2019 Reflections: Lessons Learnt and How to Plan for Your Business in 2020
In the blink of an eye, 2019 is fast coming to an end. What challenges did your business face this year, and how did you overcome it? How can you make sure that your business can tide through the headwinds in 2020? As the year draws to a close, we’ll take a look at some of the lessons learnt in 2019 and how you can prepare your businesses come 2020.
Don’t make the same mistakes
As the year comes to an end, it’s good to sit down with your team to reflect and review your business performance in 2019. Celebrate key milestones but don’t forget to also acknowledge inadequacies and work to improve them. Inc reminds us that while it is good for businesses to look forward to a fresh start for the new year, performances for Q3 and Q4 should be reviewed and used to create discussion on what can be further improved.
Define your adjustments
After a thorough reflection and review, it is also important to place into context your current business goals and how these can ultimately help your business achieve its vision. Inc suggests three characteristics to consider that can help stress-test your vision – whether it’s easy to understand, if it excites you and your team, and finally, if your vision can describe why your team exists.
If you think that adjustments need to be made, be sure to make specific changes that can provide clarity and contribute to the overall success of the company. Instead of giving vague suggestions that fail to receive attention and follow up with time, note concrete steps and develop an action plan that can effect change. If the problem is too big and requires a series of steps, decide on some goals that can help your company work towards achieving change.
Plan your budgets wisely
Now that you have your goals in place, the next stop would be the actual planning for 2020 itself. Business 2 Community highlights the significance of future-prepping for both the short and long term, emphasising not only on immediate planning such as balancing budgets and identifying market changes – but also the bigger picture of business sustainability. To facilitate this, always plan with uncertainties in mind.
Volusion draws focus onto two key points – budget planning and wise spending. Budget planning helps to ensure that you keep to what you are able to afford. For spending, try to cut down on expenses by sourcing for cheaper suppliers or buying supplies in bulk. As a general rule of thumb, Keap propounds setting up an emergency fund, which can be extremely useful especially for small businesses, by having cash that can cover at least three to six months of operational costs.
Digitise and automate
With great technology comes great power... that can help free up time for you to focus on your business’ core competencies. If you haven't done this already, 2020 is a good time to start investing in technology that can help your business become more productive. The ‘Digital transformation for 2020 and beyond’ report by Ernst & Young projects a decade of disruptive dynamics: digital models are key to unlocking new ways of business efficiencies. The report also mentions that analytics and virtualisation are top innovation drivers, also warning that legacy IT (outdated computer systems) and lack of skills can be a big barrier to a company’s performance in the years ahead.
Help your business achieve greater heights by opting for technology and services that can streamline processes and boost productivity. If you’re not sure where to start, there is no harm in reaching out and contacting experts like Canon for help. As a leading provider of business solutions, Canon is dedicated to help enhance workflow processes for our partners. Find out what tips our Director & General Manager of Business imaging Solutions, Mr Vincent Low, has that can help ease your company’s transition to digitisation.
Going green and becoming more sustainable
Besides focusing on AI advances and ever-rising digital platforms, the trend of going green is also something to look out for in 2020, says Entrepreneur. In the pursuit of sustainability, more people are consciously practising green habits, and it would help if your business can also tap on this growing consumer trend. According to Small Business Trends, sustainability doesn’t just mean going green – it is helping your customers realise the weight and importance of making eco-friendly choices.
Never stop providing excellent service
While technology offers an escalation in productivity, it is ever so important to not lose sight of the human touch. Excellent customer support is an important factor to success now more than ever – Deloitte foregrounds the service economy as a powerhouse for global economic growth in the next decade. This trend will likely continue as global digital trade becomes increasingly commonplace.
At Canon, we believe that service is the heart of all we do, and we are dedicated to serving you and meeting your needs - and our partners seem to think so too. From cutting-edge printers and projectors to our suite of document management software and more, let us take your business to the next level with our productivity-driving technologies. Contact us here to find out how we can help boost your business!
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