5 Ways to Make More Money in 2020
With the start of a new year, it’s time to set clear goals for your business to achieve success in 2020. Simply hoping to surpass last year’s results won’t cut it. To truly push the boundaries and achieve growth, you need a plan that will guide your actions and decision-making throughout the year. Without one, your business is likely to continue producing the same results as before.
Here are some steps you can take to prepare your business for success in 2020.
1. Strategize
If you haven’t formulated your strategy yet, consider having a strategic retreat with your team. Find a location where you can take enough time to think strategically about the issues. Analyse key data and decide which goals you will pursue in 2020. However, having a general strategic plan is just the beginning of the strategic planning process.
2. Set concrete goals and objectives
Without clear goals and objectives, your business can easily fall into a pattern of aimless wandering, leaving you vulnerable to the competition. The start of the new year is an excellent time to re-evaluate your business and set new goals that will help you achieve success. Identify specific, measurable goals that align with your strategy. Use the S.M.A.R.T. method (S – Specific; M – Measurable; A – Attainable; R – Relevant; T – Time-bound). We often see goals that are poorly defined, which makes them difficult to understand and accomplish. It is important to define SMART goals that are specific, measurable, achievable, relevant, and time-bound. This means being very precise about what needs to be achieved, who will be involved, what they will do, and by when. SMART goals provide a clear roadmap for your team to follow, making it easier for everyone to understand their role in achieving the desired outcome.
Once you have set your goals, it’s essential to break them down into smaller, actionable milestones with deadlines. Well-crafted plans align strategy and goals by formulating actions that drive everyone toward the required destination. When actions are tied to a plan, people are far more effective, focused and motivated to achieve the desired results. So, create a comprehensive action plan that outlines specific tasks, deadlines, and the responsible parties. This will help you to track progress, stay on top of things, and make adjustments as needed.
3. Prepare detailed plans and budgets
Once you have set your goals, it’s essential to break them down into smaller, actionable milestones with deadlines. Well-crafted plans align strategy and goals by formulating actions that drive everyone toward the required destination. When actions are tied to a plan, people are far more effective, focused and motivated to achieve the desired results. So, create a comprehensive action plan that outlines specific tasks, deadlines, and the responsible parties. This will help you to track progress, stay on top of things, and make adjustments as needed.
4. Train people
To ensure business growth, it is important to invest in the professional development of your employees. Providing high-quality training can help your teams sell more effectively and provide better service to customers. It can also help them learn new methods, procedures, technology, or changes to your value proposition. If you have not yet allocated adequate resources for skills development, start by creating a training budget. Use this simple calculation:
Total Yearly Salary Budget x 1% = Total Training Budget
Large corporations often allocate between 3% and 5% of their total salary budget for training. However, if this is not feasible for your business, you can allocate the minimum amount necessary to cover the top priorities closely linked to your strategic objectives. For example, if your goal is to enhance customer satisfaction and enable your team to upsell and cross-sell, then investing in customer service training should be a top priority.
For lower training costs consider blending learning including options such as on-the-job training, coaching, e-learning, in-house workshops, and mentorship programmes delivered by your employees. These methods can be more cost-effective than hiring external trainers or sending employees to expensive training programmes outside of the company.
5. Improve the quality of data
Your business relies on data, making it critical to ensure that your data is accurate, well organised, and correctly interpreted. Accurate and well-structured data can facilitate better and faster decision-making. Incorrect or poorly interpreted data can lead to ambiguity, indecisiveness and mistakes. Therefore, it is essential to have a robust data management system in place to enable you to monitor key performance indicators (KPIs) at specific points in time. By doing so, you will be able to make informed decisions that support your business goals.
With a reliable data management system in place, you can gain valuable insights, make informed decisions, and drive business growth. Start by identifying the key data points that are critical to your business operations and goals. This may include financial data, customer data, operational data, or any other relevant information. Then, determine how you will collect, store, and analyse this data.
Consider investing in data management software or hiring a data specialist to help you build and maintain your system. Train your employees on data management best practices, and establish protocols for data security and privacy.
By taking a strategic approach to data management, you can ensure that your business is equipped with the insights it needs to succeed in 2020 and beyond.
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