5 New Year’s Resolutions for Small Business Owners
November 30, 2016
The start of a new year is the perfect time to take a step back and a look forward as a small business owner. Check out these New Year’s resolutions that will help you get and stay on track for your most prosperous year yet.
- Eliminate existing debt. Make this the year you get out from under debt by first, collecting any outstanding money owed to you by current clients. Second, if you need additional funding, opt for interest-free options including merchant cash advances from companies such as Business Credit & Capital. This allows you to keep cash flowing without incurring additional debt through traditional interest bearing loans.
- Clean house. When you run a small business, it’s critical to have a team that works well together. If you have any employees who aren’t pulling their weight or worse, are pulling the rest of the team down, it’s time to let them go. While it’s always tough to lay people off, it’s a lot tougher to lose good employees and good customers because of a bad employee.
- Eliminate ineffective practices. Are you losing clients due to lack of follow through? Do you constantly have to change suppliers? Is cash flow a recurring issue? Even the most well-run businesses have an area that needs improvement. Evaluate your business and address those pain points. Make sure to speak candidly with your employees to get their input on what’s working and isn’t as well. They are your front line and often have a different perspective than you, as the business owner, do.
- Try something new. Eliminating practices that don’t work makes room for new ones that do. Don’t be afraid to embrace change and try new things. Marketing is an ideal area for testing new strategies. At the beginning of the year, make a list of marketing strategies you’ve been wanting to try and then each month, try one of them. If it works, keep doing it. If it doesn’t, move on to the next.
- Review your original business plan. Remember that business plan you wrote when you first started your business? If you haven’t looked at it in the last year, dust it off and see if your current direction is in line with your original plan. If it isn’t and it needs to be, revise as necessary.
Keep these resolutions and your bottom line will be sure to thank you.