It’s the end of the year and a great time to reflect. It’s also a time to look forward to greater things and more possibilities. But first, congratulations! For having made this far. You also deserve another pat on the back if you were able to keep a majority of the resolutions that you had made for the year. Now, it’s time to make some new ones. You need to at least better the ones for the previous years. If you have never been a believer of new year’s resolutions, it’s time you give the idea a try and watch to see how things turn out in your life.
While so many people are thinking about how they’ll overcome alcoholism, weight gain, and personal debts, it’s also important to make a few resolutions for your small business. The resolutions will have a key role to play in the growth of the business. You have to take some time examining your business so as you can commit some resources and time in the new year to make it more productive. So, the resolutions that you make need to help the business overcome most of its challenges. Here are 10 ideas to get you started:
- Revise Your Business Plan
Every small business is run by a business plan. The business plan is what gives your business direction and determines how you grow. If you have been in business for some time and you have never reviewed your business plan, it’s time you do it and make sure it’s properly updated. Revisit it to see if the goals you had set have been achieved. You also need to include some new ones depending on the performance of the business in your industry of operation.
- Learn to Delegate Often
A small business can have a lot of item on its to-do list. You can’t always do everything even if you are the owner. It can be tiring and overwhelming. You need help from your team. So, you should learn to delegate some of the responsibilities so as you can have some time to strategize and make improvements in the business. Delegation does not imply a loss of business control but the ability to let someone else do a job under your supervision.
- Be More Active Locally
Since your business is a small one, you need to have the full backing of your local audience before you can start thinking internationally. You can start by getting involved in local events so as to network. You also need to form beneficial local partnerships so as you can become an important part of the community. Basically, you should use every opportunity that you get to create the awareness of your small business locally.
- Get to Know Your Customers More
You can’t be in business without your customers. They are literally your boss. You need them to make money. In the new year, it’s important to establish a greater relationship with the customers. You should know who they are, what they like shopping for, and why they pick your small business. To get this information, you may find it necessary to carry out customer surveys often and to encourage feedback after they make purchases.
- Learn to Properly Manage Your Cashflows
According to recent research by the Balance, at least 82% of small businesses collapse in their early stages because of their inability to manage their cashflows. You have to learn how to create enough money to reinvest into the business. If you don’t, there is the likelihood that the business will experience stagnation. With proper cash flow management, you can easily decide what money goes where and for what reason.
- Review Your Pricing
You can’t maintain the same pricing for a long time if you are planning to attract more customers and keep the ones you have. You should try to change the prices based on the market performance. Start by looking at the direct competitors to determine how much they are charging for the same product. The price shouldn’t be the reason why customers are preferring your competitors to you. If the competitors are lowering their prices, you should do the same but ensure you don’t hurt your business financially. If they are increasing, you should do it too.
- Update Your Technology
One of the top things that frustrate employees as well as customers is an outdated technology. Things like slow internet connection and clunky software can consume valuable business time and this is not healthy if you are planning to grow. You have to upgrade your technology in the new year so as you can catch up with the rest of the business world. If the computers that you are using are obsolete or are not just able to meet the increasing demand, it’s time you plan how you’ll get some newer ones.
- Encourage Mobile Payments
Considering that a majority of customers shop using their mobile phones, they prefer to make payments through the same route. So, you have to start accepting the payment option in the new year if you haven’t. You, however, have to ensure that the mode of payment that you opt for is secure for both your business and the customer.
- Upgrade Your Website
Things change in the web design world in the blink of an eye. Website owners are getting more creative and bolder in the way the display their sites to the market audience. Since your Website is your business’ digital storefront, you have to ensure that it’s working well and meets the customers’ expectations. So, ensure that relevant keywords are used, the content is high-quality, the design is user-friendly, and customers are able to make purchases online.
- Invest More in Marketing
Marketing is a critical element when it comes to business expansion. The more people know about your small business, the more customers you get. In the new year, you have to improve how you promote your business online and offline (if this applies). Online, you should consider investing more in social media ads, SEO, e-coupons, email marketing, and pay per clicks. Offline, you need to invest in posters, business cards, and banners.
For your small business to become big one day, you have to start planning for it now. You have to put the right infrastructure in place. Making new year’s resolutions is part of the process. After writing down your plans for the year, the next thing is to meet them. You can use the above 10 ideas for starters. Happy new year!