New Year’s Resolutions Every Small Business Owner Should Make
With the new year upon us, so many people are out there making personal resolutions. And those are always a good thing. It’s never a bad time to work on a little self-improvement.
But what if we were to apply the same gusto to business goals?
For small business owners, work is life. So, it only makes sense that we resolve to give it our all in 2020 and beyond.
If you’re on board, here are a few new year’s resolutions you may want to make.
- Take better care of yourself
What would happen to your business if something happened to you? No one really wants to think about this, but it’s important to plan for all possible scenarios. As a small business owner, you have people who rely on you for their main source of income, so you’re going to want to be around to keep things running.
This year, resolve to take better care of yourself by eating healthier, exercising, and getting more sleep. Many people don’t even consider sleep in the equation, but if you’re not getting enough sleep, your immune system and cognitive health will suffer.
- Protect your business
Depending on the type of business you have, you may want to hire a lawyer and/or set up an LLC to protect your personal assets. But you’ll also want to protect your business assets by employing cutting edge security measures. Let 2020 be the year you invest in cybersecurity and an office security system. Since there’s little that’s more important to you than your business, take measures to protect your small business this year.
- Boost productivity
There are so many ways you can boost productivity, and these will vary based on your business’s needs and goals. But in 2020, task yourself with finding at least one method of boosting productivity. To boost productivity, you may try things like allowing employees to work remotely (if that fits your business model), implementing Artificial Intelligence (AI) to handle things like sales targeting, chat and onboarding. You may also want to investigate more advanced software for your business, including software for invoicing or POS.
- Focus on your team
If you’ve been in business for more than a few months already, you know that your business is only as good as the people you have working for you. If your team doesn’t know what they’re doing, or if they don’t care to do a good job, you’re going to struggle to run a successful business. Hiring the right team is part of the equation, so if you think you need to make staffing changes, this may be a good time. Another part of running a successful team is boosting morale. When your employees feel valued, they’re more likely to go the extra mile to make your customers happy.
- Grow brand awareness
If you have the budget to expand your marketing efforts, this is a great idea for the new year. But even if you’re strapped for cash, there are things you can do to expand brand awareness. One idea is to start a referral program for your current customers. This way, they can become brand ambassadors and spread the word about your company. All it will cost you is a discount on their purchase. It’s really a win-win.
So, now that you’ve heard a few resolutions that you can make for your business this year, what are your thoughts? Have you already made business resolutions, and if so, what are they?
Let’s all plan for a profitable new year filled with growth, profits and prosperity!