How To Prepare Your Business For 2017

How To Prepare Your Business For 2017

It's been a tough year for a lot of businesses in Nigeria, with the economic recession impacting many negatively. It's a good thing then that 2016 is almost over and there's a new year to look forward to. But hopeful anticipation is not a formula for success. If your business will thrive in 2017, you must make these moves now:

1. Review business performance in 2016.

Hindsight can be a great tool for avoiding mistakes next year. Assess your business activities this year to see what you could have done better or not at all. Should you have tried a different marketing channel? Look over your financials as well, keeping an eye out for the strongest contributors to revenue and leaks in your business account. Did you spend too much on phone calls? This is also a good time for an analysis of the strengths and weaknesses of your business as well as the opportunities available and the threats it faces.

2. Create your budget.

It's not too early to start making projections that will help you create your business budget for 2017. Set your revenue target, estimate your operational cost and calculate your profit margin, making allowances for factors that may affect your cash flow in the coming year.

3. Plan for growth.

Explore the possibility of widening the scope of your business by offering a new product or service, increasing marketing activities or even diversifying into a new market. Estimate the cost and financial benefit of growth to your business then include the most feasible option in your plan for the new year.

4. Strengthen your team.

Your business is built on people and the higher the quality and satisfaction of your staff, the stronger your business should be. Assess the satisfaction of your employees and improve their welfare if necessary. Set up training and development programs for the new year now. Identify vacancies in your business that need to be filled and roles that need reinforcement and begin your recruitment process immediately.

5. Plan to save.

If you have not, make an arrangement with your bank to automatically save a specified portion of your profit in a separate account. Many businesses learned this the hard way in 2016. Don't be caught without backup cash in the new year.

If you have a comment, a tip or a question, post it in the comments section below or send it to hello@margin.ng. We'll love to hear from you.

Six Ways To Improve Your Customer Service

Six Ways To Improve Your Customer Service

The Nigerian Small Business Marketing Guide (Part 5)

The Nigerian Small Business Marketing Guide (Part 5)