As the year starts to unfold, entrepreneurs need to look at their business with fresh eyes and also reflect on how things have developed. While many are more than likely doing genuinely well, many are just barely getting by and less than one in every six has experienced strong revenue growth last year. Jose Duarte, a successful entrepreneur and businessman out of Costa Rica, with over 20 years’ worth of experience building businesses from scratch, shares three tips that will help any business grow this year.
Make time for you and your business. Being in your best state of mind – physically, mentally and emotionally, will help every business thrive. This is especially important when tough decisions, as well as seeking out innovation, are needed. Utilize the New Year as a chance to take a moment and focus on the business, as opposed to running the business. Explains Duarte, “By assessing your system and the fate of your business, you may find new sources of income development through competition, new channels that didn’t occur to you before or through innovation. On the off chance that you have an investor or accountant, now is the time to arrange a meeting and call on them to assist in the development of a plan for 2019.”
Customer centricity is critical to success. In the digital age in which we live, the key part of business achievement isn’t the technology that changes industries, but how to properly apply the changing technology to resolve customer issues. You must know what, when and why the consumer purchases your product or service,” explains Duarte. “Take time out of your schedule to determine what aspects of technological innovation can assist you in creating better customer experiences and not just how to offer products or services.”
Certain technologies, such as automated invoicing, can have a significant positive impact on the efficiency of an organization. They can also boost productivity, cut down on the amount of work and return valuable time that can be used to help grow and run the business.
Many don’t realize that every business is an information business. Ensure that the organization is properly collecting, storing and using customer data. In addition, the inquiries you ask of the information are as critical as the information itself. Asserts Duarte, “Guarantee you understand your information and are asking the right questions that will help you gain insight into the business – for example, monitoring sales analytics.” Utilize the New Year to break down information from the previous year to comprehend where new open doors exist so you can give the correct items and administrations, enhance your client’s understanding and lift income.
It’s important to remember to stay focused on developing the business. Don’t become complacent just because things are going smoothly. Industries change, technologies change and even shopping habits change. What may work today might possibly not be as successful and the entrepreneur that stays on top of the evolving environment is the one that will enjoy the most success.