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  • Writer's pictureJessica Ponyrko

5 Small Business Strategy Tips for the New Year

It’s hard to believe that 2023 is already coming to an end. For many of us, it may be a year we’re happy to see go, as uncertainties across the globe and economy made it at times a challenging one. This has been especially true for small businesses, forced to face increased costs, labor issues, and supply shortages.

But 2024 is a brand new year, and with it comes infinite possibilities. It can feel really tempting in all of the holiday hecticness to shut the book on this year and worry about next year when it comes. However, now is a great time while it’s still fresh in our minds to assess the year that was and plan for the year ahead.

Here are 5 strategizing tips to prepare your business for success in the coming year

1. Review the Past Year as a Whole: Chances are a lot has changed in your business since January. Take stock of your entire year - what worked, what didn’t, and what could be better. Assess your operating procedures, your vendors, your partnerships, and your business relationships. Celebrate your wins and take lessons from your failures. And give yourself credit for ALL you accomplished this year!

2. Assess Your Financials:  Review and assess your financial reports so that you can confidently close out 2023 and start a clean slate after the holidays for 2024. Perhaps identify opportunities to cut back costs or increase profits. Also set some financial projections for the year ahead.

3. Set Business Goals for the New Year: During your review of the previous year, look back at the goals you set for yourself at the end of last year. If you hit all of your goals easily, consider pushing yourself further in the new year. If you struggled in areas, consider what changes you need to implement moving forward. Set goals for your business that are SMART: Specific, Measurable, Attainable, Relevant, and Time-Bound. 

4. Review Your Marketing Strategies: Your marketing should always drive your business goals. Determine what marketing strategies and tactics are going to be most effective at helping you achieve your business goals in the new year and create a plan and budget to execute those strategies.

5. Reassess the Needs of Your Customers: If a lot has changed for you and your business, chances are they’ve changed for your customers as well. Take a step back and reassess what the needs of your customers are, and ensure your offerings and messaging still meet those needs. If they don’t, it may be time to reevaluate your products and services, your brand, your business strategy, your pricing, and/or your goals. 

a bottle of prosecco and a champagne flute atop a gold table with blue and gold confetti scattered

Ultimately, a new year should feel like an exciting time for your business. It provides an amazing opportunity to start anew with all the lessons from the past. If you find yourself feeling overwhelmed or unsure of where your business is headed, or how best to manage it, consider reaching out. Anchor Watch Marketing is passionate about sharing small business strategy tips, and can be your partner in building a dream into a successful brand!


© 2024 by Anchor Watch Marketing

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