New Year’s Resolutions for Your Small Business

By Randall Orser | Employees

When we think about making New Year’s Resolutions, we usually think about trying to improve our personal lives in ways such as losing weight, stopping smoking, exercising more etc.  However, you can also create resolutions for your small business to do things differently and try to bring about positive change. Here are some suggestions for resolutions that you could make to improve your small business in 2020.  

I Will Learn to Manage my Cash Flow More Effectively – If you do not really understand the finances of your business it might be time to hire a professional bookkeeper to help you.  You need to be better prepared for the ebbs and flows in your cash flow and be able to create enough capital to put back into your business. You may also need to change your methods of payment. Allowing your customers to pay by e-transfer or credit card instead of cheque may mean that you are paid quicker thereby improving your cash flow. 

I Will Improve my Digital Presence – If you have not updated your website in more than two years then it is time to make changes.  You need to make sure that your site is mobile friendly and make sure that all your product details are up to date, delete discontinued items and make sure prices are correct.  If you haven’t already you need to create an email marketing list to send out newsletters with helpful information or offers.  If you are not even using digital marketing, then you need to make this a priority resolution for the new year.

I Will Finally Get Social – If you do not have a social media presence then you need to remedy this right away.  Consider which network is the best platform to your business and post to it regularly.  Think about starting a business blog with content important and relevant to your business.

I Will Get Focused and More Productive – If you waste time on social media or other distractions when you should be focusing on the tasks that you need to do for your business then you need to change your work focus immediately. Rather than letting the day pass you by, get on with  completing those important things that you need to do.  

I Will Charge What I am Worth – If you are feeling underpaid and undervalued for your work then make a resolution to market yourself to the right audience and make sure that you are charging the industry norm for your work.  Revamp your strategy and raise your rates to reflect your value to your clients.

I Will Grow my Team and Delegate More – If you have more work than you are able to handle then you need to make a resolution to bring people to your team who can take over some of the work that you do.  Think about hiring a bookkeeper and a social media consultant who can take over this time-consuming part of your business.  If  you have employees, you need to learn how to effectively delegate to them tasks that you are currently doing to free up your time to build your business.

I Will Become a Better Communicator – If you are constantly having misunderstandings with your employees, wasting time repeating yourself over and over, and there is a lack of employee morale in your company one reason may be that you are communicating ineffectively.  Take time to learn how to be better communicator it is very important to get your employees on board with building a successful business.

After you have made your resolutions you need to create a plan to put them into action.  Once you have that information then it is time to turn your resolutions into your business goals for 2020.

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About the Author

President/CEO Number Crunchers® Accounting Inc. Learn how to just say stuff it to this bookkeeping thing with our 'Just Say: "Stuff It" To Bookkeeping program.