New Years Resolutions for Small Businesses
It’s 2018! Christmas is done and the ‘sitting down period’ has ended, the extended family has disappeared (for some that is a bigger relief) and it’s time to knuckle down and get back to work.
Traditionally people see the new year as a new start, to start a new hobby or lose an old bad one. Exercising more and eating less top the lists of many people who feel the need to change. This doesn’t just have to be from a personal perspective, it’s time for your small business to benefit from new year resolutions too.
Here are a few suggestions since we’re all in the mood for something new:
Time can be your friend or it can be your enemy; we’ve all got the same amount of hours in the day and sometimes it’s easy to work so hard which can result in stress, exhaustion and no free time to get your energy back. Delegation is the fear of the control freak but it does help you manage yourself better and is better for a healthier work-life balance.
How do you make sure that people do the job correctly? Communicate effectively and train them properly so that your employees can do the jobs without you taking on the stress of micromanaging.
Research according an American finanical services company found that 82% of small businesses fail because of cash flow management being poor. Since cash flow is vital to any business, take time to really focus on this area of your business so that you can be more effective with your finances.
Improve Internet Interest
The internet is vital to any business period but you can still have the website, the social media presence and an online store but if you don’t keep up to date with outlets then it’s like you haven’t got them. When was the last time your site was updated? Is your site mobile responsive? How regualrly are you posting on Facebook, Twitter, YouTube etc.?
Your digital presence is important to show you are active in engaging with your customers by maintaining activity online shows you are relevant.
What are You Worth?
Sometimes we can be scared to charge what we’re worth, even if we recognise that we are currently worth more than we’re charging our customers because we’re trying to be competitive and bring value. Feeling undervalued isn’t great for morale so why not consider raising your prices to reflect your true value? Will you lose some customers? Maybe but you’ll never please everyone.
It’s a new year so why not learn something new? Not only could it be benefitial to your business (but not necessarily) but it’ll add a new facet to your life that will help to keep your work-life balance healthy. Getting out of your comfort zone, with not being completely comfortable, can get you meeting new people which always have unpredictable results.
Living in the moment isn’t a good plan for seeing long-term change and growth but having regular, maybe even weekly, ficussed business strategy meetings will see a marked difference to setting goals and seeing achievements. Rather than being drawn constantly into the day-to-day workings of a possibly chaotic small business, why not grab regular meetings to re-evaluate targets and set new ones? This will help you stay on track.
Keeping tabs on everything in your business can be stressful but since you’ve got your business strategy meetings going you can now evaluate your processes, products and partnerships. It’s time to get ruthless with the things that aren’t performing well, cut them out and move on. It can be hard if you’ve invested in a way of doing things for a while but being precious over something that isn’t working isn’t productive. Keep an open mind, there will be a better way of doing things.
Small businesses seem to have people wearing lots of different hats to keep things going. Marketing can sometimes drop to a lower priority and while delivering the great experience your business can give to your customers is of vital importance it’s important to market that experience too. Make promotion a priority if you want new customers by setting time aside to put effort into it, creat a plan and get promoting.
The internet is a great tool but nothing frustrates people more than slow connections and outdated operating systems. Just make sure that you are up to date with your hardwear and your software so that the customer experience is always forefront. The world is constantly upgrading so make sure you’re not leaving your customers behind.