Here are five key steps that entrepreneurs should consider to ensure a successful 2019.
Furthermore, short-term goals also help a business to determine if it is still on track to meet its long-term objectives.
Cash flow management challenges are also a good indicator of deeper or hidden issues within the business that need to be addressed immediately.
For example, if you are still offering products and services in store while your competitors have successfully migrated to digital channels, it may be ideal to consider a multi-channel approach to remain relevant.
This also provides a perfect opportunity to disrupt or innovate by identifying niches within your market or industry that no competitor has tapped into yet.
Online reviews and social media are good platforms for getting feedback.
To remain relevant, sustain the current base and win new customers - SMEs should be agile and constantly reinvent their business models in order to meet evolving customer needs.
Lastly, once you’ve reviewed performance for the past year, it is essential to set new goals for the year ahead. This should involve reviewing or updating your original business plan to ensure that it is still relevant.