Mediaboss Marketing

The new year is a time when we naturally assess what went well in the twelve months prior, and what wed like to do differently moving forward. Thats true for businesses, too, especially since many have annual goals for growth and profit.

Theres no better time to turn over a new leaf, after all, than a new year. As we move into 2020, there are four resolutions that all business owners should seriously consider making if they havent already.

If youre feeling hesitant, I have good news: These resolutions are relatively easy to implement, and they can all yield major payoffs.

1. Look at your PR.

Do you know how customers perceive your brand currently? This can be difficult to track because customers wont always share their thoughts with you.

Investing in PR tools and services can be a great choice for businesses, especially if youre trying to scale and struggling to do so. Plenty of PR agencies, for example, offer suggestions on how to promote brand awareness and improve the customer perception of your brand.

As you look at your current PR efforts, consider writing and distributing press releases, appearing as an expert source in written and televised appearances, and monitoring your brands reputation online.

2. Invest in marketing.

You cant grow your business without marketing. No one will hire you or buy from you if they dont know that you exist.

Quality marketing campaigns are necessary to scale your business. This can include any combination of platforms and channels, including search engine optimization, content marketing, PPC campaigns, social marketing, email marketing and more.

If youre on a tight budget, start with free and low-cost channels. Brush up on your SEO basics. Set up email marketing to keep current leads and customers engaged. Use social to create more touch points and nurture relationships. These marketing channels do require a consistent time investment, but they wont break the bank.

3. Carefully monitor cash flow.

Cash flow is a huge issue for businesses. In fact, its one reason many small businesses have to close up shop. Making a diligent effort to monitor and manage your cash flow should be a resolution for 2020.

While small business profitability can be wildly unpredictable, there are steps you can take to better monitor your cash flow. Use invoice and expense tracking software such as FreshBooks or QuickBooks to monitor all upcoming expenses and current profitability.

Use reports to look at your businesss past performance, identifying what will likely be high-earning months and low-earning months so that you can prepare and ensure that all of your costs are covered.

Knowing what expenses are coming can be an enormous asset in financial planning, making your life much easier in the process.

4. Improve customer service.

Customers will jump ship if they feel the customer service is lacking, and 96% of all customers believe that customer service is an important factor when it comes to choosing a brand.You cant afford not to have great customer service.

Customer service is one of the biggest drivers in business right now, largely because its a consumers market. There are so many competitors out there, and customer service is what sets businesses apart. You can actually earn new customers simply because theyve heard that customer service is a priority.

Invest in strong customer service. Make sure that any client-facing team members have adequate training in service, even if theyre account managers or other types of specialized workers. You should also consider looking into a quality answering service if youre experiencing a high volume of calls and youre struggling to keep up, ensuring all customers are receiving the care they need.

The new year is here, and its time to get your business resolutions in order. Take a look at where you struggled most last year, identifying pain points that you can mitigate moving into 2020. Nothing will change unless you put measures in place to shake things up, and these four resolutions are a strong place to start.

Theres never any harm in better PR, strong marketing, increased cash flow and a boost in customer service, so even if youre happy with where you stood in 2019, look for room for improvement for 2020.

See original here:
Four Ways To Help Your Business Stand Out From The Competition This Year - Forbes