Kenlin Stride says; “Ready for 2018 to come to an end? Well now is the time to finish strong!”
As we wind down for 2018 many of us will feel the urge to pull our foot off the accelerator and start to ease into 2019. However, now is the perfect time to shift gears and up your game to finish the year strong.
Your foundation for 2019 will be built this year through the intentional aligning of your actions to your strategic objectives. Through my journey as an entrepreneur and business advisor, I have ascertained that there are common activities that most successful business owners have and do during this time of the year. As such, I have compiled a list of 5 activities any business owner wanting to grow in the current business climate needs to know and action:
1. Time to Reflect
This is the perfect time to look at your 2018 strategy and how you went about implementing it. Ask yourself important questions like:
Has your 2018 strategy worked?
If so, how can you improve on it for 2019?
If not, what needs to change? Identify what worked and what failed? I would advise doing this with your team, as they can give you insight and provide you with an awareness of issues you may not pick up or have noticed. It gives another healthy perspective and your team will feel more invested in the future of the company. Together you can align the operational activities to the company’s strategic objectives.
2. Proper Preparation Prevents Poor Performance
After you have reviewed 2018 and seen what has worked, you can start looking at what is in store for 2019. This is part of looking ahead and planning accordingly. A sudden change in your current reality could have devastating effects on your business. Here you have to look at your macro environment; Are there changes expected in your industry, such as Technological, Ecological, Demographic, Economic, Socio-Cultural, Political/Legal.? If so, this calls for you to take a proactive approach versus a reactive one. Changes in interest rates, currency exchange rates, political unrest in countries you do business with can have a detrimental effect on your business if you don’t have a strategy in place to navigate those changes effectively.
3. Numbers don’t lie
This one also aligns to point number 2; Is your business financially stable?
If sales, for whatever reason, decreased or ceased altogether how long could your business survive?
As a rule of thumb at any given point as a business owner, you need to know your numbers. If confronted with a barrage of questions regarding your business, could you answer them? Be honest with yourself. You don’t need to be an accountant to know what your turnover for the year was or to know how much money you have in the bank. Your numbers will tell you what to focus on going forward in order to achieve long term sustainability.
4. Cheapen Your Product, Cheapen Your Brand
With the festive season approaching, we tend to lower our prices to gain or accumulate more sales in an effort to capitalise on the festive spending spree buzz. By doing this we are in effect devaluing our own brand, my advice is adding value to your product or service. These incentives could be rewarding your current clientele for referrals, or create a bundle offer that will entice customers into purchasing for a higher value, this method is great for getting rid of stock from last year that has not been selling. Selling at a discount is not always the answer, as customers are looking for value.
5. Facebook vs. The Cashbook
In 2018 it is absolutely ludicrous not to have a social media presence, as customers want a lot more from companies than just a product or service. Time is a hot commodity and customers and potential customers do not necessarily have the time to visit your premises to engage with you. Subliminal Marketing has been utilised to great effect on these platforms through becoming a thought leader in your industry and by keeping people abreast of changes within your business environment you are indirectly promoting your brand. Regardless of what your current social media presence is it is advised that you utilise this tool more strategic to impact the bottom-line. Plus, it will enhance your brand greatly if you start to build a digital community of followers.
2018 has been a tough year for many, and 2019 may not be different for business owners. Planning and positioning is key to meet your 2019 strategic goals. But be courageous. Finish the year well and give proper thought and preparations for a fruitful 2019. With the right planning and positioning, you will be on your way to achieve your 2019 strategic goals.
Kenlin Stride is the Customized Projects Officer at SAICA Enterprise Development in Port Elizabeth. He has over 10 years experience in the financial industry and is passionate about growing and developing financially savvy SMMEs. Kenlin is a qualified Assessor and a registered Business Accountant with SAIBA. He is the also the owner of Stride Logic Financial Services and Co-Host of Small Biz Talk on Bay FM in the Eastern Cape.
Alan Straton
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