It’s a new year, a period for reflection, which means it’s the right time to evaluate the current state of your business and assess how you can take it to the next level. Performing a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is a smart place to start. You can find a good example of a SWOT analysis on Small Business Connection to help you get started.
After you’ve conducted a SWOT analysis, your business will be well-positioned to take on an abundance of growth opportunities, such as:
- Re-evaluate your current branding. You’ve heard the rule — dress for the job you want, not the job you have. The new year presents the perfect opportunity to ensure you’re conveying the right message for the direction your business is heading and how your audience may be shifting.
- Start a customer loyalty program to increase repeat sales. You said goodbye to the prior year, but remember to thank your current customers. After all, your success to date is due to them.
- Sponsor a local event or team. Promoting your business with a relevant audience can go a long way towards gaining new custom
- ers. You never know what your newest networking contact can bring to your business. People know people.
Speaking of people, the U.S. Census Bureau projects the Millennial population will outnumber Baby Boomers by one million in 2019. A Forbes article cites retiring Baby Boomers will likely decrease their spending. So, while their spending may wane a bit in 2019, Boomers still comprise a very large market of 72 million consumers and should not be overlooked. The new large market of Millennials, conversely, are expected to increase their spending. Remember, Millennials are the connected generation. Evaluate your mobile and social presences if your goal is to score big with this market in the new year.