The new year is officially underway, and many entrepreneurs have goals of taking their business to the next level in 2020. Whether that means turning your passion project into an official business or growing your existing company even further for the new decade, it can often be hard to turn those dreams into reality. For those who believe that their resolutions are more than just vague ideas, here are the top tips to turn your business around in 2020.
Know The Tools Of Your Trade
No matter what industry you’re entering into, understanding the ins and outs of the business is essential. This includes the parts of the business that you, as a manager, supervisor, or CEO, might not interact with on a daily basis. The more you understand about the technical aspects of your business, especially the ones that your employees engage with, the more informed you’ll be when it comes to making difficult decisions.
For example, if you’re operating a company within the industrial or manufacturing sector, you might not regularly be out on the floor operating machinery yourself. However, it’s still important to know about processes like reaction injection molding if your company uses it. RIM is the process by which molded polyurethane parts are made. In the process, two liquid components are mixed and injected into the mold where they chemically react and cure. If one of the aspects of your business that you’re considering changing is your manufacturing methods, you’ll want to thoroughly understand where the problems could be and what might need to be changed.
Another advantage of learning more about the small details your industry requires is knowing when there’s a more efficient option available, whether that’s defined by cost, materials, time spent, and more. Often, you’ll be able to discover new cost-saving methods that can change the way you do business. For example, specialty gases of ultra-high purity are widely used in a range of applications and industries including semiconductors, pharmaceuticals, medicine, electronics, aeronautics, and petrochemicals. However, it’s possible that you could get by with another type of specialty gas that would save you cost in the long run. Look for corners you can cut, and don’t be afraid to experiment a bit to see what works best for your business.
Concentrate On Customers And Their Needs
Whether you’re operating on a business-to-business model or you’re interacting directly with an end consumer, focusing on the needs of your customer is absolutely essential. In today’s modern world, a little bit of effort and charisma can go a long way when it comes to keeping customers coming back. Make sure your online and social media presence is at least on par with your competitors, even if most of your business is from your own neighborhood. About 80% of all Americans depend on search engines to find local businesses, meaning a good digital marketing campaign can go a long way.
Don’t forget about your phones while you’re updating your website, though. Plenty of people, particularly older generations, still rely on phone calls as a primary form of communication. While email and chat are often more convenient, you still want to have as many options available as possible for communication. A whopping 85% of people whose calls aren’t answered will not call back, so keep an eye on those phones during business hours.
Learn From Competition
Keep your head on a swivel when it comes to watching your competition in 2020. It’s not just small, local businesses you’ll want to watch either. Larger competitors can often put small businesses in a tight spot because of their ability to offer lower prices on average. Sometimes, industry giants can even prevent new businesses from getting into the industry in the first place. The United States is the number one largest national producer of chemical products globally, and this can make it difficult for entrepreneurs to break into the field. Be persistent and focus on the elements of your business that no one else, large or small, can replicate. This is what makes you unique and gives you a marketing advantage.
Finally, remember that your competition can come from just about anywhere, even a business partner. While many people start a business together with the best of intentions, it doesn’t always work out well. Statistics show that up to 70% of all business partnerships fail. If you’re working with a partner on your business currently, make sure you and your partner have talked about a plan in case things don’t go well and you have to go your separate ways. Planning in advance for a split, just in case, can help you avoid messy issues and competition after the fact.
Every entrepreneur dreams of starting or growing their own business. If you’ve set goals for yourself and your business to achieve during 2020, keep these tips in mind in order to really thrive. What tips would you give other entrepreneurs who are just starting out this year?