5 Ways Entrepreneurs Are Preparing for Success in 2017

Delia Mena
5 Ways Entrepreneurs Are Preparing for Success in 2017

The new year is right around the corner, and entrepreneurs everywhere are already making preparations for 2017. Here are five ways entrepreneurs are preparing for success in 2017, based on important data from the Drip Entrepreneurship Report.

1. Entrepreneurs are changing the way they gain new customers.

According to Drip's report, as many as half of entrepreneurs now gain their new customers through word-of-mouth communications and referrals from past customers. Other popular methods of gaining new customers include online marketing and in-person or telephone-based sales. In light of this evidence, entrepreneurs are focusing more of their efforts on these marketing channels for 2017. Marketing methods that aren't as effective in bringing in new customers will receive fewer resources in the new year.

2. Entrepreneurs are using more automation.

Slightly more than half of all entrepreneurs use some form of digital marketing automation, with younger entrepreneurs more likely to use automation than older ones. Only 21.9 percent of those surveyed reported that automation was an essential component of their business. However, those who do invest in automation are sure to see significant returns.

Entrepreneurs who have noticed benefits from automation are likely to incorporate it further in 2017. Likewise, some entrepreneurs who have heard about the benefits of automation may invest in it for the first time before the end of the year.

3. Entrepreneurs are looking for ways to reduce their expenses.

When asked about the biggest obstacles to growth, many entrepreneurs identified business expenses as the main culprit. If entrepreneurs are able to reduce their overhead expenses before the beginning of the year, they may see more growth and profitability in 2017. Some of the methods entrepreneurs may use to reduce costs include optimizing marketing methods for effectiveness, automating as many processes as possible, outsourcing various responsibilities and negotiating better deals with creditors and vendors.

4. Entrepreneurs are zeroing in on their strengths.

One of the best ways to grow a business is to identify your strengths and work to magnify them. According to the Drip Survey, today's entrepreneurs identify their strengths as producing quality products or services, providing excellent customer service and/or offering unique features that set them apart from the competition. In order to be more successful in 2017, entrepreneurs are focusing on these strengths and using them to design their marketing and operational goals moving forward.

5. Entrepreneurs are tracking their progress.

In order to optimize your business, you need to know how well you are performing at any given time. In order to gauge progress accurately, business owners are using various metrics to track different aspects of the business. Aspects of the business that may be tracked include the effectiveness of different marketing channels, customer satisfaction and the types of products and services that are most popular. Using this information, entrepreneurs can develop better, more effective practices that boost profitability.

With every new year comes a new opportunity for your business to grow. By incorporating some of the ideas above, you can make sure that you are ready to hit the ground running in 2017.

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Delia Mena

Delia Mena

Delia Mena, CPA is a Tampa based tax professional who specializes in accounting and tax preparation. Delia is the founder of her own tax based practice, Delia's Accounting Service, based in Tampa, FL. With over 12 years of experience, Delia's practice is fully equipped to assist clients with any of their financial needs. Delia's Accounting Service provides the perfect mix of independent paralegal's, bookkeepers, and notary public professionals providing high quality services to a wide range of clients. To learn more about Delia and her practice, visit her website.

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