Business Growth 101: Three Projects You Need to Try in the New Year

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As you welcome the New Year, it is essential to engage in projects that can help you create a more profitable year for your Edmonton business. There is no better time to start with new projects that will not only increase business revenues but will assist in the promotion of its products and services too. What kind of projects should you engage in to stimulate business growth? 

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Growing a business is not easy, especially in a competitive and uncertain market. You need to constantly innovate, adapt, and improve your products and services to meet the changing needs and expectations of your customers. You also need to manage your finances, inventory, marketing, and operations efficiently and effectively. That’s why you need to have a clear and realistic plan for your business growth in the new year.

In this blog post, you will discover three projects that you can try in the new year to boost your business growth. These projects will help you learn new skills, sell more products, and increase your profits. Here are three practical projects you can start right away:

Embrace Continuous Learning

When was the last time you learned a new skill you can turn into a business opportunity? If you can no longer remember what it was or when it was, it may be an indication that it may be the perfect time to “go back to school.” 

In today’s rapidly evolving business landscape, staying stagnant is a recipe for disaster. That’s why continuous learning is essential for small business owners who want to stay ahead of the curve. The start of a new year can bring new opportunities for business growth. There is no better way to revitalise your business than to offer your Edmonton clients something new. You can only do this when you submit yourself to new learning and/or training. Read industry-related books or attend a workshop on something you may be interested in. Who knows you might discover new business ideas or get inspired to set off on a new business venture.

Conduct a Strategic Inventory Refresh

Your inventory is a crucial asset that can either fuel or hinder your growth. A cluttered inventory can tie up valuable capital and impede your ability to respond to market trends. You should make a list of what you have and what you have spent in the last year. This is to make sure that you find balance in what needs to be purchased in the coming year. 

Now that the new year has started, it may be time to say goodbye to old goods to have space to welcome new ones. A garage sale would be a perfect avenue to liquidate the assets that you have. The money that you get out of it can be used for the other business needs. The slower-moving items in your inventory should help you figure out the many ways you can improve your services to your clients.

Prioritize Profitable Products and Services

Not all products and services are created equal. Some may generate significant revenue while others may drain your resources without providing a worthwhile return. If you are in the business of handling more than a handful of goods and services, it may be time to distinguish the ones that bring in the profit. Breaking the numbers to find out the margins of the products that bring in money to the company against those that are in stock but are rather slow-moving should help you manage the company more effectively. 

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Knowing all these will help you make better decisions for the business to ensure that everything you are holding onto brings in more profit.

Is the new year going to bring in greater business growth? It is really up to you. Refresh your finances with these three activities and see the difference that these can make.

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These tips may help you start off the new year on the right foot and increase your business growth. Changes in any business can bring great benefits – when a business stagnates it also limits growth opportunities. You need to take the time to develop a strategy that will enhance the strengths and opportunities of your business.

Remember, business growth is a journey, not a destination. By embracing continuous learning, conducting strategic inventory refreshes, and prioritizing profitable products and services, you can set your business on a path to long-term success.

ATS Accounting and Tax Edmonton has a team of financial experts ready to advise you and help you create a winning business plan to achieve the business growth you are aiming for. Book your free 15-minute consultation with ATS Accounting and Tax Edmonton to find out how we can help you grow your business with confidence.

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