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Amid economic uncertainty, supply chain challenges and limited funding, businesses often need support to survive. However, effective planning is essential to ensure success. Here are his three strategies to drive business growth this year.
Set year-end revenue goals and then reverse plan
Scaling your business for success in 2024 starts with setting clear year-end revenue goals. Once you set this goal, the key is to work backwards from there and create a detailed monthly plan. Break down your annual revenue goals into manageable monthly goals and forecast revenue spikes from various sources like trade shows and planned promotions. Even if a month falls short of your expectations, this detailed planning will allow you to make quick adjustments and make informed pivots.
Deborah Regosin, president of Regosin Consulting Group, Inc., emphasizes the importance of building current business plans based on last year's trends to set yourself up for a prosperous new year. She says, “This allows business owners to make informed decisions based on facts.” Numbers always tell a story. ”
For product-based companies, careful inventory planning is critical. Calculate the capital required for purchases and forecast monthly sales for each SKU in your annual plan. On the contrary, having a strategy in place will allow you to respond to any revenue opportunity and be flexible and adaptable to keep your business on track.
Explore new sales channels
With advertising costs soaring, companies that previously relied solely on direct-to-consumer (D2C) models are now exploring omnichannel approaches to diversify. To expand your revenue streams, explore various potential sales channels to increase business traction, including opportunities at local farmers' markets, related trade shows, and other industry events.
If you sell on your website but haven't dabbled with Amazon yet, now might be a good time to do so. For beginners looking to sell on Amazon, finding the right agency or freelancer can help you get set up correctly and ready to sell.
“Brands are often overwhelmed by the plethora of avenues to sell on Amazon, and end up delaying launches due to concerns about agency fees, model fit, or resource constraints, although justified. , brands of all sizes can confidently find an approach to selling on Amazon that aligns with their needs for success and profitability on Amazon.'' – Amanda Gordon Hinshaw, Founder of ON&UP Consulting.
Additionally, many corporate stores offer opportunities for local vendors to host pop-up events, whether they carry your brand or not. This is a valuable means for large companies to support small businesses and assess customer response to their products, potentially laying the foundation for future in-store launches. Take the initiative to visit local stores that partner with your brand to inquire about upcoming events or pitch pop-up ideas directly to managers.
hire the right team
While it can be tempting to tackle every aspect of your business, especially when capital is limited, this approach can lead to burnout and neglect in certain areas. Investing in new hires allows you to focus on the areas of sales and business you're most passionate about.
If hiring full-time employees is not possible, consider leveraging freelancers for specific departments to help grow your business. Building the right team is key to getting your business off the ground, and platforms like Upwork and Fiverr provide access to a diverse talent pool. However, establish clear guidelines, tasks, and expectations for each position to vet potential candidates and prevent miscommunication.
Running and growing a business involves many moving parts. Simplifying your approach by focusing on growing sales through careful planning, diversifying your sales channels, and building the right team will go a long way in keeping your business on a growth trajectory this year and beyond.
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