As another year comes to a close, it’s a good time to look back at your business decisions, reflect on what was done right or wrong, and what you should be looking forward to.
If failing to plan means planning to fail, then it’s important that you should have a business strategy plan for the new year. With the new year comes new goals, even for your business. Here are some ways you can plan your business strategy.
New year business planning tips
The market is always changing, which means always having a new plan and new goals. Here are some new year business planning strategies you can use to create smart and attainable goals.
1. Celebrate your wins and acknowledge losses from the previous year
Moving forward with a plan means looking back and examining both wins and losses. Take a moment to celebrate your wins – it’s hard to stay motivated if you don’t acknowledge your success.
Your business managed to survive another year, and celebrating your success can inspire you to achieve more in the new year.
At the same time, it’s important to recognize what failed for your business. This can be a product that didn’t sell very well or a change in the market that you weren’t prepared for.
Recognizing your mistakes will help you make informed choices in the future and avoid repeating those mistakes.
2. Do a SWOT Analysis
A SWOT analysis is one of the most popular methods of recognizing a business’ strengths and weaknesses, and the actions one can take to improve it.
Ask yourself and your team what you think these are for your business:
- Strengths: These are what your business is doing well. This can include effective marketing techniques, competitive pricing strategies, or fast order fulfillment and delivery that impresses your customers.
- Weaknesses: These are aspects that are hurting your business. For instance, your customers might be complaining of poor product quality or you’re using outdated fulfillment methods that slows down your delivery process.
- Opportunities: These are the untapped external factors that you could use to improve your business. For example, you could consider scaling your business to improve your revenue or choose logistics solutions that cater to more local and international customers.
- Threats: These are external factors that could affect your business. These include economic changes or more competition in your niche. Recognizing these potential threats can help you prepare your business accordingly.
3. List 3 objectives and priorities for the year and plan your strategy around it
You might have an idea where you want your business to go in 2024. However, avoid going overboard with the number of goals you have, as this can overwhelm you and your team.
Once you’ve settled on three objectives, you can create a clear path and maintain achievable plans. Here are some ways to pick what you or your team should prioritize:
- Consider the impact. Choose an objective that has the biggest positive influence on your potential growth and customer satisfaction. Focusing on these can improve your revenue, brand, and customer loyalty.
- Look at market trends. What are the emerging opportunities you see for your business in 2024? Adapt your business accordingly to make the most out of these opportunities.
- Quantify your goals. Increase your revenue goals based on the previous year’s revenue or reduce the average time it takes to fulfill orders. Quantifiable goals should be based on data to help you set realistic goals.
sure they’re achievable.
4. Do SMART goal setting
Many entrepreneurs use the SMART framework to ensure their business plan and goals are realistic and achievable. When setting a plan for the new year, ensure that your goals are:
- Specific: Setting unclear goals like “I want my business to be more successful this year” won’t help your business because it’s vague and unspecific. Instead, set goals like “I want my business to increase its monthly revenue.”
- Measurable: As mentioned earlier, quantifiable goals are much more attainable because you’re setting a number to measure your progress. In this case, your goal should be, “I want my business to increase its monthly revenue by at least 10%.”
- Achievable: Aim high for your goals, but not too high that it’s almost impossible – this can be demotivating if you don’t reach it. You wouldn’t say “I want my business to double its monthly revenue in the first month” because it’s very unlikely to happen.
- Relevant: Your goals should align with your business’ priorities. For example, if your business’ primary goal is sales, “I want to increase the number of followers on my social media accounts by 50%” might be good for brand visibility, but it’s not relevant to your goals. Follower count on its own isn’t related to sales.
- Time-bound: If you don’t set a deadline on your goals, you may be less motivated to achieve it as soon as possible. For example, “I want my business to increase its monthly revenue by at least 10% by the end of the year” sets a sense of urgency.
5. Set your marketing budget
Marketing is important for any online business because it’s what gets potential customers to notice and consider your business. Based on last year’s marketing expenses, consider how much you want to spend on this year.
Planning your marketing budget gives you the following benefits:
- Financial planning. Avoid overspending and ensure you have dedicated funds for your marketing efforts.
- ROI measurement. Having a defined marketing budget helps you measure your return on investment. If you increase your marketing spend for 2024, your revenue should also increase.
- Scaling. If you’re planning to scale your business, so should your marketing budget.
to scale up or down depending on your new targets.
6. Don’t forget your personal goals
High sales are an amazing achievement! However, avoid focusing on financial and professional goals alone. There are so many reasons Filipinos choose to become ecommerce business owners rather than working as a traditional employee.
Ask yourself, “Why did I become an entrepreneur?” Recognizing your own personal goals can help you by:
- Creating a work-life balance. One of the disadvantages of being your own boss is the challenge of separating work time from personal time. Finding a balance can improve your physical, mental, and emotional health.
- Sustaining motivation. As that one commercial goes, para kanino ka bumabangon? This new year offers plenty of opportunity, but it will also have challenges that can demotivate you. Having constant motivation can improve your mindset.
- Achieving long-term satisfaction. recognizing and achieving personal goals gives you a sense of fulfillment that goes beyond money and business accomplishments.
Check our Work-Life Balance Tips for Entrepreneurs.
Is your business ready for the new year?
If the previous year was filled with both success and challenges, this year will certainly have its own opportunities. As early as now, you should have a plan to improve your operations and watch it grow over the next few months.
And your ecommerce business needs the right logistics partner not only for hassle-free deliveries, but in helping you scale up.
Ninja Van is is your one-stop logistics provider that offers customized solutions to help you:
- Streamline your ecommerce fulfillment
- Manage your inventory better
- Scale up your business faster
- Save on your shipping and other logistics costs
Ninja Van can help you achieve your new year goals! Learn about our end-to-end logistics solutions today.
More business tips for your new year planning:
Ecommerce Trends to Watch Out For in 2024 (And Beyond)
How 3PLs Help Your Ecommerce Business Grow
Shipping from China to the Philippines: An Easy Guide
