When you first launched your retail operation, you wrote a business plan that has been your evolving road map ever since. Now that the calendar has turned over to 2024, take this transition as the golden opportunity to make resolutions that will help you to take your company to the next level.
1. Take stock of your infrastructure.
Don’t wait until you “have time” to do a thorough audit of the hardware and software you use to accept customer payments and run your internal processes. Use this milestone to talk to your merchant services account provider about what you currently use to see if it is still up-to-date and is giving you optimal performance for your money. If it is, that’s terrific. If not, it might be time to look into leasing or buying a new point of sale system with mobile credit card readers and other business-enhancing peripherals. Optimized back-office systems can lead to better performance, happier customers, and increased sales.
2. Keep your marketing campaigns well-funded.
There is no doubt that we are in the midst of challenging economic times. Many business owners recognize this reality and respond by making immediate cuts to their marketing budget. However, taking this step can potentially reduce the power of your sales-generating vehicles, further exacerbating the effects of the downturn.
Instead, resolve to make the most of every marketing dollar by harnessing the power of the analytics tools in your POS system. The data it reveals can give you information that you can use to enhance the other strategies you are employing, resulting in the potential for sustained growth and even higher profit margins.
3. Hire staff that can be passionate brand ambassadors.
As an entrepreneur, it is tempting to fall into the trap of doing everything yourself. Inevitably, you will burn out, and the quality of your products and customer service will suffer.
That’s why it is so important to stretch a bit. Bring on one, two, or a few people who can carry part of your load and bring a host of additional perspectives and talents to the table. You just might surprise yourself by starting to have fun again. You even might look forward to going to work each day just like you did in the beginning. Yes, employees represent a financial investment, but what they bring will be a gold mine that can be a catalyst for your growth and success.
4. Make networking a priority.
In the rush and hustle of your everyday entrepreneurial life, it might seem impossible to find the time to reach out to other business contacts in your community or online. However, building and maintaining this interdependent web can prove to be a lifesaver during times when you need support or specialized information.
You don’t have to even use a lot of your time to accomplish this goal. Just make it a point to speak to and exchange contact details with one new contact each month. Then take a few minutes to stay in touch with people you connected with earlier in the year so that they remember who you are. To make it even easier, ask if you can include them on your newsletter, blog, and social media lists.
5. Bring social media to the center.
Sites like YouTube, TikTok, and Instagram provide places where your customers can learn about your products, ask questions, engage with you and each other, and share their reviews. On a more subtle level, these pages can bring people into your brand community and inspire them to share what they love about your business with their own contacts.
Yes, social media takes some work, and no, the pages and videos don’t create themselves. If you absolutely don’t have time to do it, hire someone with a passion for the task. But never lose sight of the importance of communicating personal messages and video content once in a while with your loyal customers on these sites.
6. Market to Gen Z.
Gen Z, the cohort of customers born between 1997 and 2012, have money to spend and should not be under-estimated as potential customers. One of the best ways to market to this group is to highlight your commitment to a mission or social cause. (Of course, it needs to be authentic and truly represent your brand.)
If your products or services are in line with a particular cause or focus, capitalize on this generation’s passion for philanthropic and sustainable businesses. Make sure buyers can put a face to your brand, and don’t be afraid to highlight work you have done in your community to make the world better. These young customers will respond to your genuine passion by joining with you and bringing their friends as well.
Finally, don’t forget about yourself. Remember that part of improving your business is creating a work-life balance that will sustain and uplift you now and throughout the year. Of all the resolutions you make for 2024, this just might be the most important.
