February 17, 2016

Think Big and Strategize for Growth in 2016

The New Year is always a great time to reflect on the past year and develop goals for the year ahead. From a small business perspective, it is an opportunity to review what worked well in 2015 and what could be improved. Push yourself to think big in 2016 as you strategize growth prospects for your business. Here are three questions to guide you:

  • When was the last time you thought about the three V’s (value, values and vision)? Value is what we offer to customers to merit the price of our product or service. Values include core attributes that inspire a lasting impression on all stakeholders with whom we interact. And vision is a genuine expression of the benefits and impact we aim to achieve as a whole. Losing sight of these three qualities can naturally happen with so much going on. Even if you have not lost sight, take a moment to reflect on how these can evolve and design processes to keep you and your team connected to your company’s value, values and vision.
  • How can your financial statements help determine your strategy? Start by reviewing your company’s Profit & Loss and Balance Sheet for 2015, and compare them to years past. What are the trends you see? If your books are organized well, you should be able to easily generate additional financial reports that demonstrate things like which lines of business thrived, which customers were most rewarding, how your employees are contributing to (or taking away from) your bottom line and whether your pricing needs to be updated to reflect new costs you might not have noticed before. Your bookkeeper, CPA or other financial advisor often offer a different perspective on things that you might not notice. Don’t be afraid to ask.
  • Are you integrating technology into your business?   From internet to mobile, technology has shifted how we do business and how customers are purchasing. Embrace the power of technology to streamline your processes, gain efficiencies in your operations, promote your products or services and connect with a whole new customer base. For example, did you know 72% of customers who use their cell phone to search for a local product or service follow through with a purchase? (Source: Mediative Labs.) Now is the time to research and integrate technologies that can build business exposure and efficiencies.

Make it a deliberate point to evolve and seize growth opportunities. If you need an extra push, Evergreen Exchange can connect you to the resources you need. Connecting with the right resources can help keep you motivated, hold you accountable and act as a sounding board to help manage the growth and financial health of your business.

Elli Papadopoulos, founder of Skopos Collective, advises small business owners on challenging financial, strategy and growth questions. For more information visit www.SkoposNYC.com.