10 New Year resolutions for small businesses
Running a small business is no easy feat, and it’s easy to get caught up in the day-to-day happenings. As we say goodbye to the old year, now is a good time to create a list of New Year resolutions that will set you up for success in the coming year.
Savor your successes and make note of parts of your business that may have been a little bit neglected throughout the course of the year.
This will help you prioritise a list of New Year goals you can work towards, starting the year off on the right foot.
10 SMB New Year resolutions
Here are 10 good resolutions that will actually help your small business move forward this year.
- Be more social.
- Work on your website.
- Get serious about cybersecurity.
- Start email marketing.
- Prioritise productivity.
- Track your spending.
- Promote work-life balance.
- Review your rates.
- Be a better communicator.
- Give back.
Pick one to three from this list of New Year goals to focus on in this year.
1. Be more social
In today’s digitally-driven world, an active social media presence can do wonders for your small business. It’s the perfect way to connect with likely customers, build your reputation and share news of your latest products or services.
You don’t have to put all your time and resources into running your social media accounts, but if you can pick up a few helpful tips and tricks it could make a world of difference. Read this terrific post to get started.
2. Work on your website
And if you don’t have a website, get one immediately! You’re not doing your small business any favours if you don’t have one.
A website increases your chances of being found by your prospective customers.
This doesn’t mean you have to run out and spend thousands of dollars on a top-of-the-line website built just for you. There are tons of do-it-yourself site builders available.
For those who already have websites, check out this post for tips on how to freshen it up for the new year.
Editor’s note: Launch a business website today with our 30-day risk-free trial. Includes all you need to promote your product or service widely — social, search, the works!
3. Get serious about cybersecurity
Small businesses are fast becoming the favourite target of cyber criminals. Don’t let yourself fall victim to malware, ransomware or other harmful viruses by learning a few new habits that will protect you and your business.
There’s a variety of security products available on the market, from SSL Certificates to malware scanners.
4. Start email marketing
Email is a powerful small business tool that can help:
- Increase sales
- Promote awareness of your business
- Keep customers coming back
If you’re not already sending out regular emails to your customers, consider starting this year. There are lots of different tools you can use to create and track emails.
The first step is to add a sign-up form to the home page of your website. Once you have a list, start sending periodic emails to them.
5. Prioritise productivity
Most of us are guilty of getting a little bit distracted when we should be focussing on more important tasks.
Make a list of distractions that you commonly face and then a list of solutions that help you overcome these distractions.
For instance, if you find you’re spending too much time on your personal Instagram account during the time you should be working, deleting the Instagram app from your phone may be a good strategy to try and limit your Instagram use (unless it’s business-related, of course).
6. Track your spending
It’s time to get your budget out and find where you can improve your spending across your business.
This might seem like a tedious task, but it can make a world of difference if you figure out where you could cut costs to help improve your revenue. Are you getting the best insurance and utilities deals? Is your phone and Wi-Fi plan delivering the best value for the money?
Shave off a little here, a little there and pretty soon, you’ve saved some cash that can be used for other things.
7. Promote work-life balance
As much as you must focus on the success of your small business, it’s also so important that you prioritise health and well-being — for both you and your employees (if any).
This will keep everyone’s drive and motivation sky-high throughout the year.
Burnout can really hold a small business back, so make sure you book in some time off or have a weekly de-stressing activity to look forward to.
8. Review your rates
Are you charging your customers what you’re worth? Whether you sell products or services, it’s important to figure out whether you need to raise your rates.
If you feel like you’re being underpaid, your motivation will suffer, which will directly impact how you feel about your business. It’s always a good idea to look around and see what others are charging for similar products and services. If you’re way under, adjust up.
9. Be a better communicator
Whether you’re a sole trader or you have a team of employees, it’s essential to make sure your communication skills are up to scratch.
Better and more frequent interactions with employees, customers, suppliers and anyone else involved in your small business will help:
- Avoid misunderstandings
- Boost employee morale
- Save time and money
Every minute you spend communicating pays off.
10. Give back
While the success of any small business is based on maximising your revenue, it feels good to give back to the community and customers who have helped your business grow.
This can be done in the form of volunteer work, donations, participating in events and various other ways.
Set a few New Year goals now
By creating a list of New Year resolutions for your small business, you’re setting yourself up for success in the coming 12 months. You’re also laying the foundation for long-term profitability.
While it may be tempting to set high targets to work towards, it’s important to make sure your New Year resolutions will keep you motivated rather than have the opposite effect. Try to create realistic and achievable goals that will allow you to stay optimistic and on track.