Growing Your Business: A New Year’s Resolution

It is a new year, a time to redefine goals and expectations for your business. What will you do differently this year, what will you do better, what won’t you do anymore? Using each past year as a benchmark, you can test new methods of taking payments, marketing your business, and even shaking up the customer experience.

Keep Your Eye on the Market

It is important to know as much as you can about the consumer and our competition. Use email and social media to subscribe or follow relevant publications, and industry leaders. The advantage of social media is that you’ll get live updates about what is going on in your industry day-to-day. Try and make it a habit to read relevant news for 10-20 minutes a day.

Strengthen Your Brand’s Online Presence

If your business is not online yet, it should be. Even if you do not offer an online store, your business needs a website with information as well as social profiles on popular social networks such a Facebook and Twitter. Start by providing basic information about your store’s location, hours, and the products or services you provide. Once you have a solid foundation, you can begin to promote your brand through these channels, taking advantage of any opportunities that were not previously on your radar.

Invest in Culture

A great workplace is critical for growing your business. Whether you are a boutique retail location or in an office tower, focus on creating an environment where your brand mission is clear and you’re providing career development opportunities. An investment in culture will ultimately increase productivity, improve recruitment and retention, and save costs.

A Happy Customer

Your customers are the key to the success of your business. The happier your customers are, the stronger their relationship with your business becomes. Providing the best products, services and support is the number one priority.

Enhancing the customer experience can be done in many ways, take a look at our piece on Understanding the Customer Experience for more information. You can’t predict whether your customers will love something or not, but testing new tactics is the only way to find out.

Consider Multi-Channel Payments

One way to grow your business is to provide your customers with different ways to pay anywhere they are, whether in-store, online or on their mobile phones. Paying for a product or service with minimal friction provides a great customer experience and will keep them coming back.

The New Year is the perfect time to reflect on the goals and targets you set not just for yourself or your employees, but your entire business itself. Increasing your industry knowledge, ensuring a better experience for worker and customer alike, or simply offering more ways for your customers to buy are all ways to strengthen your business.