The arrival of a new year is often a time for reflection and change. For small businesses, it’s the ideal opportunity to look back on the year and see what was done well, what could have gone better, and how you’ve progressed in your venture.
We’ve faced unprecedented challenges in the last few years. With the world slowly recuperating post-pandemic, 2024 is the ideal time to look into new opportunities for growth and build the business of your dreams.
But where to start? Below, we’ve compiled five actionable steps you can take to enhance your business in 2024.
Reflect and set realistic, achievable goals
A crucial and fundamental step, reflecting on your business year is a vital part of your growth. What worked? What didn’t work? What aspects did you love (or hate) working on? Answering these questions will provide a solid foundation for creating your 2024 strategy.
Once you’ve analysed and identified these key points, look into what steps you can take to better your business in the coming year. Where do you want to be in 12 months? Set realistic goals but don’t be afraid to push yourself out of your comfort zone. A great way to avoid overwhelm is by breaking each goal down into actionable steps that can help you achieve it. Aim for the stars!
Review your processes
Diving into your business processes is essential to making your business as efficient as it can be. Are there any tools you are currently paying for but not using? Scrap them. Are there new or existing tools that would help streamline your business? Invest.
It’s also worth taking your productivity into account - are you overwhelmed, overworked and lacking motivation? Is your time being used wisely? Look into outsourcing to help ease the burden. When starting or managing a small business, it’s easy to get into the habit of doing everything yourself; sometimes, it’s worth investing in external help to earn back some time and energy.
Plan your personal development
Often, the biggest investment you can make is in yourself. Whether that’s courses, memberships or general self-development, it’s important to look into the areas of your business life that require refining. Every day is a learning curve when running a small business, which is why it’s essential to keep your skills up-to-date and relevant so that you’re always showing up as the best version of yourself.
Review your prices
If one of your goals is a financial one, it may be worth looking into your pricing strategy. Are you charging enough for the services you offer? Carry out a competitor analysis to see where your prices stand against your competition (or hire us to do one for you). With the cost of living rising dramatically it’s a good idea to check that you’ll be able to cover your business costs and have enough profit to live off and reinvest it into your business.
Moreover, are there any extra services you can offer that you don’t already? Use any skills you’ve developed or already possess to expand your current offering.
Plan your time off - no, really!
It may sound strange to mention holidays so soon after the Christmas break but looking after your mental health is just as important as your physical health.
Time out from managing your small business is essential to refresh and recharge, making you more efficient in the long run. So, be intentional about taking time off - you might just find that you’ll come back to work energised, and excited.
How will you be implementing your business goals in 2024? Let us know by connecting on Facebook or Instagram.
