Estimated reading time: 2 minutes, 47 seconds

A new year is often the best time to assess performance and set goals of what you need to achieve in the coming days. Some of the plans that you can make as an individual may include exercising more frequently, improving your health, or spending more time with your family. For business owners, however, their plans are different. Making new resolutions at the beginning of a year can help align and focus on business efforts and energy. Here are some of the plans that American businesses are prioritizing in 2020.

Despite challenges that rocked businesses this year, many American business owners believe that they will achieve their goals in 2020. One of the leading targets of many US small businesses is increasing revenue and achieving growth. They also hope that they will reach new customers who will raise their stakes in the market. Almost 90 percent of small businesses in the US are confident that they will attain their main goals in 2020. Out of this percentage, 30 percent are focused on making sure that their engagements in the coming year lead to repeat customers.

Better communication is what every customer wants from their favorite company. That is precisely what many businesses believe they will achieve in the coming year. In the spirit of quality over quantity, business owners will always hope to give out optimal information that can convert instead of blasting customers with many Facebook posts or emails all day long and getting nothing in return. Companies are hoping that communication in the coming year will reach the target and convert potential clients into returning customers.

A majority of business owners started their business because they wanted to make money. However, due to the hardships that some have encountered, some are only hoping that 2020 will see them surviving. Most of the business owners who face survival issues are the ones that are yet to break even. Some of the companies that have not broken even consider this as their primary goal in 2020, while some are hoping that they will remain in business.

Another critical thing that many owners want to do the next year is invest in technology and equipment. Many business owners often want to remain ahead in terms of the services they offer to their customers. This cannot be achieved without investing in new technology and equipment that will improve services. Holding on to old equipment and tools reduces productivity although some may think that it saves money. Many business owners think of investing in new technologies that enable them to unlock new markets and reach new audiences. In the coming year, companies hope that they will upgrade their hardware, software and office equipment to continue giving the best to their customers. It is encouraging to see small business owners growing their confidence and challenge the status quo by investing.

Investing in tools, equipment, and office technology alone is not enough for many. In addition to this, one in ten business owners believes that capitalizing on email marketing and search engine promotion will give them a breakthrough in the next year. Even owners whose businesses are doing well think that more efforts need to be made in the coming year to ensure increased success and competitiveness in their respective industries. Therefore, companies should leverage the existing online and offline channels and tactics to get referrals and in the end, clients.

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Scott Koegler

Scott Koegler is Executive Editor for PMG360. He is a technology writer and editor with 20+ years experience delivering high value content to readers and publishers. 

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