5 essential business decisions that every entrepreneur should make

Personal growth and business expansion should be incorporated into a strong goal for any entrepreneur. When an individual undertakes a life-affirming endeavor, mental health and overall wellness are equally as significant as the numerical values recorded on spreadsheets and graphs.

To ensure your business continues offering value this year, each entrepreneur should consider the five actions that follow.

Make customer experience a priority

Customer satisfaction is the most effective business strategy. Make it a priority to improve the consumer experience this year. This may entail optimizing your website for enhanced usability, tailoring your marketing communications to individual preferences, or simply guaranteeing exceptional customer service.

In addition to providing an avenue to ensure customer satisfaction, customer service also serves as a conduit for beneficial product feedback and insights. Establishing a robust two-way communication channel is critical for accelerating product development, refining one’s vision and guaranteeing consumer satisfaction. You will ultimately be more successful by investing in it, as it will bring you closer to your customers.

Our ability to interact with customers is a fundamental aspect of our business model and our primary objective at Herbalife. To achieve this, we employ the direct-selling model. Our educated and trained independent distributors across the globe have been extremely innovative of the years, creating methods of operation that grow their business by expanding and deepening relationships with their customers and in their communities.

Adopt the digital revolution

Remaining relevant in the ever-changing digital environment necessitates an openness to novelty. This year, integrate suitable digital solutions into your business operation. Maintaining competitiveness requires digital transformation, which may involve investigating e-commerce, adopting new software or digitizing customer service. Digital transformation enables small businesses to remain competitive with large corporations through the implementation of state-of-the-art technologies. Staying competitive and ahead of the curve in dynamic markets is highly advantageous. Digital transformation facilitates increased agility and velocity for small businesses.

Take the time to network

Although it may not produce immediate results, networking is an effective strategy for expanding a business. Developing and maintaining relationships throughout the year can be advantageous for your company in the long run.

Entrepreneurs should prioritize networking to establish and maintain successful businesses. You can discover new growth opportunities, obtain valuable insights, and learn from the experiences of others by establishing connections with others in your industry. It’s also an excellent method to spread your name and build your personal brand.

According to research conducted by the Economist Intelligence Unit, for 78 percent of startups, networking is vital to entrepreneurial success. For all those surveyed, active networking appears to have a positive impact on the performance of their businesses.

I recommend establishing and sustaining relationships with a minimum of one new contact per month. In 2024, the development of connections with individuals in your network may be what propels your business to the next level.

Recharge your business plan

A business plan serves a purpose beyond being a mere document drafted during the startup phase to secure initial capital. In contrast, a business plan serves as a strategic outline that directs an organization toward attaining its immediate, as well as long-term objectives. Maintain a current business strategy and closely monitor the progress. A planning process monitors the discrepancy between anticipated and realized outcomes on an ongoing basis. Our assumptions are assimilated by reality, and we must maintain a record of where, why, and how we erred. This type of monitoring is crucial for effective management.

Your business plan should be regarded as a living document that requires ongoing updates. At the start of the year, review your business plan and determine whether it or the way you conduct business in 2024 requires any modifications.Continually promote your brand

Particularly for small businesses, establishing a strong brand is critical to their success and expansion in the fiercely competitive business world. Although numerous enterprises prioritize the development of their products or services, they frequently fail to recognize the critical nature of branding.

Determining the identity of your company and your target market are both excellent methods for constructing your brand. In order to develop your brand, you should consider utilizing social media platforms such as LinkedIn, Instagram and Facebook, and always think about new ways to add value to your customers.

As small businesses embark on the promising but thrilling journey of 2024, initiate transformative actions. Prioritize customer experience, embrace the digital landscape, invest time in networking, maintain brand promotion, and update your business strategy. May this be your best year yet! —CONTRIBUTED INQ

By Frank Lamberti

The author is chief commercial officer at nutrition company Herbalife.