Give your company a fresh start! It’s the start of the new year. What are you going to do to make 2020 your company’s best year yet? If your business has felt stagnant lately or as if it’s been treading water, the beginning of the year can be the perfect time to give it a shot of energy and a refresh. If you’re looking to reinvigorate your company as the year gets underway, here are a few ideas.
Bring on New Team Members
The beginning of the year is an excellent time to start thinking about expanding your team and bringing on new talent. Plenty of people resolve to find a new, better job at the start of the year, so a lot of qualified candidates are typically looking for work. Getting a jump start on hiring and on-boarding employees early in the year will also help your business reach its goals for the year. For example, if you want to add 10 people to your customer service team by the end of the 4th quarter, beginning the hiring process in January will help to ensure you reach your goal.
Reenergize Existing Team Members
As you look to grow your team, don’t forget about your existing team members. Retaining excellent employees is as important for your company’s growth and success as finding new team members. You can use the beginning of the year as an excuse to introduce a new employee rewards program or a new bonus system. Your reward program doesn’t have to be elaborate or expensive. Even something as simple as giving team free food for reaching a particular sales goal can be an effective motivator.
Consider Moving into a New Market
It’s also a good idea to look at your business plan afresh at the beginning of the year. What are your company’s goals and are you on track to achieving them? Is there a way you could adjust your plan to make it better align with where your company is headed or where you want your company to head? The first few months of the year might be the time when you decide to make a move into a new market or to pivot in a different direction. If your company operates regionally, could you expand operations to include a broader area of the country? You might also decide to move into an international market. Another option might be to introduce a new product line or to expand on the services and products you currently offer.
Contemplate a Make Over
You know what they say: New year, new look. That can apply to your business as well. When is the last time you took a look at your company’s logo or branding? It might be due for a refresh. Depending on when you last updated your logo and color scheme, a few small adjustments can a big difference, or you might want to completely overhaul your company’s brand. It might time for an entirely new logo or an updated color scheme. Depending on how your company has grown and changed over the years, you might also consider changing your name, to something that better aligns with who your business is today. For example, Dunkin’ Donuts dropped the “donuts” recently, as the company’s focus as expanded beyond donuts.
Focus on a Neglected Area
Many businesses have at least one area that doesn’t get as much attention as the rest. It might your website, which was last updated in 2010, your social media profiles or your in-person outreach efforts. Find the area that you haven’t paid attention to and give it new life in 2020. You might bring on a website designer to revitalize your website and make it more usable for visitors or you might decide to hire a social media coordinator to make sure your social profiles receive fresh content regularly and that someone is there to respond to customer messages and comments on social. Finding ways to shake up your business and give it a new start in 2020 will help you reach your overall goals. It will also help your business grow, either by adding to your team or moving into new markets. If you’re not sure what to focus on or how to jumpstart your company this year, working with a virtual CFO can help. The team at New Direction Capital is happy to work with you to give your company new life as the new year gets underway. Contact us today.