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New Year, New Opportunities

written by Editor, 17 December 2015

Guest blog by, Mikaela Barton, Digita Marketing Assistant

New Year resolutionss

The festive season is upon us and the New Year is fast approaching. We are all familiar with the tradition of setting ourselves personal goals for the upcoming year, goals that are going to see us slimmer, happier and wealthier than ever before. Until January 15th when we all give up and reach for the leftover Christmas cake.

However, what about our business goals? The New Year allows for a paramount opportunity for change. But how do you plan for the New Year? And what industry changes should you expect to see in 2016?

Next generation leadership

According to Forbs magazine, over 3.6 million baby boomers will hit retirement age in 2016; these positions will most likely be filled with the next generation of managers, the millennial generation. The Millennial generation considers themselves as transformation leaders, who differ from boomers who are seen as autocratic. This means millennial’s are willing to try new things, challenge traditional processes and think outside the box about a situation. They will change the meaning of leadership, eliminate corporate hierarchies, empowering others to succeed and encouraging companies to make a difference in society.

new years resolution

New Year, new business plan

With millennial’s in mind, it might be time for a business plan revamp. This will give you the opportunity to revisit strategies, develop new aims and objectives for the upcoming year as well as a whole new marketing strategy to target new clients. To help keep you on track to achieving your business goals, try and focus on these four key areas:

Service/products

– Ask yourself a few questions, how did your current products and services perform this year? Which appeared the most popular with customers? And what products produced the highest profits? This should help you determine which products should stay and which products should go.

Competition and Industry changes

– A lot happens in 12 months, in today’s business environment huge developments in practice and technology are happening continuously. It is up to you as an organization to spot these developments and incorporate them into your business plan before your competitors. This will ensure you stay ahead by giving you a competitive edge!

Marketing and Sales

– It is vital to revisit your marketing plan every year to determine how you’re going to attract new clients in order to sustain growth. Please read our previous blog The Top Five Things to Pack in Your Marketing Toolkit to help you redevelop your marketing strategy!

Financial forecasts

– How accurate were your forecasts last year? Financial forecasts are often a reflection of your business goals; if these targets are not met your whole business plan could potentially fall apart through misplaced budget. Directors and partners must question their current strategies to determine how to meet their financial goals or risk falling behind competitors.

With huge industry changes ahead of us, now is the time to take a leaf out of millennial’s book; try new things, challenge tradition processes and think outside the box. Eliminate corporate hierarchies, empower others to succeed and encourage your company to make a difference in society. If you don’t, your competitors will.

What are your business New Year’s resolutions? Tweet us @DigitaTRTA

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