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3 Ways Your Business Can Start 2020 Strong

3 Ways Your Business Can Start 2020 Strong

A new year is nearly upon us. Here’s a three-point plan for success in January and beyond.

27, 2019

4 min read

Opinions expressed by Entrepreneur contributors are their own.

The end of the year is fast approaching, and it’s on track to go out with a bang. Adobe projects that U.S. online sales will reach record highs from this month through December, a 14 percent increase over last year. Capturing that year-end sales rush is key, but it’s even more crucial to properly prepare your business for 2020.

Don’t wait until January to get the new year’s wheels in motion. Instead, give yourself a couple months runway to get up to speed for a powerful takeoff. If you haven’t started prepping for 2020 yet, don’t fret — it’s not too late to begin today. Here are three ways you can start next year strong.

1. Budget for training.

To see business growth, you need to invest in the professional growth of your team. High-quality training will help accomplish this. It allows your team to keep up with technology, regulatory requirements, changes in products or services and branding. In order to reap those rewards, you have to allot the right budget.

Every business’s situation is different, so it’s important to assess your needs accurately. Medium-to-large organizations often allot 2 percent to 5 percent of salary budgets, according to eFront. If you’re a cash-strapped startup, that figure may be out of reach, but you should still calculate what training budget you can afford. Consider group-training options, which can be cheaper due to volume discounts. Also, use your in-house experts to provide training through quarterly group workshops or mentorship programs. Rochester, NY-based Birchcrest Tree & Landscape takes this approach, using employee trainers to maintain quality and boost profitability. The company assigns employees across departments as trainers; when there’s a training need, that’s their full focus. When there’s not, team members concentrate on completing the typical daily tasks in their respective departments.

2019-11-27 22:00:00

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