By Carlos Camacho
Yeardo New Year brings an opportunity for entrepreneurs to evaluate their business status and adjust their strategies to prepare for success in the coming year. The Bank of America’s global research economists expect it to be good, with strong economic growth and higher productivity.
El Paso is no exception. The city is committed to cultivating a stronger environment by implementing plan 25 to 2025 to create a more vibrant local economy.
With an ever -developing landscape, it is more important than ever for business owners to create a plan while staying flexible to fit as needed. Here are some steps that business leaders can take to start the strong New Year.
Performing a SWOT analysis
Regular review of strengths, weaknesses, opportunities and threats to your business is important no matter what hour of the year, but especially when you are rebuilding goals at the beginning of the year. Identifying what works well, what needs improvement, and any possible external challenge will allow you to fix your business plan to ensure that you can take advantage of the advantages and address the pain points.
For example, if you notice that keeping the customer is a fight for your business, consider adjusting your budget to share funding for marketing and customer investment strategies. Or, if inflation is a concern for your business in the following year, you may need to adjust your prices accordingly. You would not be alone, as 57% of business owners say they are raising prices due to inflation, according to the Bank of America 2024 of women and business owners in the spotlight.
Consider expanding strategies
After performing your SWOT analysis and updating your business plan accordingly, you can seek to expand. Our report revealed that 63% of business owners are planning to do it only next year.
When looking at how to better grow your business, make sure you consider which expansion strategies have the most meaning. Should you increase your presence online or open a new store? Narrowing and investing in strategies that will serve your business best will help you see the biggest investment return, rather than extending yourself – and your budget – very thin.
Attract and hold the talent
A business cannot run without its employees, so it is important to evaluate your employment processes and investments for holding. The latest Bank of America report revealed that many business owners are investing in educational resources for such employees such as training programs in the country to further their career growth.
Falsifying stronger relationships with employees will not only help increase retention, but will provide you with more support to avoid longer work.
Complete with the technology
The spirit of entrepreneurship can often encourage you to manage all tasks and workflow yourself, but the use of technology that can simplify daily will only help increase efficiency and productivity. In fact, 71% of small businesses owners said they digitally optimized their business over the past 12 months, according to the 2024 business owners Spotlight.
Technology can help with a variety of challenges. He and the means of automation can derive and screen potential candidates, project management tools can strengthen team cooperation, and customer relationship management systems can provide useful information about customer behavior to provide that your strategies are efficient. Small businesses need to embrace and invest in the right technology to optimize operations and stay competitive.
Burry the capital you need
Despite the need, many entrepreneurs face challenges to enter the capital. Consider all the options to determine the best choice for your business.
Traditional banking loans are useful and it is likely that the predetermined option, but there are many other resources such as business grants that do not need to be paid and may make more sense for your needs.
If you are looking somewhere to start, ask your banker or visit the Bank of America access to Capital Directory, which offers a variety of free and low -cost capital resources to consider.
As the high business lender of the country’s small business, the Bank of America knows that small businesses create jobs and anchor our communities. As we enter a new year, these steps will help put your business on the way to a strong and successful 2025.
Carlos Camacho is the Senior and Executive Vice President of the Bank of American Bank of American Bank EL PASO.