Survive Till 25: Proactive Steps for Business Success

Survive till 25 – is that good enough?

In recent times, the phrase “Survive till 25” has gained traction in the media, suggesting that businesses should focus solely on making it through to 2025. While the sentiment behind this mantra is understandable, it can inadvertently convey a sense of pessimism and stagnation. At Business Like NZ, we believe that businesses should aim higher. Instead of merely surviving till 2025, let’s focus on thriving and positioning ourselves for long-term success.

With six months left before the start of 2025, now is the perfect time for business owners to take proactive steps to ensure their businesses are not just surviving till 25 but flourishing. Here are some actionable strategies to help your business in 2024:

Review and Revise Your Business Plan

Your business plan is a living document that should evolve with your business. Take the time to review your current plan and make necessary adjustments. Consider market trends, customer feedback, and your business’s performance over the past year. Best practice should be updating your business plan quarterly to provide a clear roadmap for the future and ensuring your short-term goals are being worked towards.

Enhance Financial Management

Effective financial management is crucial for business success. Ensure your accounting practices are up-to-date and accurate. Consider working with a professional accountant to get training on reading your internal financial reports, reviewing your financial statements, identifying areas for improvement, and developing strategies to enhance cash flow and profitability.

Invest in Technology

Technology can streamline operations, improve efficiency, and enhance customer experiences. Evaluate your current technology stack and identify areas where upgrades or new tools could make a significant impact. Whether it’s implementing a new CRM system, upgrading your website, or investing in automation, technology can be a game-changer. Is it time to add that app into your accounting system?

Focus on Customer Relationships

Your customers are the lifeblood of your business. Strengthen your relationships with them by providing exceptional service, seeking feedback, and addressing their needs promptly. Consider implementing a customer loyalty program or enhancing your customer service processes to build long-term loyalty.

Diversify Your Offerings

Diversification can help mitigate risks and open new revenue streams. Explore opportunities to expand your product or service offerings. This could involve introducing new products, entering new markets, or offering complementary services that align with your core business.

Invest in Employee Development

Your employees are your greatest asset. Invest in their development by providing training, professional development opportunities, and a positive work environment. A motivated and skilled workforce can drive innovation and contribute to your business’s success.

Monitor Industry Trends

Stay informed about industry trends and changes in the market. This knowledge can help you anticipate challenges and seize opportunities. Attend industry conferences, subscribe to relevant publications, and network with other business owners to stay ahead of the curve.

Strengthen Your Online Presence

In today’s digital age, a strong online presence is essential. Ensure your website is user-friendly, up-to-date, and optimized for search engines. Leverage social media platforms like Instagram, Facebook and LinkedIn to engage with your audience, share valuable content, and build your brand.

Plan for Contingencies

Uncertainty is a part of business, but you can prepare for it. Develop contingency plans for potential challenges such as economic downturns, supply chain disruptions, or changes in regulations. Having a plan in place can help you navigate unexpected obstacles with confidence.

Seek Professional Advice

Sometimes, an outside perspective can provide valuable insights. You make those important appointments for your health, now make those important appointments for your financial health. Consider working with business advisors who can offer expert guidance and help you develop strategies for growth and sustainability. At Business Like NZ, we specialize in helping small to medium-sized businesses achieve their goals through tailored advisory and tax preparation services.

Summary

2025 is just under six months away. Let’s use this time to ensure when 2025 does come, we are ahead of where we would have been if we had just gone into hibernation between now and then. By taking proactive steps, you don’t just have to survive till 25, you can position your business for success in 2024 and beyond. Let’s shift the focus from merely surviving to thriving, and together, we can build a brighter future for your business.

South Auckland Chartered Accountants

Business Like NZ has been providing professional yet affordable tax, accounting, and business advice to the Auckland region and beyond for years!

If you would like to discuss your business with us, please contact us at the office.