Business Resolutions For The New Year

The year 2016 was a rough ride for many people around the globe. New political figures and issues emerged, iconic stars have passed on, and a typhoon even greeted us a Merry Christmas. Up until the very last moment of 2016, there were a lot of things to process. But now is a new year, and in our entry to 2017, everyone is enthusiastic in making this year a better than the last.

Happy New Year, fellow entrepreneurs! As we enter this brand new year, I am sure that you all have new plans for the business and new ventures to dive into. This is a new year for everyone to emerge and compete more aggressively in the market. But where do you start?

1. Expand your coverage. Celebrate the new business year by expanding your business in terms of product variety and tapped market. This should always be part of your yearly goals. You can start by checking for low-hanging fruits, that is, the market that you can immediately reach without changing much in your operation and think about what you can do to actually reach and pick them from the tree. For example, small-scale restaurants that got a bit of traction could offer delivery services for nearby places. Gift shops can offer customized packaging and eventually expand to corporate giveaways. There are a lot of new things you can tap with just small adjustments in your operation. Dare your business to grow even by just a few inches every year.

2. Increase your operating budget. A company can only grow as much as its funds and that is why you should periodically increase your budget. This is both to allow your company to afford additional devices that will produce better or more output, as well as accommodate changes in the prices of raw materials.

Increasing your marketing budget will allow you to target more consumers online, or build more professional marketing collaterals. Increasing your production budget could allow you to install faster, more efficient or energy-saving equipment. The point is that to grow, you need to feed the business more.

3. Remove or replace faulty equipment. Any person would agree that in order to fully utilize something, we have to use it until such time that it can no longer function; and this is especially true for expensive pieces of equipment in our offices. You want to get a bang for our buck that you tend to keep them around even when they already require frequent maintenance. However, in doing so, how sure are you that you are still cost-efficient? How much are you actually spending to keep them alive and how efficient are they as compared to their first year? Think about your refillable printer that now leaks more than ever, or that electric fan that is better of as a pinwheel even after applying gallons of oil. How about that computer with an outdated OS you use that takes forever to boot up? Maintenance is better than replacement in the first few years, but there will always come a time that you need to change them in order to save further recurring costs. This 2017, you might want to think about buying yourself a new printer that does not decide to malfunction just when you need it to work the most.

4. Review your list of suppliers. As time passes, prices change and that is why you should check whether your current supplier still offers the most reasonable price in the industry, or it is the time to scout for new partners. Also, check for industry innovations. Perhaps there are new products or processes that have replaced what you have been using for your operations. In fact, you should constantly update yourself with industry innovations throughout the year for you to quickly adapt to them.

Now is the best time to start working your way to success. Improve your business operations, and revamp your strategies. A lot of things can happen this year — new trends, new laws, new hurdles that we all need to pass through. No one can say definitely how things will turn out, but with hard work and consistency with your business resolutions, you are sure to survive this new year.

*Originally published by the Manila Bulletin, C-4, Sunday, January 22, 2017. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.