With Quarter 3 already gone, the year is wrapping up, which translates to pressure on
businesses to intensify efforts to meet targets and goals for the year.
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The last quarter of the year is known to be the busiest of all quarters. With holidays drawing closer, employees taking breaks to spend time with loved ones, and businesses trying to end the year on the safe side, companies can still maximize this quarter to achieve their goals and get prepared for the coming year.
Closing up on the year smiling to the bank is still very much possible in
business. Some of the ways to do so are outlined in this article.
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Invest Massively In Marketing And Promotions
While planning on closing the year with enough profit, it is essential for your business to invest massively in marketing and promotions of products and services. This will help reach more audiences, understand the market even better and also attract more paying customers as you advance into the new year. More people will become aware, and they most likely will include you in their considerations in the new year.
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Take Advantage Of The Holidays
The last quarter of the year is known to be full of holidays and gingles. As a business, it is advisable to take advantage of this period to penetrate your market and even serve your existing customers better.
The holiday period comes with a feeling that your brand can leverage. Can you recall those indomie and coca-cola gingles during the Christmas period?
The holiday period also gives you leverage to make more sales and also sell out old products.
If it is cost-effective for your business, provide discounts and holiday gifts to your customers.
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It is the last quarter of the year, and trust me, you do not want your employees to end the year feeling like they are not being appreciated for all the work they have done in previous quarters. Asides from the end of the year bonuses and recognitions, it is also essential that you train your employees to empower them to deliver better in the coming year.
A quote says, “the quality of an organization depends largely on the quality of individuals in it.” Training your employees will make them feel valued as they tend to believe that you are not just after making money, but also after their professional growth, which translates to even more productivity in the coming year.
The financial year will be closing in two months, and you are probably doing all you can to ensure that your business is sustainable.
To be ahead in your market, it is crucial for you to regularly evaluate your business and innovate where necessary so that you can end the year smiling to the bank and also with the feeling of accomplishment.
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Set Company Goals For The New Year
The last quarter of the year is known to be that time of the year when businesses hold board meetings to check if they are on the right track and to plan.
If you own a small business with no board members, it is time to sit and strategize independently. Consider all you have experienced in the previous years and build your strategy that arms you for the following year.
“Proper Planning Prevents Poor Performance,” and the earlier you started thinking of the future, the more conscious you are as a business owner.
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