5 steps to set your business up for a successful 2018

The new year is the perfect time to review your business so you can set your business up for growth in 2018!

running a business

1. Understand your market as it is today

Taking a good look at where your business fits in the market today is critical. It can help you discover who your new customers are and if there are any new competitors around.

By improving your understanding of your customers in 2018, including their wants, needs and desires you can better target your marketing efforts and personalise the customer service you provide.

You can also check out the Australian Bureau of Statistic’s Planning for business information, which has data and statistics to help you locate potential customers, develop targeted marketing campaigns, assess potential business locations and more.

2. Organise your business records

Got a shoe box full of receipts?

Organising your bookkeeping early in 2018 can help you save time and money down the track. Keeping records doesn’t have to be hard – but it does have to be accurate. Choose a system that’s right for your business. If you’re just starting out, it might be more of a manual process or if you’re further along the business path, you might think about investing in an online tool.

3. Update your business plan

Business plan gathering (virtual) dust?

Taking the time in January to revise your business plan can help you hit the ground running and help you visualise how you want your business to grow this year. Reviewing your plan can help you revaluate your vision, set some goals for 2018 and even plan out your marketing activities.  

We know business planning can be time consuming and difficult at times, but the process is a valuable activity worth investing time and energy in.

4. Identify the skills you need bring into your business

We all know that it takes much more than just luck to grow a successful business, so it’s important to make sure you’ve got the right skills in your back pocket.

Do an honest audit of your own skill set – do you have the skills you need to grow your business? What support will you need to call in? Do you have a plan to increase your knowledge if you need to upskill?

5. Be innovative and make improvements in your business

New year and renewed headspace is a great time to review your current processes, products and services. Is there anywhere you can make improvements? Could you be more efficient in certain areas? Is there a system that just isn’t working for you or your customers?

  • Read our innovation information to find areas and ways to save time and money in your business.  

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