6 Steps to Ensure 2019 is More Profitable for Your Business!

Business Plans
2019

 

 

 

It’s the New Year! New energy, New Plans.

Our best wishes for a profitable year ahead!

2019 is most likely to be the year of opportunities, especially for people in the UAE.

EXPO 2020 is fast approaching. New reforms have already been added in terms of VISA rules, in terms of taxation and new markets are expected to open.

To ensure that 2019 turns out to be a landmark year for your business, we would recommend these

6 simple steps-

Step – 1: Define your product/service attributes considering customer value proposition

You may be convinced that your product/service is excellent! That what you provide is unparalleled! But from the customer’s perspective that may not be the case.

Design your product/service from the customer’s point of view not from your point of view. Put yourself in the customer’s shoes and then ask yourself if you would pay for the product/service.  

Step – 2: Define your Operating Vision

Many times, we are not sure on which market/segment is our product/services catering to.  There is also lack of clarity as to what extent will we render our services.

2019 should be the year to introspect and define your vision clearly.

Step – 3: Take care of your team

 A great product in the hand of a less motivated employee can’t beat an average product in the hand of a highly motivated employee. How true is that!

2019 should be the year to listen to your employees, enriching their professional growth and encouraging them to polish and grow their skill sets.

Step – 4: Be Data Vigilant

Data is the heart beat of a business. It is the core of the well-being of a business.

Every business, regardless of size or industry must have valuable data.

Ensure you have the sources to compile all your business data, be it supplier details, customers details, sales numbers, purchases etc. With accurate business data you will be able to build a proper strategy to grow your business.

Step – 5: Network, connect and grow

Business is all about relationships. Relationships with your suppliers, customers, service providers, staff and others.

Effectively network, communicate, build better relationships and grow.

Step – 6: Manage your funds well

Set accurate budgets, visualise your business in terms of conversion into financial goals and effectively manage your cash flows.

Always remember Cash is the lifeblood of business.

Conclusion:

Make 2019 a year of awareness and mindfulness. Be aware of everything that takes place in your business, then you will know how to grow it into a successful venture.

THINK ABOUT IT AND ACT NOW!

 

Author: Centurion Consulting

Additional Info :

- Created by Centurion Consulting LLC., a business consulting firm that offers entrepreneurs services like market research, business plans, business mentoring and other value-added services