As the weather starts to improve, it is easy to lose sight of business goals and set your sights on outdoor hobbies and vacations, but entrepreneurs need to remain energized and use this time to evaluate the state of their business and adjust their strategies to prepare for success in the year ahead.
With an ever-evolving landscape, it’s more important than ever for business owners to establish a plan while staying flexible and adapting as needed. Here are a few steps business leaders can take to ensure the next three quarters of 2025 continue to be strong.
Conduct a SWOT Analysis
Regularly reviewing your business’s strengths, weaknesses, opportunities and threats (SWOT) is important no matter what time of year, especially as you’re reflecting and realigning on goals from Q1. Identifying what works well, what needs improvement and any possible external challenges will allow you to adjust your business plan to ensure you can capitalize on advantages and address pain points.
For example, if you notice customer retention is a struggle for your business, consider adjusting your budget to allocate funds to marketing and customer investment strategies. Or, if inflation is a concern for your business this year, you may need to adjust your pricing accordingly. You wouldn’t be alone, as 57% of business owners say they are raising prices due to the impacts of inflation, according to Bank of America’s 2024 Women & Minority Business Owner Spotlight.
Consider Expansion Strategies
You may want to expand after conducting your SWOT analysis and updating your business plan accordingly. Our report found 63% of business owners plan to do just that this year. When looking at how best to grow your business, consider what expansion strategies make the most sense. Should you grow your online presence or open a new storefront? Narrowing down and investing in the strategy that best serves your business will help you see the biggest return on investment rather than stretching yourself and your budget too thin.
Attract and Retain Talent
A business cannot run without its employees, so it’s crucial to evaluate your hiring processes and investments in retention. Recent research found many business owners invest in educational resources for employees, such as on-site training programs, to further their career growth. Forging more substantial relationships with employees will not only help increase retention, but also offer more support to avoid working longer hours.
Supplement with Technology
The entrepreneurial spirit can often encourage you to manage all tasks and workflows yourself, but utilizing technology can simplify your day-to-day and increase efficiency and productivity. In fact, 71% of small business owners said they digitally optimized their business over the past 12 months, according to Bank of America’s 2024 Business Owner Report.
Technology can help with a variety of challenges. Project management tools can strengthen team collaboration, and customer relationship management systems can provide valuable information about customer behaviors to ensure your strategies are efficient. Embracing new technology can feel daunting, but small businesses must invest in the right technology to optimize operations and stay competitive.
Source the Capital You Need
To make any of this happen, you need the proper capital. Despite the need, many entrepreneurs face challenges accessing capital. Consider all options to determine the best choice for your business. Traditional bank loans are useful and are likely the default option, but there are many other resources, such as business grants, that do not need to be paid back and may make more sense for your needs. If you’re looking for somewhere to start, ask your banker or visit Bank of America’s Access to Capital Directory, which offers a variety of free and low-cost capital resources to consider.
We know small businesses create jobs and anchor our communities. Hopefully, these steps will help your business continue on the path to a strong and prosperous 2025.
Jantel Stamps is a vice president of Bank of America’s Business Banking division in central Arkansas.
Click here to sign up for the monthly e-newsletter:
