Every year businesses look back on the previous year and prepare for the incoming 12 months with renewed hope, massive passion or maybe a revolutionary idea that will change the world. Business evolves fast, therefore looking forward is crucial for any company to thrive. Despite this, reviewing the previous year can help a company re-apply successful tactic or learn from errors. So here are some key points to set you up for a great 2020!
How did 2019 go?
To prepare for the future, you must review the past. Look back to what you had planned, anticipated and hoped for in 2019 and compare this to what unfolded. There are likely two results; over achievement or underachievement. Ask yourself why? What products or marketing resonated well with customers? Has a new competitor arrived? Were you ambitious? Did you simply work so hard for these results? Reviewing the previous year will help you learn the tactics that worked well and identify those that were less successful for your business. This puts you in a solid position to continue or adapt.
Are your products still relevant?
Consumer taste can change rapidly. This means that product and service suppliers must also ensure that they move with these market changes – the changing of the year is a perfect time to anticipate this. It can be very hard to anticipate these movements, but with strong analysis and constant market research, it is possible for your business to be that one step ahead that consumers are looking for.
Strengths, weaknesses, opportunities and threats. Listing these in relevance to your business can help you strengthen in 2020. Acknowledging strengths helps ensure that they remain elements of your business to be proud of. Highlighting weaknesses also ensures your business to in the constant process of improvement upon improvement. Threats are also crucial, as competitors to changes in technology can mean the end for even the biggest of businesses. Most important is Opportunities, however. This is where the money is at. Looking at long term moves in trends, technology and attitudes can help a business become a star in a growing market or even as far as make a new market. Being one of the first to a market, along with a good product can mean that your business may make the big-time.
Marketing review and plan.
Marketing could be the key to sales for many businesses. If a certain campaign connects with your audience then it can be the key to success. This is why looking at your marketing plan for 2020 is a crucial element of your overall plan. Using social media should be a crucial element of the majority of any type of businesses. In order to maximise this quality, consistent and planned content is needed. However, your marketing must be relevant to your intended audience. It is therefore crucial for a business to think carefully about how they should use their resources to efficiently connect with the relevant audiences.
Whatever you do, good luck for 2020 from the team here!