2020 has arrived! It’s not just a new year; it’s a new decade. For entrepreneurs, the new year marks the possibility of hope to accelerate growth, reach heights, ponder on the past and implement business resolutions accordingly.
For many business owners, 2019 has been a rollercoaster ride with steep highs and equal lows. The economy, although underwent a bearish phase, regained its pace, and continues to be in a stable condition.
However, as we jumpstart into 2020, it is wise for entrepreneurs to take some time to analyse what worked out in the past year and what didn’t for an improved business outcome.
As an entrepreneur, having a new year’s resolution for your business will not only help in accelerating growth but also prove to be prudent for prospects.
While deciding business resolution, try to address fundamental aspects like the vision of the company, business goals, and more. Here are the 5 new resolutions your business should undertake in 2020.
1. Avoid Burning Time
Time is money, and it couldn’t be more real for businesses. As a new year resolution, try and identify the factors that consume the most amount of time for your business. Look into your daily workflow and end-to-end operations to identify the time-consuming factors.
So, what are those pestering factors taking up the most amount of time?
- Supply chain delays
- Juggling multiple tasks
2. Have A Seamless Cash Flow
Cash flow is and will continue to be one of the critical factors that can make or break a business. Always remember, slow or delay in payments has a gradual domino effect on your business in the long term. One setback in payment can put the entire operation of a business at stake. As a measure to tackle such challenges, entrepreneurs can opt for alternative financing options like invoice discounting to gain quick access to working capital. KredX – India’s leading integrated cash flow solutions provider allows businesses to utilise their unpaid invoices to gain access to working capital.
3. Recheck Your Business Plan
Every year brings in a set of new trends and challenges. Hence, it becomes increasingly crucial for entrepreneurs to take a look at their existing business plan and make changes accordingly. It is also essential to have a business goal and a vision for how to achieve these goals in the year ahead.
4. Have A Concrete Marketing Strategy
With the increasing digitisation and changing business landscape, it has become a necessity for businesses to have a proper online presence. Today, branding and selling are part and parcel of a company’s growth trajectory. Hence, having a concrete plan to market the company has become essential.
5. Be A Green Company
With the increasing carbon footprint, it has become a responsibility for companies to reduce their carbon footprint. Significantly, maintaining an eco-friendly environment should be one of the top priorities of 2020 and ahead. Do some research and bring in changes in your operational strategies to create a sustainable model. It might even help reduce some operational costs.
Most resolutions indeed fail. A trick of the trade is to avoid having vague goals, instead focus on achievable and smart goals that boost morale. Design concrete and comprehensive steps you can regularly take, then follow through the plan. All said these new year resolutions would help any business thrive in 2020.