Three quarters down and one to go. You can see the endzone of 2020; the question is, how do you come out a winner? Now’s the time to review how the year has gone so far and make a few adjustments. Growing a business can be anything but easy. With the year we have been through, it’s been even more challenging. The truth is, many businesses that are typically doing fine are running into some challenges in 2020. Here are five ways to grow your business in the last quarter of 2020.
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Review the year so far
The first step to implementing ways to grow is to evaluate where you have been. What did you accomplish during the first three quarters? What strategies did you have in place to achieve what you did? What were your strengths? Where did you fall short? What strategies failed to yield what you had hoped? This is gut-check time. Be honest with yourself as this will help lay the foundation for quarter four.
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Create a strategic path forward
Now that you have determined what needs fixing, it’s time to create a strategic plan for the next quarter. This plan will guide you through the next three months. Don’t get hung up on past failures. Acknowledge them, and move forward with a plan that ensures they will not happen again. This fourth-quarter plan will also make for an excellent springboard into early 2021.
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Don’t forget tech
We are living in a digital age. As we head into the last quarter of 2020, take a look at your resources. Stay ahead of your competitors by having software that allows your business to operate smoothly on a day to day basis. This may take some investment, but the fourth quarter is a great time to make some end of year purchases that can be written off on your tax filing.
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Invest in your team
More often than not, your business will grow bigger than you imagined. Always remember, you do not have to carry the burden on your own. Trying to do everything yourself can cost you in the long run. Each of us has our strengths and weaknesses. Focus on your strengths, and offload tasks you may not be an expert at to others. Surround yourself with a strong team and teach them your goals and vision for your business. Help them understand your future plans and how you envision reaching them. Invest in their continuing education, and you will set your business up for continued success.
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Improve communication
Communication is the key to growth. This applies to your internal team and your external customers. A team that communicates well works cohesively to attain a common goal. Communicating well with customers means they understand what to expect when working with you and likely will return for repeat business often.
Following these five tips will help you flourish in the last quarter of 2020. Having a strong finish for the year will also set you up nicely for a great start to 2021. 2020 has been different for us all. Here’s to a great last quarter!
