Achieving Business Success in 2016

Posted on January 11, 2016 by ATB Chartered Accountants

The start of a new year is the perfect time to step back and strategically look at what is and isn’t working for your business and plan for the future. There are a number of simple steps to do this.

Firstly, what does success mean to you? The answer varies from business to business because everyone has different reasons and motivations. Therefore, the first step in achieving business success is having the ability to define what success is to your business, in a way which you will be able to measure.

In the planning stage for business success, you need to have a clear vision of what success will be. This will help you stay focused on your goals. Your plan needs to include answers to the following questions:

What will you achieve through your business?
When will this be achieved by?

How will you measure this success?

Through answering those three questions, your business goals become more manageable and attainable. In the planning stage of setting business goals however, it is important that you are realistic. This may mean asking for advice from your peers and/or mentors. Getting feedback will allow you to modify your plan or gain confidence in it. Either way, this ensures you plan for any obstacles your business may face in seeking out these goals as well. If you are able to plan for these obstacles, it will be easier to overcome them, or avoid them completely.

Some ways to measure your business success this year may include:

  • Analysing reports to understand the financial state of your business and plan for the future.
  • Identifying your highest revenue earners to understand which areas of your business are performing best.
  • Reviewing customer satisfaction levels through conversation will provide a further insight into your performance, and through this you can understand what you are doing well and what needs to be improved.
  • Regular evaluation of your marketing tactics will become useful in understanding how to better reach out to your target audience. Whether this be your current or potential clients, it is important that you are able to understand where the traffic to your webpages are coming from.

When seeking business success, it is important not to throw your work-life balance out in the process. You may find that some of your business success goals coincide with your own personal goals this year, such as freedom, flexibility and innovation.