How to prepare your business for success in 2020
The New Year is an excellent time to analyse your business’s performance and identify how you can improve on last years turnover. Here are our top 5 ways to prepare for 2020.
1. Update your cybersecurity
According to research, small businesses are collectively subject to almost 10,000 cyber-attacks a day. The annual cost of such attacks to the small business community is estimated to be £4.5 billion. Scary statistics for any company.
Take this time to review your IT systems and the security you currently have in place. Look at whether it has been updated as required and does it provide you with adequate protection.
If you have cybersecurity insurance, ensure that you are complying with all the conditions of the policy. Miss one of the necessary steps in your terms and conditions and your insurance could be invalid. Check what your insurance states you must do to remain protected in the event of a cyber-attack.
2. Consider automation
Are you getting the most out of your staff, or is their time being taken up with tasks that could be automated?
Review the processes and job roles within your organisation to ascertain whether your workforce’s skills are being fully utilised. Analyse whether you could automate specific processes to allow your staff to use their abilities more effectively.
3. Go green
You may think that implementing eco-friendly systems into your business will just cost you more money. However, becoming more environmentally friendly could actually help your bottom line.
Take a look at our recent blog post for tips on how your business can be eco-friendly and save money.
4. Improve your online presence
Most people use the internet to make purchasing decisions. Whether that be reading reviews or seeing ads on social media or taking a look at your website and comparing your company to your competitors.
Take a look at your social media and website analytics to look at your engagement statistics. Brainstorm ways in which you could improve those numbers and ensure your website if sufficiently optimised for SEO.
Your content should always be a reflection of your marketing strategy, so make sure these are still aligned and delivering the results you expected.
5. Review your finances
Look at your financial figures for 2019. Did you hit the targets you set, or are you way behind?
Review what your expenditure was for last year and whether you can reduce any of those costs to increase profitability in 2020.
Ensure you have systems in place to regularly produce reports on your company’s finances to stay ahead in 2020.
If you found this information useful, you may also want to check out the following:
- How to prepare for IR35
- 10 productivity tools freelancers love
- How to manage the stress of owning a business
MRA specialise in business solutions and are Life Centred Business Consultants based in East Sussex we service clients across the South East, Sussex and Kent, including smaller towns such as Ashford, Battle, Bexhill, Bodiam, Brighton & Hove, Cranbrook, Crowborough, Eastbourne, Hailsham, Hastings, Heathfield, Herstmonceux, Lewes, Mayfield, Newhaven, Rye, Seaford, Sevenoaks, Tenterden, Tonbridge and Tunbridge Wells.