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Do These Three Things If You Want Your Business to Succeed in 2020

The year 2020 is just around the corner and the chances of making it a successful year depend on the strategies you put in place now. If you do not have a sound strategy or you are one of those entrepreneurs who live by the day, then do not expect anything great out of 2020.

However, if you are intentional about putting sound strategies in place, you’ll find it easier to achieve your goal of building a successful brand.

So, what are the things you should do if you want your business to succeed in 2020? Obviously, the list of to-do things that will make success in business highly possible is never unending but here are three top things you should do if you want your business to succeed in 2020.

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Review Your Business Plan

The success of your business starts with your business plan. Your business plan helps you to have a clear picture of where you were, where you are and where you are going. Reviewing your business plan gives you the opportunity to know what’s working in your business, what’s not working and what you can improve. Big corporations and organizations not only review their business plans, but they also review their strategic plans and if you want to compete favorably in the marketplace, you must do things better by planning ahead.

What if you do not have a business plan and you’ve succeeded over the years?

If you’ve had a business for a long time and you’ve not developed a business plan yet you think your business is successful, it simply means you can be more successful. A business plan goes beyond success at the interim, it also ensures that your business can be run without your physical presence. Not having a business plan means that should anything happen to you today, your business will fail to exist. That’s why you need to take the idea of having a business plan seriously. A business plan is a living document that tells anyone how you run your business and plan to make a profit. If you need help with developing a business plan, contact us HERE.

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Invest in Marketing

Once you are done reviewing your business plan, the next thing you should focus on is marketing. Having a social media account and posting daily content is not enough. This is a good strategy to get your business off the ground. However, as you grow, you need to invest in marketing. A good marketing strategy helps you to stay on top of the mind of your current customers while also positioning your brand to attract new customers.

Do you have a marketing strategy? Have you set aside a budget for your 2020 marketing? What channels are you planning to use to market your brand?

These questions and more are what you need to answer so you can build a successful business in 2020. If global corporations like Google, Facebook, Apple, Samsung, Microsoft with millions, if your billions of customers still invest in marketing, how much more a small business like yours. With the right and effective marketing strategy in place, you can gradually scale your business and break new boundaries. All you need to start with is a marketing budget for 2020, select the right channels and then measure your results frequently (quarterly is recommended.)

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If investing in marketing is new to you, one thing you should bear in mind is, marketing involves lots of trials and errors. What does this mean? It simply means that you might need to try multiple channels and tactics before you can truly determine what works and what doesn’t. This also implies that your marketing strategy might not work overnight and that if this is the case, you need to exercise some patience and constantly review your strategy instead of stopping to market your business altogether. Why? The moment you cease marketing your business is the moment you cease to be a pacesetter in your industry. Marketing is the key to success in every business so invest in it.

Innovation

If your business must succeed in 2020, you must be innovative. A lot of entrepreneurs dread the word, “innovation” because it is often associated with something grand and expensive. For example, if you ask the average entrepreneur what it takes to be innovative, the person will likely say it takes a world-changing idea and money. However, being innovative is not just about coming up with new ideas and spending lots of money, it is about doing old things in new ways.

Innovation does not mean you need money to make sweeping changes, but it means that you can make small changes or tweak a few things that will make big differences in the way you run your business and ultimately, your bottom line.

If you are determined to introduce innovation in your business in 2020, you can do so by taking a critical look at each aspect of your business and then asking yourself, what can I do better? You can start with something as simple as how you respond to phone calls. What can you do differently in the way you respond to phone calls? Is your business a retail business with high call volumes? How can you reduce call wait times so your customers won’t entertain the thoughts of dumping you for a competitor?

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Asking questions helps your brain to come up with solutions. The more questions you ask, the more innovative solutions you will come up with. Be sure to write your answers down as much as you can. You do not have to decide on the next step immediately but all you need to do is to capture as many things as you can on the spot and then create the time to sift through, later.

If you can do these three things, then you are inviting success to your business in 2020.

You can do it so get to work today.

Thank you for reading. What is one thing you will take away from reading this article? Please share it in the comment box below.

P.S. #OnpointBizChat is coming back live on Saturdays starting January 4, 2020, via our Facebook Page. Click HERE to “LIKE” our page so you don’t miss a thing. It’s authentic, insightful and transformational.