7 New Year's Resolutions for Small Business

As we flip the calendar to a brand new year, it’s a good time to reflect on how the last year went with your business, and jot down some objectives for the next 12 months. Resolutions tend to have a way of making us feel like we’ve failed if we don’t achieve them. But just because you may not reach some of the targets you set doesn’t mean you can’t be successful in other ways. Commit to daily intentions for growth and improvement, and make this upcoming year a year you can be proud of. 

  1. Set new goals and review your mission statement. 
    Take a look at your accomplishments from last year. How well did you perform? What product or service generated the most sales? In what areas can you pull back on spending, and how can you operate leaner? Dive deep into your financial reports and assess what you could be doing better. If you put a business plan together when you first started your venture, see how close you are to the numbers you initially forecasted, and adjust your goals accordingly. It’s also a good time to reevaluate your mission statement and core business values. Are you and your team staying true to what you’ve set out to achieve? How can you fine-tune your strategy to follow your mission more intently?

  2. Plan ahead.
    Once you review last year’s numbers and set new financial goals, figure out what kinds of marketing programs and social media strategies you can put together in advance. Which holidays or calendar events are the most lucrative for your particular industry? Check to see which social platforms your customers are most active on, and resolve to build a bigger presence for your business there. Don’t forget to take a step back and survey how the market or your particular industry is changing. This may affect your business in the coming year. And as always, stay on top of small business taxes so you don’t fall behind and end up paying avoidable fees. 

  3. Get valuable feedback.
    As a small business owner, your perspective on how things can change or improve may be very different from the perspectives of your staff or your customers. Be sure to gather constructive feedback to learn what you can be doing better. It may be humbling, but you’ll be surprised by the insight you can extract. You can conduct one-on-one meetings with your staff members, send email surveys to customers, or read through online reviews of your business. Whatever medium you gather your feedback through, be sure to really listen to what they have to say. It can give you a fresh outlook on business priorities and operations. 

  4. Learn something new.
    Nothing bad can come from expanding your knowledge and building your expertise. Do you want to become a better leader or decision-maker? There are seminars and courses or professional coaches to help you with that. Perhaps you’ve been wanting to move your business systems to a more robust technology platform, or improve your networking skills. Whatever you’ve been thinking about and putting off, make this the year to do it!

  5. Don’t do everything yourself. 
    Realize what aspects of your business you excel in and assess what you can delegate to others. Letting go of certain responsibilities can be a good thing. Savvy business owners understand that building a team of people around you can actually lift you up, not weigh you down. Whether it be for marketing, bookkeeping, hiring, or other operational facets of your business, do your due diligence in sourcing valuable partners to lead these processes, so you can spend your time working on what you do best for your business. 

  6. Nurture your staff
    As a small business owner, you’ve probably run into a fair amount of challenges when it comes to staffing. When you gather feedback from employees, ask about their pain points and areas of your business that could use some reworking. Your staff is made up of individuals who are working to help you achieve your dreams. Invest in them. What can you do to help them grow personally and professionally? When you nurture and invest in your staff, you are not only adding value to their lives, you’re adding value to your business. 

  7. Don’t get comfortable
    With how quickly things change these days, getting comfortable can stunt your business’ growth and be a hindrance to your success. Research what’s going on in your industry and what kind of impact technology might be having on the competition. Be sure to set new goals regularly, and keep track of how your business is performing on a monthly basis. 

 

Ready to make this year the best one yet? Chat with one of our friendly industry experts today: call us at 844-629-8797 or click below to request your free consultation.