HOW TO STRUCTURE YOUR BUSINESS FOR RESULTS AND SUCCESS IN 2020 AND BEYOND
Most businesses after starting with a boom in profit without proper management and upfront planning tend to crash immediately. One of the challenges most businesses have is keeping up with the constantly changing business landscape and trends. Most business owners enjoy the present gains or rewards without proper planning for the future. The recent COVID 19 pandemic has led to people being home bound and several business collapsing and closing down. Business owners must ensure that their businesses are well formulated and prepared for the trials to come such as the COVID 19. Businesses that wants to structure their business for results and success in 2020 and beyond must follow some certain steps that will yield massive growth and enable them become a mainstay in the years to come
- Leveraging technology
Businesses in the modern age has grown beyond storing and keeping physical documents, everything is now on the cloud (a safe internet storage space) free from the hazards of fire, water and damage. Gone are the days where business offices are filled with paperwork of financial data, employee information, information on customers, business contacts and other relevant data. Technology has also brought different ways in which an organization can save time, acquire more customers, secure financial data and carry out work in an efficient and productive manner. With proper technology in place, executives of a business could even carry out a business meeting online through the video or audio medium without even meeting physically. Businesses that are looking to grow in 2020 and beyond must embrace technology as one of its culture because customers tend to follow businesses with better technology that saves time and eases stress. Due to people being home-bound and practice of social distancing, people have been leveraging on technology by working from home and having virtual meetings
- Invest in Cyber security
A study recently showed that in some years to come, paper will become irrelevant and businesses will make use of electronic documents more often. Now that businesses are doing away with paperwork and putting all their documentation such as financial records and details on customers and clients. Businesses must ensure that they set up adequate online security. This is a future evidence that in years to come businesses will care more about protecting their information online. If proper procedures are not taken by the business, there will be spread of malware, theft of classified and personal information. Having a strong cyber security setup will set apart your business from your competitors and build you a strong foundation for results and success in the years to come
- Build a good reputation
Most businesses with trusted brand such as Dangote, Pepsi, Nike has earned their reputation by delivering quality goods and services to its customers. Businesses looking to grow in 2020 and beyond must aiming for consistency in all areas and excel in customer’s service. This is gradually builds their reputation and the trust that the customers/clients have in them. The trend with successful businesses that have stood the test of time and excelled is building a good reputation overtime. This is very important as it allows businesses to be in existence for a long period of time
- Go mobile
About over 90% of the world’s population has a phone and presently 76% are using a mobile phone which has internet access. Going mobile is very compulsory for any business that is willing to be in the mainstream for years to come. The mobile phone is generally one of the most used devices than any other in the world. If the consumers or clients cannot access your business simply because your website is not mobile or an app has not been generated yet, consumers may term your business as old fashioned which may lead them to another competitor who has provided avenue for such. To ensure that your business does not miss out on this, they have to ensure that everything they post on the web is easily accessible for its customers and clients on their mobile phones.
When there is a downturn or recession in the economy, it affects businesses but not all of them. Although diversifying your business should not be a practice to roll over hard times but it makes one not dependent on one line of business. Having just one line of business during economy trials leads to slow progression. It is very important for a business to be earning from different streams of income from different sectors thereby creating an extension. For instance, when having a supermarket it is advisable to integrate other sectors to it such as pharmaceutical services, transportation or delivery, a photo booth and agricultural produce all in one place
- Identify and manage your risks
When dealing in a business, certain problems might occur now or later in the future. Business owners can hardly predict what kind of problem may arise in the future and this is why it is very important to identify the risks or possible failures that may arise in the business. These risks ranges from people to business processes and even legal compliance like the payment of taxes. Business owners need to quickly identify the gaps in their businesses and fix it as soon as possible before it turns into a problems for the business. For example, a business should not rely too much on a individual or a group of persons for its success because the business might face a big problem in future when these people leave. The business owner can prevent such from happening by adequately training the junior staffs or putting measures in place for employing new employees
- Customer satisfaction
Customers are the livelihood of business because without them the business will collapse. Businesses must ensure that they get feedback on the customer’s satisfaction levels. This is because highly satisfied customers will be an important medium in spreading good words about your business to other prospective customers and clients. Businesses must now ensure that the quality of goods and services they give to their customers and clients meet or exceed their expectations. Customer’s satisfaction is one of the ways to acquire Customer’s loyalty which will in turn yield greater profits in the long run. They can put in place a formal approach or a support system for listening to the queries of their customers
- Developing a unique business brand
Branding deals with creating a unique image or an identity for your business. It is how people are able to identify and experience your business. This can be done by through different mediums like creating a certain logo for your company, a certain catch phrase, and means of advertising, designing your company brochure, how the business deals with its customers and clients. The brand of a particular business makes it different from that of its competitors
- Hire the right people
Hiring the right and professional skilled individuals could either make or break the organization. Business growth and success is driven by the people working there. Businesses must ensure that they only hire staffs that they can rely on. This can be done by working with an experienced recruitment agency that will find you the perfect employees that will drive the business forward. This doesn’t stop here as proper and adequate training should be provided by the business to the employees to enable that they meet up to their standards
- Seek professional help
Seeking professional help and advice will help in the growth of a business and help minimize the problems of the business. A good and competent consultant or business adviser who has a lot of expertise can explain all the needed details that applies to your business from your taxes, permits, documents, pension of employees and other payments that are relevant for the continuity of your business. They also help in reducing the tax liability of the business and provides ways that the business will benefit from
- Advertise your business
Social media is now more important than ever. Companies should advertise on different platforms thereby creating awareness for their products and services. Since almost everyone has an access to a mobile phone and the internet, increased online presence and advertising will go a long way bringing results and success in 2020 and beyond. Businesses should review their media strategies and adopt new techy ways such as using the Search Engine Optimization (SEO) strategy to ensure that the business does not appear on page 2 of Google.
- Find a mentor
Finding a mentor that has done your kind of business and excelled in it is a pure gem. Mentors will be able to share from their various pool of experiences, the challenges they faced and the mistakes they made. Business owners must find a reliable mentor who can dish out various advice on how they succeeded and how to properly manage a business.
- Network with other business owners in your line of business
Another way of structuring your business for results and success in 2020 and beyond is having the right network system with those that are in the same line of business with you. Although some may be your competitors, the honest ones will be willing to share their experience. No knowledge gained is lost. Attending various seminars and conferences, connecting with them on LinkedIn, reading their article or blog posts are some of the ways of building a strong network with other business owners
- Have a proper business plan drafted
Every business needs a plan so that it will be prepared for what is to come. Creating a business plan deals with factoring in some variables that will lead to further expansion in the business. A proper business plan is vital for the health of the business as it steers the business into their goals and help avoid bumps or problems on the road. Business plans are not only needed for start-ups but also existing businesses seeking to grow massively beyond their current stage and have batter gains in the long term. A poor business plan can be disastrous for the firm
- Keeping up with market
Business conditions are ever dynamic and change every time. Operate your business on an out of date information or machinery or method may lead to failure of your business and hereby loss of customer. Businesses must follow the trend by investing in innovation in order to create something new products or services that will lead to customer/client loyalty. For instance businesses in the modern age are maximizing the use of customer support systems in order to get feed backs or reviews from their customers, pass information to customers about their new products and even wish them on their birthdays. Creating android applications and websites also put the business in the forefront of the market and business owners must embrace learning and change in the business landscape. Keeping up in the market will enable you to leap ahead of your competition
- Keep your business finances in order
Businesses that are growing and expanding are mostly tempted to enjoy the rewards or profit gained without re-investing part of it back into the business. Businesses must create an avenue for ploughing back profit for continuity and development. Businesses must also ensure that if they want results and success in 2020 and beyond, they only spend on what is needed.
In conclusion, things are rapidly changing fast in today’s business world and it’s only those who are able to catch up and follow the trend that will be relevant in the years to come. A business that is successful presently and does not prepare itself for results and success beyond 2020 will fail because its survival cannot be guaranteed. Using the above points, business owners will be able to structure their business for results and success in 2020 and beyond.
About the author
Onamakinde Dare Daniel is a highly motivated accountant with knowledge in Accounting, Taxation, Management, Audit, Costing and Research. He is keen on tax matters due to its ever dynamic nature[contact-form-7 404 "Not Found"]