5 Tips on How to Grow Your Business in 2020
With the final retail push of 2019 ending with the arrival of the holiday season, it’s important for businesses to begin looking towards the future. While you may have fallen short of your goals this year, or even exceeded them, now is the time to start planning for the success of next year. If you are preparing your strategy for the upcoming year, here are 5 tips on how to grow your business in 2020.
1. Know Your Ideal Customer
Modern tools and resources have made it easier than ever to pinpoint your ideal customer at an intricate level. And while you may think that your ideal customer is anyone with money, digging in a little deeper will ensure that you are making the most impact and reaching the right people that are looking for the products or services that you provide. By taking the time to research your target audiences and who they are exactly, you can ensure that your marketing approach provides the best results possible.
2. Invest In Your Team And Company Culture
Even if you are the only employee at your company, 2020 should be the year that you start building the right team and creating a company culture that you will be proud of. Although you may think you are capable of continuing to do everything on your own, you will find that it isn’t a scalable approach to building your business. Create a culture that your ideal job candidates will want to be a part of and find the best talent to help achieve your goals.
3. Start Using Your Data
According to a recent Forbes report, nearly 90% of employees waste time at work with nearly 60% wasting around an hour a day. This, in turn, costs the company billions of dollars. So what solution is available to help curb drains like this that may be affecting your business? Utilizing data by implementing an employee time clock can help eliminate wage and time theft while also reducing payroll process time by up to 35% and reducing payroll hours by up to 22%. What other data are you collecting but not taking full advantage of?
4. Make Customer Service A Priority
No matter how good your product or service is, you will never achieve real success as a business if you do not take care of your customers or clients. In the modern age of business, even the largest companies feel the effects of poor customer service because their reputation can quickly be tarnished online. Don’t skimp on customer service and make sure your employees at even the most basic level have the same outlook and dedication to being great, particularly if they are customer-facing.
5. Get Serious About Your Business Strategy
As I mentioned earlier, it can be incredibly hard to scale your business alone, particularly if you are trying to perform all of the roles within the business. This is an inefficient approach and you may be losing precious time and resources through consistent trial and error while trying to find the right path. By working with a vCMO, you can gain valuable insight into the path your business should be taking in 2020 without all of the guesswork.
With over two decades of in-the-trenches marketing experience, Matthew Maennche’s views on developing and supporting a successful business are fundamentally different from the norm. As a developer and strategist, Maennche has helped thousands of businesses of all sizes, both domestic and international, take their organizations to the next level.
Matthew also spends time giving back to the local business community as a volunteer, mentor, and leader for the local chapter of SCORE.