The Tribune

Last year brought its share of business challenges, and 2019 will certainly have them as well. Businesses, particularly the most vulnerable, must adequately prepare for success and viability. Preparation is key, and establishing goals just as crucial.

Goal-setting is one of the most important activities you can do in your business, regardless of how old it is, where you are located, how profitable it is, or what you sell. Goals help you stay focused, and they can prevent your business from becoming stagnant.

This week, we simply share five “golden tips” for greater business success in 2019.

1. Ramp up productivity. This productivity refers not only to the production of goods and services, but also the productivity of your team. You can become more productive by eliminating distractions during the work day, and improving the way you use business tools.

2. Reduce or eliminate ongoing business expenses. Unnecessary rent payments, releasing unproductive workers and managing energy sources are just a few ways you can mitigate expenses this year. Be prudent with your spending; you might want to honour diligent employees with some of these savings.

3. Create a new customer service process. Set a goal that focuses on making your customer service process exceptional, handling customer complaints more effectively, or incorporating customer service into your social media practices. Do not forget about the power of asking your customers for feedback in order to identify what your business can be doing better.

4. Increase traffic on your business website or blog. More website traffic often translates into increased sales and customer loyalty, making this a great goal for small businesses. There are many ways to get more eyes on your website or blog. Start by creating a plan to ramp up your content marketing strategy.

5. Do a thorough SWOT analysis. A SWOT analysis is a tool that helps you identify the strengths and weaknesses of your business, a new product offering and the competition. It can be used in any stage of business to help you determine what makes your business unique, identify potential new areas of the market that are untapped, and explore what your competition is doing better than you are. Do a SWOT analysis this year as part of a larger process to improve your decision-making ability.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com.