With less than two weeks to go in the year 2016, there is something on the minds of a lot of people all over the world – New Year’s Resolutions. What can I improve upon in the new year? How can I become a better, stronger, healthier person? And, of course, how can I make my business more profitable? These are many of the questions we ask ourselves – the last one being one that most entrepreneurs have at the tops of their lists.
What can you do ensure your business is better in 2017? Sarah Adams of The Globe and Mail suggests that you begin with improving wellness in the workplace. We find it hard to argue that a healthy, positive and upbeat working environment isn’t one that fosters greater productivity. Adams notes that workplace wellness programs are known for increasing ROI and improving bottom lines.
“While some business owners may be skeptical of incorporating these types of programs, there are cost efficient ways to go about it,” she points out, “For example, it can be as simple as creating a monthly wellness newsletter with tips on healthy living and eating. Or starting a walking group for staff. Talk with your team to identify their wellness needs and interests before starting a program. Creating a supportive and healthy work environment will lead to a more productive work force.”
How important will it be to research your competition in 2017? The answer should be pretty clear: very! To get a leg up on your competition, you should research their strategies and monitor their successes and failures. Come up with ways to outdo their accomplishments by offering your customers something that they don’t.
“Every business owner wants a leg up on their competition,” writes Lisa Stevens on Entrepreneur.com, “Taking time to research and understand your competitive landscape will not only help you to better comprehend the market and your key competitors, but will also help you to identify and map out potential customers or partners and perhaps target your next advertising campaign.”
How can investing in online marketing improve business in 2017? Adams helps to answer this question by making a clear point: the internet and social media make the world smaller. This provides Canadian business owners with amazing opportunities to connect with potential customers from all over the world. Investing in a sound e-commerce solution can certainly help to drive sales in the new year.
Adams reveals that an RBC Economics and Small Business report from last year found that “the low Canadian dollar is creating opportunities for small and medium-sized businesses to increase their exports…Develop a growth plan that outlines where you want to go, potential costs and cash flow considerations. Keep in mind that as your business grows, your expenses are likely to go up — increased payroll, more equipment and supplies, larger premises. Make sure you outline the anticipated additional costs for the expenses.”
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