Have you ever thought about making new goals for your small business? The idea of making personal resolutions each year may not be a new one; however, making resolutions for your business may be seem a bit strange. Yet, making New Year’s resolutions for your business can be a positive experience, leading to needed business changes and growth.
This is a great time of year to reflect on your company’s past year and make decisions on how to do things differently in the coming year. Here are eleven resolution ideas that can help your business in the new year.
1). Manage cash flow more effectively: cash flow management is one of the most important aspects of running a small business. Without enough money, your business can’t function, let alone grow. In fact, this is an area where many small businesses fail. Now’s the right time to make the decision to better manage your cash flow.
2). Learn to delegate: this can be a difficult and challenging method, especially when you’re used to doing things on your own. However, if you put too much pressure on yourself and tend to overwork, you’ll soon burn out, and your business will suffer as a result.
Instead of doing it all yourself, learn how to delegate tasks to others on your team. If you don’t have a team, then learn to outsource tasks to freelancers. This way you’ll avoid burnout, menial tasks will still get done, and you’ll save yourself some wear and tear in the process.
3). Charge a fair amount: the tendency for many small businesses is to undercharge for services in order to gain work. However, undercharging can cause potential clients to not take you seriously. Now is the perfect time to consider what value you bring to the work and what you provide the market. Don’t hesitate to raise your prices if they’re below the market’s fair value for similar services elsewhere.
4). Increase your digital presence: many companies put social media at the end of their to-do list, putting off creating a digital presence in the process. However, in this day and age of digital everything, your social media presence is an important method to further the business’s marketing methods and a great way to reach out to new customers.
And don’t think that social media efforts are only related to Twitter, Facebook and Instagram. One of the most important digital marketing strategies is email outreach. So, be sure to make digital marketing via social media and email outreach a part of your strategy for 2020.
5). Learn new skills: the business industry continues to change and develop as we move into 2020. As a result, it’s a good idea that one of your business resolutions this year is to learn new skills. Learning new skills will add value to the services and products, while also staying up to date as the business industry continues to evolve. You’ll be able to keep step and even stay ahead of your competitors by learning new skills.
6). Plan weekly strategies: growing a business doesn’t happen overnight and it doesn’t happen without some planning and goals. Having a strategic plan in place is crucial to growing your business. Not only does it help you set realistic goals, it helps you maximize your company’s potential.
Commit to creating a strategy for each week. You’ll have a plan to follow, goals to achieve, leading your business to more growth over the coming twelve months.
7). Keep technology up to date: businesses that don’t stay up to date with technology quickly fall behind and become irrelevant. Not only that, but their competitors will quickly overtake them. If your company hasn’t invested in the right tech, you could also be missing opportunities to connect and expand in your business sector.
Make a commitment to improve your business technology and keep it up to date. As a result, your business will have a greater chance to succeed and grow.
8). Be a better communicator: a resolution to become a better communicator is a great way to ensure you become a better communicator. When you think of communication, it includes social media, communication with employees and team members, and clients.
Aim to make your communications clear, with a specific outcome or objective. Be sure to ask questions if others’ communications leave you with questions. Listen to others in order to make better connections. And keep communications brief, and keep practicing your communication efforts.
9). Promote regularly and consistently: make an effort in the new year to regularly and consistently promote your business and products/services. Try to take advantage of every platform that fits your business, but don’t try to target every platform. Choose only those that work for your type of company.
These efforts are another way to get the company out front and center to potential customers. It’s also a great way to help grow your business.
10). Treat employees/team well: make sure to always treat your employees and team members well. Don’t take them for granted. Employees who feel valued are more productive and work harder. Without this motivation, you could face high employee turnover.
Be kind to your employees and your team—show them you appreciate them. Remember the Golden Rule and treat them as you would like to be treated.
11). Move on when things don’t work: repeating a method or process that doesn’t work is an effort in futility, which could ultimately hurt your business. If you find that something isn’t working, then take this as a lesson and try to see what would work better for the company. Be sure to learn from these lessons in order to avoid similar mistakes in the future.
While these may seem like small resolutions, if you commit to truly using them, these ideas could have a huge impact on your business. Even committing to small tweaks here and there can help your business grow in the new year.
Go ahead and promise yourself to follow through with these new goals for your business. You won’t be sorry and may see your business grow in the coming months!