It is that time of year again when people make their New Year’s resolutions. Promotional event marketing firm Goldstream Incorporated explains why especially small business owners should think ahead and plan for the year to come.

According to new forecasts, SME confidence is slowing down in 2016. Goldstream Incorporated says that as a result, competition in the market will rise next year and therefore firms must plan ahead to prepare their strategy for the New Year. Research shows that less than half of the UK’s SME’s business owners expect sales to grow in 2016, compared to 64 percent at the beginning of 2014. In fact, the SME Confidence Tracker from Bibby Financial Services predicts a higher decline in sales than originally expected when the tracker was launched last year.

In order to stay on track and achieve business growth in 2016, Goldstream Incorporated has outlined their resolutions for 2016. They recommend all small business owners to finalise their plan for next year in order to be prepared and strong from the start and drive the business forward:

Set clear goals and stick to them

Goldstream Incorporated says it is crucial to set daily, weekly, monthly and long-term goals. “Most importantly, don’t forget to review them, otherwise goal setting is pointless,” says Goldstream Incorporated. The firm reviews their goals daily, which allows them to adjust their strategy if necessary before getting off track. 

Implement a sales strategy

Acquiring new customers is crucial in order to achieve business success. Goldstream Incorporated suggest businesses to focus on their market and put the relevant strategy in place in order to achieve or exceed sales targets.

Focus on the customer experience

“It doesn’t matter how great the product or service is you offer if your customer service is not up to standard,” says Goldstream Incorporated. The firm insists that providing a personalised and memorable customer experience is crucial for a company to differentiate themselves from their competitors. 

Be in control of the firm’s financials

Goldstream Incorporated says that it is absolutely important to stay on top of the company’s finances. Reviewing incoming and outgoing transactions on a regular basis and paying invoices on time are crucial to ensure cash flow.