Owning, running and working for your business can be tough. Sometimes, the workload alongside the emotional attachment can become overwhelming. It’s inevitable that you, as a business owner, will set yourself a resolution this New Year to do things a little differently, only to fail at the first hurdle. No fear – we’ve created a list of New Year’s resolutions all businesses should stick to.
We’ve based these on our 8Ps, not just because we think they’re pretty good, but because they fundamentally make businesses function. Without each of these Ps, which act as pillars to hold up and support your business, your firm isn’t as great as it could be. Read on to find out how you can improve your business with the 8Ps.
Businesses thrive off people: the team who work there and the customers. Without everyone who has contact with your business satisfied, whether it’s the working conditions or services, your business isn’t doing its job.
This new year, work hard to take care of the people that keep your business going. The team that work for you and the customers who come to you are the ones who keep the business afloat, so don’t fall into the rut of taking them for granted.
The purpose of your business is to sell a product or service to customers. With this said, it’s easy to get lost in the whirlwind of trying to sell the most of something that you can, which can lead to devastating consequences such as customer and profit loss. This new year, try to take a step back from what you provide and ask ‘is this what I want from my business?’ Think about how the products that you offer are distinguishable from others on the market, and how you can work to better them.
This New Year, make a conscious effort to change the way that you approach performance. A businesses performance is something commonly measured by numbers and statistics, and rightly so. If a business isn’t meeting these numerical targets, they’re “underperforming”, right? Although this may well be the case, try to see the positives in your business – are your team working harder than usual? Have you received some great customer feedback? Whatever it is, make a point of highlighting this success to your team members. Showing employees a list of monthly forecast statistics doesn’t always come across as a display of success; pointing out the daily wins does.
Presentation is one of the most important aspects of a business. In his podcast, 8RC CEO Steve Balmer-Walters states that presentation is one of the aspects of business that “can allow business to take more money”. One of your business resolutions, with this said, is to look at the ways in which your business presents itself to its clientele, whether through customer services, merchandising, or customer journey.
This resolution is really important in the current digital age, with the likes of social media evidently here to stay. Question yourself as to whether you are, truly, using your place in the market, your brand, or your position in social media, correctly. Try to look critically at how you can improve, for example, your online presence to reach a wider audience. Or better, think about other channels that you could use to further market your business.
Another really important aspect to the success of your business is planning. The phrase ‘you get out what you put in’ is never truer than when applied to the process of planning in business. Planning is at the core of all successful corporations. If you’ve been running your company for some time, it’s easy to get complacent and comfortable in a routine. However, this New Year, try to plan in a new way – not only could this boost your productivity as a business, but could also provide the turning point that takes your company to the next level.
Promotions, another term for marketing, is important for every business. Not only does the way that you promote your business determine how it stands out from its competitors in the field, but also impacts on brand stimulation and the driving of sales. Look at the marketing strategy of your business and ask if there is anything more that you could do to promote. This will, in turn, bring in new customers and higher sales rates.
The end goal of every business is to generate profit. All of the above points to the end result of profit – this is what keeps a business running. However, this next New Year’s resolution tells you to ignore this…sort of. We aren’t saying forget about the money, but what we are suggesting is that you place a greater significance upon the rest of 8RC’s 8Ps, which work together to lead to profit. With the other 7Ps in place, and the resolutions we’ve suggested in action, profit is the inevitable outcome.
Start the New Year right by implementing the ideology of the 8Ps. If you want to know more about how these 8 pillars work, and how you can use them in your business, head over to the 8RC podcast page.