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5 Keys to Business Success in 2016

It’s a new year and time to make good on several promises made in 2015. Most of us use this time to reinvent ourselves by exchanging bad habits for beneficial practices. Perhaps you made the same resolution this time last year and failed, but that shouldn’t be a reason not to try again.

Aside from achieving personal goals, many of us have new business milestones we would like achieve in the upcoming 12 months. They may already have been identified as being critical to the next phase of business growth or personal educations. In any case, January is the perfect time to take action and turn plans into realities by acquiring the resources, training and knowledge that will make this year bigger and better than the last.

Here, we will briefly cover the five biggest factors to a successful year in 2016 based on working formulas from the past and inspiration derived from other success stories.

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Have Conversations

Talk with your colleagues, employees and everyone else related to your business. Lay out your projections for the year and hear what they have to say. Take on board their opinions and be proactive and open to soliciting feedback and suggestions from others – often they will have a different idea of what’s needed or see an alternate route to the end goal. Make sure to continue communication throughout the year as this is critical to staying on task.

Put it on Paper

You had a conversation, discussed your plan and listened to what others had to say, so now write it all out. Especially if a plan existed solely in your mind, this would be the time to make it visual as well as incorporate the ideas and goals of others. You can make notes on your smartphone, prepare a business plan, create a Powerpoint presentation or even download an app like Evernote to keep you on task. However you do it, make sure you create a written record and update it often.

To Do List

Learn a New Skill

Perhaps you have looked into something you think would be valuable for your business but haven’t quite moved beyond the idea phase? This year, make time to learn something new. Perhaps you want to take a course to learn more about finance and accounting, need some HR knowledge, want to formalise your marketing or social media skill set – whatever your interest or the gap you have identified in your knowledge, taking a course in that area will add real value to your business and your role at the head of the company. Even if you don’t currently own a company or work for someone else, identifying an opportunity to up skill or add more qualifications to your portfolio is sure to open new doors.

Research the Market

If you think you know all there is to know about your market you could be right but more than likely, this is not the case. Check out your competitors and look at where they both succeeded and fell short last year. How did they market themselves? What advertising did they do? What reviews do they have for their products and services? How many hires did they make? Integrate the successful components into your model and most importantly, do it better.

Be Flexible

As you research other companies and converse with your team or set out your plan to run your own business one day, you may find that some changes are necessary in order to attain certain goals. Make yourself open to changing certain procedures that will maximise opportunity and modifying direction if needed.

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