Although most of the year has already passed and we’re now into the autumn season, don’t panic if your business has fallen a little bit behind on its goals. It’s not too late to make changes that can help lead to a strong finish in 2023.
Whether you’ve just started your business or have been running yours for years, the key is to take action sooner rather than later—and to focus on efforts that will improve your bottom line now and into 2024.
Nurture Customer Relationships
If you’ve fallen out of touch with some customers, now’s the time to reconnect. Just be careful to do so with their best interests at heart, so you don’t come across as desperate or pushy. One easy way to start conversations is by emailing them an interesting article that has information they can benefit from. I recommend reaching out to each select customer individually rather than in a mass email. By personalizing your communications, you’ll make them feel special and more engaged in revisiting the status of your business relationship.
A little goodwill and top-of-mind awareness can go a long way in generating more sales, so it pays to check in with customers regularly to show you care.
Upsell, Upsell, Upsell
Why would you not seize the opportunity to sell more products or services to the customers who have shown they’re raving fans of your brand? If you haven’t been sending emails, staying up on social media, or calling loyal customers with information about your other products and services, you’re missing sales opportunities.
Afraid you’ll seem pushy? You don’t have to fear that if you approach customers with the intention of helping them solve a problem or benefit in some way. As I mentioned before, showing you care fosters goodwill and can generate sales as a result.
Streamline Your Administrative Activities
Take a moment to review your administrative processes and discover where you might have excessive paperwork, duplicate work, and bottlenecks that are slowing down productivity. From accounts payables to billing to project management to customer data entry, look for ways to save time by streamlining tasks.
Keep Spending in Check
Although you should always be cognizant of your business’s spending habits, it’s especially critical now if you’re behind schedule on reaching your financial goals for the year. Look closely at your costs, and zero in on the “must-haves” versus the “nice to haves” so you can cut out unnecessary expenses. Lowering costs has a direct impact on your profit and loss statement, so even if you ignore all other suggestions, pay attention to this one!
Make Sure You’ve Met Your Compliance Requirements
Rather than discover you’ve dropped the ball, check to make sure all your t’s are crossed and i’s are dotted now regarding your business compliance responsibilities. If required, have you filed your annual report and renewed your business license and permit obligations?
Corporate compliance services like those from CorpNet can help you ensure you’re up to date and won’t be hit with penalties. Best of all, when the New Year begins, you’ll be able to focus on activities that will drive revenue rather than put out fires.
Think Ahead About Your Business’s Direction
Whether you’re just starting your business or planning to close it, taking care of matters before the end of the year offers some potential advantages.
If you plan to launch your business in 2024, you can avoid becoming over-stressed during the busyness of the New Year by taking advantage of CorpNet’s delayed formation filing process. It allows you to submit your formation paperwork before the end of the year, but make the effective date of your business the first of the year.
If you know you’ll be closing your business in the near future, you might consider taking care of filing for dissolution now. Doing so before year-end might help you avoid paying additional taxes and penalties.
Move Your Business Forward This Fall
Also, think proactively about what you can do to succeed in 2024. All of the things I mentioned earlier will help, but also consider reviewing your choice of legal structure for your business. By making a change to an LLC, S Corporation, or C Corporation, you have the opportunity to gain liability protection and possibly some tax advantages, as well.
By putting more effort into your customer relationships, running your business more efficiently and cost-effectively, and paying attention to compliance requirements, you’ll be taking positive steps toward a strong finish in 2023 and a successful start to 2024.