or a form fill is an opportunity to keep a lead or client in the funnel.
3. Evaluate your Inventory and Staff Levels
Are you looking to hire? Are you struggling with supply issues? You aren’t alone. Now is the time to look at your inventory levels and make sure that you are ready for any orders coming down the pipeline. This is especially true if you have a product or service that has a longer fulfillment time and have struggled during Covid time to get the supplies you need.
4. Rethink Your Sales Process
Lastly, you’ll want to spend some time focusing on your sales process and seeing where you can make it better or more efficient. Are there any areas that need work? Do you know where you are losing leads? Find the one or two drop points that cause the most customer attrition and put all your best talent and attention to improving and fixing those drop points.
Unless you are a retail shop, my suggestion is to focus your time and efforts on the things that will make the most impact on your business and your bottom line.
Readers should consult their own attorneys or other tax advisors regarding any financial or tax strategies mentioned in this article. These materials are for informational purposes only and do not necessarily reflect the views or endorsement of Santander Bank.
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